This article details the Australian Labor Party's policy on home batteries, aiming to reduce electricity costs and emissions. The policy offers a 30% discount on home batteries up to 100kWh, with a subsidy applying to the first 50kWh. This would reduce the cost of a typical 6kWh battery by $1800, making them more affordable.
Analysis suggests households with existing solar could save up to $1100 annually, while new solar and battery installations could save up to $2300 per year. Additional benefits include enabling full home electrification, enhanced power resilience during blackouts, and the ability to sell excess electricity back to the grid.
The cost of batteries ranges from $4000 for a 5kWh battery to $5000-$8000 for a 6kWh battery (before subsidies). The policy is open to homeowners, small businesses, and community facilities, and isn't means-tested. The program will complement, rather than replace, existing state-based incentives.
If Labor wins reelection, the policy will launch July 1, 2024. This doesn't require new legislation but a regulatory change to the Small-scale Renewable Energy Scheme. State-based incentives, such as those offered in NSW, Western Australia, the Northern Territory, Victoria, Tasmania, and the ACT, will also be available.
The increased adoption of home batteries is expected to lower electricity prices for all consumers and reduce reliance on the grid, ultimately contributing to a more sustainable energy future.