Australia Launches $1.5 Billion Plan to Boost Home Batteries

Australia started a A$2.3 billion ($1.5 billion) program to encourage households to buy batteries in an effort to absorb excess renewable energy and curb price swings in one of the world’s most volatile power markets.

The program cuts the upfront cost of installing a household battery by about 30%, provided that the system is connected to solar panels. The discount rate will be reviewed at least annually and gradually decrease until 2030.