Federal Labor unveils $2.3bn plan to slash home battery costs
Labor has unveiled a $2.3Bn plan to boost home battery uptake in Australia, with a national scheme that would cut the up-front cost of installation by around 30%.
The discount would be applied upon the installation of “virtual power plant (VPP) ready battery systems” alongside new or existing rooftop solar.
The batteries do not have to be connected to a VPP, they just need to have the technical capability to do so.
Small businesses and community facilities would also be able to access the subsidy, with support for batteries sized between 50-100 kWh.
The scheme is designed to allow batteries already ordered and installed between now and July 01 to access the subsidy, as long as the systems are not switched on before July 01.
According to energy department analysis, a household with existing rooftop solar could cut a further $1,100 from its annual power bill by adding a battery.
A home adding solar and a battery in one go could save as much as $2,300 a year.
As one of few energy issues with bipartisan support, the Coalition is expected to announce its own version of a home battery discount policy.
The Australian Greens unveiled their own home battery policy last month, promising households access grants of up to $5,000 – or 50% of the total cost.
According to the SEC, there are currently 77 home batteries on the Australian market, starting at around $4,000 for a 5kWh battery.