The South Australian Government has revelaed further details of its Home Battery Scheme, which will aim to deliver upwards of $100 million in subsidies for battery installation for 40,000 homes across the state.
State Minister for Energy and Mining Dan van Holst Pellekaan this week signed a Memorandum of Understanding (MOU) with the Commonwealth Government’s Clean Energy Finance Corporation (CEFC) to deliver a $100m CEFC funding package to support the Scheme.
“In working with the CEFC we expect to be able to further assist households overcome the upfront financial barriers to accessing storage technology by offering households competitive, flexible loans where needed, in addition to the subsidies,” said Minister van Holst Pellekaan.
CEFC CEO Ian Learmonth said: “The CEFC has supported investment in home and commercial solar PV and battery storage systems as a way to reduce energy-related emissions. We are pleased that this new arrangement with the SA Government, once finalised, will allow South Australians to access tailored finance for their home energy storage systems.”
While the subsidy will be applied to the battery component only, households will be able to apply for finance to assist with the purchase new or additional solar panels as well as the battery system.
The subsidy will be available to all South Australian households and scaled in line with the size of the home battery system being installed.
Furthermore, South Australian Energy Concession Holders will be able to access a higher subsidy, ensuring households on low-incomes are supported to access the technology.
While the subsidy will vary depending on the size of the battery purchased, it will be capped at a maximum of $6000.