The Australian government is set to subsidize home battery installations, a move lauded by the Australian Services Union (ASU) as a practical step toward affordable and accessible renewable energy. The Cheaper Home Batteries Program offers a 30% discount on battery system costs, potentially saving households thousands of dollars on installation and reducing energy bills by up to 90%.
According to the Smart Energy Council, this initiative could save 10 million Australians with solar power and provide at least $1.3 billion in reduced wholesale electricity costs by 2030. Battery minerals, including lithium, nickel, and cobalt, are crucial for these systems. Western Australia (WA) leads in hard rock lithium production, holding 41% of the global supply. The state also possesses substantial reserves of nickel and cobalt, essential components for battery manufacturing.
Global lithium demand is projected to increase by almost 13% annually through 2030, fueled by electric vehicle adoption and battery energy storage system deployment. WA hosts seven hard rock lithium projects, significantly increasing sales quantity and value in recent years. The Cheaper Home Batteries Program enables households without solar to potentially save up to $2,300 annually by adopting solar and battery storage. For those with existing solar, adding a battery could yield an additional $1,100 in savings.
