In anticipation of the forthcoming federal election, the Greens party has unveiled an ambitious proposal which involves a significant $8 billion investment aimed at promoting home battery storage systems for solar energy and facilitating the shift to electric-only appliances for both households and businesses.
The initiative aims to provide financial assistance through grants and low-interest loans; households could receive grants of up to $5,000 and loans of $10,000 for battery installation, while small businesses would have access to $10,000 in grants or $50,000 in low-interest loans. Additionally, households can secure $10,000 for grants and loans up to $20,000 to adopt appliances such as induction cooktops and heat pumps, with the corresponding figures for small businesses being $25,000 and $100,000.
The Greens assert that transitioning to electric appliances is a cost-effective strategy to reduce emissions and is likely to yield substantial benefits for households. They estimate the overall cost of this policy at approximately $8.1 billion, with the promise of reduced energy bills for consumers in the long term. Greens leader, Adam Bandt, emphasised that this approach not only aims to lessen pollution but also offers lasting relief from rising power costs. He expressed hope that this policy would inspire further competition among politicians to enhance similar proposals, dubbing it a practical solution for cost-of-living pressures.
Australia boasts a leading position globally in terms of rooftop solar installations, yet about 3.8 million homes currently utilise solar without associated battery storage. Residents like Ken Enderby, President of Climate Action Burwood, exemplify the benefits of this shift, highlighting how solar and battery systems allow for efficient energy use, especially during peak evening demand.
Amidst rising energy prices, independent MPs are also voicing support for this shift towards home battery systems, while major political parties are preparing to introduce new rooftop solar initiatives as part of their electoral strategies.