A solar home battery could pay for itself in around seven and a half years.
That’s the verdict of national price comparison website Mozo.
Mozo was analysing federal Labor’s proposed battery scheme, which would offer households savings on their electricity bills above and beyond what they are currently securing with their solar power systems.
If elected in the poll due by the middle of next year, a Labor Party Federal Government is offering means-tested solar battery rebates of up to $2,000 for up to 100,000 homes.
Proposed battery scheme a winner for solar owners
A 5 kW solar panel system retails at around $5,000, according to Mozo.
Adding a standard home battery storage adds roughly $12,000.
Total investment under Labor’s policy would then bring the cost down from $17,000 to $15,000, according to Mozo.
As well as reducing upfront costs, users can then pay off the solar home battery system more quickly.
A Fairfax Ipsos poll last month shows nearly half of Australian voters wanting to reduce their energy bill. That’s 47 per cent of voters polled saying cheaper energy is most important.
Two in five voters also want cleaner energy like solar power.
Australia on brink of battery storage boom
Figures released this month by Bloomberg New Energy Finance (BNEF) show global battery prices in steady decline.
According to BNEF, battery prices will drop by more than 50 per cent by 2030. Australia’s energy storage market would then grow into a $1.7 trillion industry.
A standard solar home battery system like Tesla Powerwall 2 or Enphase can reduce your mains grid electricity use by 80 per cent. This is based on standard system installation in Sydney, NSW.
States roll out own solar home battery rebate programs
Governments around Australia are rolling out their own solar battery programs to help residents reduce their electricity bills.
Victoria is building on its ambitious Solar Homes initiative to offer half-price solar batteries to 10,000 households across the state.
The Queensland Government has also jumped on board. Householders in the Sunshine State can now apply for $3,000 grants to buy a solar home battery. They can also apply for interest-free loans up to $10,000 for solar panels systems.
Meanwhile, South Australia’s Solar Home Battery Scheme subsidises up to $6,000 for 40,000 households.
