Residential solar users could claim a 50 per cent tax rebate of up to $5000 to install battery storage under a Greens plan that could see 120,000 WA households powered by their own energy supply within five years.
In a WA first, low-income earners on $80,000 could also claim $5000 per household declining to $1000 by 2021, under a grants scheme that would kick-start the battery storage industry and drive down the cost units and power bills.
As part of the Greens Energy 2030 plan towards 100 per cent renewable energy by 2030, Greens candidate Tim Clifford said the Greens were the only party to develop a plan to create jobs and innovation in the renewable energy sector.
“Battery storage will revolutionise our energy system, giving power back to people, to reduce their energy bills and to tackle global warming,” he said.
“At the moment, the cost of battery units are out of reach for a lot of people, who are already struggling to pay their power bills.
“WA is one of the ripest places in the world for battery storage uptake due to our high electricity prices, relatively cheap PV and high solar radiation.
“The Greens scheme would provide a $5000 up front grant to install solar for families earning less than $80,000, as well as a tax break.
“Businesses would also benefit, allowing their battery storage assets to be depreciated over three years rather than 15 years, which could pay off their battery storage unit within 10 years.”
Mr Clifford said similar to the trend of solar panels, demand would drive down the price of battery storage but it needed a scheme to drive sales.
“The uptake of battery storage is a real game changer and already in WA we have seen homes and businesses install solar panels with great success.
“Battery storage is the next step in the energy grid mix that can reduce network peaks and troughs by storing electricity during off-peak times and discharging it during the peak.”
The Greens (WA) propose;
- Individuals would get up to half the cost of their storage system covered. The funding would be available via a 50 per cent refundable tax credit. Up to a maximum of $5000 in the first year and tapering off to $1500 in five years to reflect the projected decline in storage cost.
- A grant scheme would also be available for those on low incomes of less than $80,000 and available in addition to the refundable tax credit.
- Up to 120,000 household systems could be supported over 5 years
- Businesses investing in battery storage would be supported by allowing battery storage assets to be depreciated for tax purposes over an accelerated period of 3 years (rather than 15). Up to 3000 WA businesses could be supported.
- This scheme would cost $290m in WA over five years.
- The Greens propose the scheme would be co-funded federally from the removal of fossil fuel subsidies, and from WA from the numerous savings the Greens have identified.
Tim Clifford firstname.lastname@example.org