Australia’s Green Party has unveiled proposals for a AUD2.2 billion (US$1.56bn) fund to provide incentives for residents to install home battery storage in the country.
According to the Greens’ manifesto for upcoming federal elections, the fund would, from July 2019, provide up to AUD7,000 per battery system, providing “the opportunity to save consumers money while adding additional flexibility and security to the grid when required”.
The size of the grant would be tapered down as the cost of installing battery energy storage is similarly reduced, the party’s election pledge said.
The Greens report that uptake of household battery storage tripled in 2017, and is “expected to reach 33,000 in 2018.”
“We want to supercharge demand for batteries in households and businesses,” said the Greens’ climate change and energy spokesperson Adam Bandt MP. “Two million Australians have already embraced solar. The next step is battery storage.”
The policy package would also see AUD137.5 million worth of incentives made available from the fund each quarter. Some 10% of the funding for each quarter would be set aside for low income households.
Under the scheme, small businesses would also have access to loans less than or equal to AUD15,000, repayable over a 10-year period, to assist with the installation of battery storage.
