2 weeks Ago By Jacob Shteyman and Maeve Bannister
Home owners are being offered $4000 off the cost of household batteries as Labor tries to woo voters with promises of cheaper energy. Login or signup to continue reading Unveiling the policy at a campaign rally in Brisbane, Prime Minister Anthony Albanese pitched the election as a contest between the government's immediate electricity cost relief and the coalition's nuclear power plan. "It makes the choice crystal clear," Mr Albanese said on Sunday.
"Wait until sometime in the 2040s for more expensive nuclear energy under the Liberals or save money this year and every year afterwards with solar power under Labor." The subsidies, which would kick in from July 1 if the government is re-elected, would reduce the cost of a typical battery by 30 per cent. While one in three homes have solar panels, only one in 40 households have batteries due to the high up-front cost, averaging around $14,000 per unit.
That means most consumers are unable to draw on excess solar power, generated during periods of peak supply during the day, at periods of peak demand at night. A regular household taking advantage of the incentive to purchase a new solar and battery system can expect savings of up to $2300 a year - or 90 per cent - off their energy bill, government analysis shows. Households with existing rooftop solar could save up to $1100 per year.
Labor has upped its focus on cutting energy prices to help with the cost of living, following a failed pledge to lower bills by $275 at the last election in 2022. The battery subsidies build on an existing scheme to reduce the cost of solar installation and follow a promise to extend power bill rebates for another six months. Australians who don't take part in the scheme would also benefit as it would push down electricity demand during peak periods, reducing prices for the broader market.
The government expects the subsidies to cost taxpayers $2.3 billion and drive sales of batteries to one million by 2030. Business owners and community organisations will also be able to access the subsidies.
Independent MP Helen Haines, who could become a king-maker in the event of a hung parliament and has advocated for a similar scheme, welcomed Labor's announcement. The Clean Energy Council labelled it a significant and welcome cost-of-living measure. "A national battery scheme will ensure more households will be empowered to turbocharge their energy independence and save on their bills," said the council's general manager of distributed energy, Con Hristodoulidis.
"It's good news for everybody's wallets and the long-term future of Australia's modern energy system, built on the cheapest form of renewable energy backed by storage." The coalition has previously flagged a home battery policy of their own but opposition housing spokesman Andrew Sukkar refused to confirm whether his party would match the policy, labelling the subsidy "an admission of failure". "What Anthony Albanese seems to be saying is because energy prices are going to be so high, we will give some people who can afford $10,000 for a battery .
.. allow them to get off the grid, presumably," he told Sky News.
Meanwhile, the cost of the coalition's nuclear energy plan is under the spotlight as Labor claims it will cost $5.7 billion a year in interest over the next decade. The coalition claims its nuclear plan is 44 per cent cheaper than the Albanese government's plan to shift the grid to renewables, backed up with storage and gas.
But Labor has put a $600 billion price tag on the opposition's plan to build seven nuclear reactors across five states on the sites of coal-fired power stations. The coalition's plan was "nuclear insanity" that would blow out the Commonwealth's budget, Treasurer Jim Chalmers said. Australian Associated Press Daily Today's top stories curated by our news team.
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