New Incentive to Encourage Renewable Energy Installation at Homes

Renewable Energy

The South Australia Home Battery Scheme was recently launched into action in the State of Victoria, giving homes a solar battery system with the attraction of reimbursements of up to AU$4,838 for their installation.

The solar home packages are being offered to optimize on energy usage and encourage consumption of renewable alternatives in Australia. As an incentive the government is offering partial repayment for a 4Kw solar system, amounting to AU$2,225. The state estimates that with the new scheme on the floors, homes will now be able to save around AU$640 per year on their energy bills on an average. They are sure to get a 50% return depending on the price of the equipment.

The state has already recommended a range of choices available in the market under this new product, varying in prices depending on their brand, size and functionality. The market and the scheme being new will eventually witness a decline in returns and reimbursement with the decreasing price and increasing consumption.

However, for homeowners it’s a win-win situation now. Australia is touted to become the world’s largest market residential energy storage. South Australia has already capitalized on the energy surgency and its future promise with devised policies like the home battery scheme. 55 of the first 200 system reimbursements have already been accounted for in a decidedly short time. The state has an overall target to support the deployment of around 720,000 rooftop solar systems by 2026 as part of the AU$1+ billion program.