Australian State Governments are Strongly Supporting Household Energy Storage
With more and more residential battery subsidy programs being incorporated into state and regional energy policies, Australia is emerging as the world's largest energy storage market. This will make Australia the world's most popular residential energy storage market, which is expected to account for 30% of global demand. According to the report, "Australian state governments are strongly supporting household energy storage, making Australia one of the most attractive markets in the world."
Policy drives growth
Victoria has committed to a $40 million program to subsidize the installation of battery storage equipment in 10,000 households, while the Australian Capital Territory (ACT) launched a US$2500 battery subsidy program in 2016. New South Wales has launched various energy storage plans, too. It is reported that the nsw government solar rebate scheme currently covers 247 urban areas, and the tax rebate amount is as high as US$4,838. Among the 143 urban areas announced this time, more than 70% of urban areas are located in remote areas.
Household battery subsidies are one of the most prominent measures in the "Clean Energy Powered House" plan adopted by the Labor Party for the 2019 general election. And other measures include enhanced NEG, project auctions under the CFD structure, investments in grid infrastructure and energy efficiency.
It is estimated that after the end of policy support, Australia will continue to be an attractive market for residential energy storage due to the high penetration rate of household solar energy (which has reached one-fifth) and high electricity prices.
under the circumstances where the costs are falling rapidly, BNEF has greatly improved its forecast for the global deployment of distributed batteries and grid-scale batteries. From now to 2040, Australia will join the list of nine major markets, which will drive cumulative industry growth to 942GW/2857GWh.