Labor battery subsidy could deliver 80% cut to household electricity bills

One Step Off The Grid

Federal Labor’s home battery storage support policies could help Australian families slash their annual electricity costs by up to 80%, a new report has found.

The analysis, from the Smart Energy Council, says the Labor Party’s “ambitious but achievable” target of 1 million home battery systems by 2025 – and the rebate and financing policies that underpin that target – could combine with existing solar rebates to deliver massive savings for households.

Bill Shorten’s Labor has promised, if elected in just over two weeks’ time, to provide a $2,000 rebate for 100,000 battery installations in households with a gross annual income of less than $180,000.

The party has also committed to providing low-cost financing through the Clean Energy Finance Corporation and has set a target of 1 million household battery storage systems by 2025.

As David Leitch said here at the time of their announcement, “these are excellent policies” which will not only catch the attention of power bill-obsessed voters, but could kick-start an industry that is “perhaps for the first time, ready to be kickstarted.”

Batteries have been poised to boom in Australia’s residential sector for some time now, with many expecting uptake to follow the trajectory of rooftop solar, which has now been installed by more than 2 million households – and counting.

To read the full story on RenewEconomy sister site, One Step Off The Grid, click here…