2016-05-06
Victorian solar users the winners under Greens battery storage plan
Nearly 300,000 Victorian solar users would receive a 50 per cent refundable tax credit to assist with the cost of installing household battery storage under a Greens announcement.
“Battery technology is moving at an unbelievable pace and will be a game-changer for our transition to powering our community with clean energy,” said Victorian Greens Senator Janet Rice.
“This plan would give thousands of Victorians with rooftop solar the ability to store their power for use at night time.
“The 14.2% of Victorian households with rooftop solar would be given the opportunity to take up new battery storage technologies.”
Individuals will get up to half the cost of their battery storage system covered, up to a maximum of $5000 in the first year of the program. The program will run for five years and the amount of the credit will taper off to $1,500 by 2021, reflecting the projected decline in battery storage costs.
A grant scheme will also be available for those on low incomes. Up to 1.2 million homes across Australia could be supported over the five years of the program.
Business investment in battery storage will also be supported allowing battery storage assets to be depreciated for tax purposes over an accelerated period of 3 years. Up to 30,000 businesses could be supported by the measure.
“Battery storage is the next logical step to a renewable energy economy, away from fossil fuels that are speeding up global warming,” said Senator Rice.
Both programs will be funded by savings from the reform of accelerated depreciation concessions for fossil fuels intensive industries.
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