The Australian Government’s announcement of the Cheaper Home Batteries Program gives more Australians the ability to afford solar batteries, and the significant power bill savings they can unlock. It will allow those already with solar panels to get away from the dreaded ‘solar feed-in tariff’.
Households with a solar battery system will be able to store and use the energy their solar panels create, without having no option but to sell it back to their energy provider at a small fraction of the price you buy it from them at. This solar feed-in tariff often leaves many feeling the cost of the solar panels and installation were not worth the financial benefit they receive back. This is hopefully where the new government program will come in to bridge the gap and help Australians see both environmental and financial benefits from their solar panel/battery system.
This program offers “around a 30% discount on the upfront cost of installing a small-scale solar battery” for eligible households and small businesses. Batteries between 5kWh and 100kWh are eligible for the program if the battery is listed on the Clean Energy Council’s approved product list, and the installer has a battery accreditation with Solar Energy Australia. The installation would also need to meet local state/territory electrical safety requirements and installation standards.
As an example, the Australian Energy Regulator found the average Victorian household uses 4615kWh of electricity a year, or roughly 12.64kWh a day. A full 100kWh battery would hold enough electricity to power that home for more than a week.
In car terms, most Tesla battery capacities are in the range of 50-100kWh, so a full 100kWh battery would have enough power to fully charge most of the ‘long range’ electrical vehicles.
This program is a push towards a more self-sustainable future, where electrical grids will be seen as more of a backup and failsafe when other electricity methods aren’t producing or have run out. The grid would be there more for when the weather isn’t right to generate electricity, or if you are using more than you are generating.
Lead by the explosion of sales for electric vehicles, finance companies are starting to focus a lot more on funding eco-friendly assets. Some finance companies are even offering rate discounts for products they consider to be ‘green’. This includes approved solar panels and battery systems.
This means you can turn the daunting up-front installation costs into a much more manageable monthly payment. It also allows you to start paying off the solar panel/battery system after you start receiving your lower power bills.
With summer not that far away, there has never been a better time to buy a solar battery/panel system, and to truly start unlocking the benefits of storing and using electricity that you create. Not to mention the environmental benefits of reducing your reliance on the energy grid!
Contact us today to see how our panel of finance lenders chasing eco-friendly deals can help you take advantage of this government program.