A new report by Alan Finkel has found that Australia is leading the way in residential battery storage, with the country tripling its installation of battery storage systems.
In 2017 alone, nearly 21,000 systems were installed in homes across Australia.
“We are now not only the world leader in the use of rooftop solar, but also the world leader in the installation of residential battery storage by power capacity,” said Federal Minister for the Environment, Josh Frydenberg.
The report shows that the cost of batteries is declining as Australia’s technology, manufacturing and market competition is advancing, and confirms the critical role energy storage will play in the transformation of Australia’s electricity system.
“As more renewable energy – mainly in the form of solar and wind power – enters our electricity grid, the need for energy storage solutions grows,” Minister Frydenberg said.
“We supported the development of Australia’s first virtual power plant last year, comprising 1000 households and businesses, and have since funded the development of another, providing a further 1200 batteries to homes.
Minister Frydenberg said that the government has also funded the installation of three large-scale batteries across Victoria and South Australia, and is exploring, upgrading and expanding several pumped hydro energy storage projects that benefit the whole National Electricity Market.
“Going forward, the National Energy Guarantee will require energy retailers to ensure they have sufficient reliable energy, including storage, making certain there is always energy available to meet our needs.”