The New South Wales Government has announced a new incentive to make household solar battery more accessible and affordable for residents.
The initiative aims to encourage households and businesses with solar panels to install batteries to store solar energy generated during the day, reducing their energy bills and boosting the reliability of the state-wide electricity grid.
Under the Peak Demand Reduction Scheme, households and businesses with existing solar panels can receive between $1600 and $2400 off the upfront installation cost of a household battery.
Those looking to install solar panels for the first time can also receive the incentive as part of their quote for a new solar battery system installation.
Additionally, households and businesses can receive a $250 to $400 incentive for connecting their battery to a Virtual Power Plant, which allows them to collectively share capacity across the energy grid. This incentive can be claimed a second time, three years on.
The scheme will be available from November 1, 2024, and will be accessed through approved suppliers, which will become accredited over the coming months.
According to Penny Sharpe, NSW Minister for Climate Change and Energy, the initiative will benefit households with solar panels, allowing them to use renewable energy around the clock.
“More than one million NSW households have solar panels on their roofs and adding a battery will see them benefit around the clock, not just when the sun is shining,” she said.
“We are bringing down the upfront cost of batteries for households and businesses to make them more accessible.
“This is a targeted action to support those with solar to take the next step to lowering their bills by using renewable energy. It also supports the state’s transition to renewable energy.”
Reposit Power CEO Dean Spaccavento welcomed the initiative, stating that the NSW Government’s expansion of the Peak Demand Reduction Scheme to include household batteries is a win-win for residents and the electricity grid.
“Home batteries are now playing a crucial role in a cleaner, more secure energy future for NSW and earning money for their contribution,” he said.
“Homeowners can maximise the benefit they get from a battery system at their home by shopping around for deals that offer guaranteed bill reductions for at least five years.”
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