The Turnbull Government welcomes news that AGL Energy Limited has joined the Australian Government in investing in San Francisco-based solar company Sunverge Energy’s world-leading battery storage technology.
AGL’s USD $20 million investment builds on more than USD $7 million that the Australian Government, through the Australian Renewable Energy Agency, and SBCVC have already invested to help Sunverge establish operations in Australia and overcome barriers for households wanting to install battery storage.
These investments will accelerate the adoption of battery storage in Australia.
The Australian Government’s investment in battery storage reflects the important part small-scale community and household solar plays in Australia’s renewable energy mix.
The Energy Supply Association of Australia has confirmed that Australia has the highest proportion of households with solar panels in the world – about 15 per cent.
Over 1.4 million households, small businesses and community organisations across Australia have installed solar panels. More than 900,000 have invested in solar hot water systems.
This large market for household solar makes Australia an ideal place for companies to invest in battery storage.
Households are investing in solar to reduce energy costs and the new technology available through batteries is expected to also be adopted by Australians looking to keep their cost of living down.
The Australian Government ‘s Renewable Energy Target provides for an average rebate for a solar system of $3000 or about 30 per cent of the installation cost.
Last year’s federal budget provided small businesses with an immediate tax deduction for eligible assets valued up to $20,000 which is also supporting the installation of solar panels, solar hot water systems, heat pumps and storage.