January 24, 2019 Read More →

BNEF: Australia set to lead world’s residential battery storage market

Renew Economy:

Australia is on track to become the biggest home battery market in the world in 2019, with solar households expected to install tens of thousands of energy storage systems in 2019, according to a new report from Bloomberg New Energy Finance.

The report, published on Wednesday, predicts more than 70,000 Australian households will install batteries this year – driven by $147 million in state government subsidies and other incentives, as well as low-interest loans and demand response schemes.

BNEF says the progressive state schemes led by governments in South Australia, the ACT and Victoria, are “solidifying” Australia’s residential energy storage market as one of the largest and most promising in the world.

Add to that the policy promise of Bill Shorten’s Labor opposition, which – if it wins the federal election slated for May this year – will add a further $A200 million to subsidies for another 100,000 household batteries from 2020.

All up, BNEF expects Australia to account for a whopping 30 per cent of global battery storage demand in 2019, as uptake in the residential sector triples over the course of the year, largely driven by state government policies.

“State governments in Australia are getting behind residential storage – solidifying Australia as one of the most attractive markets in the world,” the report says. “While the path could be bumpy, BNEF expects Australia to continue to be an attractive market for residential storage after policy support ends – thanks to its high penetration of household solar (already one in five) and high electricity costs,” it says.

More: Australia tipped to add 70,000 home batteries in 2019, lead global demand

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