Rooftop solar panels and battery energy storage systems can significantly reduce energy bills while also contributing to a cleaner environment.
Recent research conducted by the federal Department of Energy has shown that households equipped with solar panels and an 8.5kWh battery can save more than 40% on their electricity bills.
Moreover, adding a battery can prevent many households across the national electricity market from being billed for power.
According to federal Climate Change and Energy Minister Chris Bowen, “Renewable energy is the cheapest form of energy, and this new data highlights the real difference rooftop solar and batteries are having on household power bills."
These findings are expected to add momentum to the push for swift deployment of renewable energy in Australia.
Prohibitive costs are slowing down the transition
Although the high initial costs of solar and battery systems, which often exceed $15,000, pose a hurdle for many Australians grappling with inflation and surging interest rates, state and federal incentives have made solar installation more economical.
Payback periods are also shortening as electricity costs escalate.
Households in regional Queensland and Victoria, with sunlight aplenty, can potentially cut their electricity bills by nearly 60% and 39%, respectively.
The data is likely to amplify demands for increased governmental support to make such renewable solutions more affordable. Even though the federal government allocated $1 billion for household energy improvements in May, industry executives doubt this will induce widespread adoption to hasten Australia's energy transition.
Australia aims to source 82% of its electricity from renewable energy by 2030, and an uptick in solar and battery installations could substantially lessen the renewable infrastructure yet to be constructed.