According to data released by Sunwiz on Tuesday, residences played a significant role in the record 57,000 batteries that were installed countrywide in 2023—a startling 21% increase over the previous year.
Over 250,000 household battery systems, or roughly 2770 megawatt hours of capacity, are installed nationwide. As homes seek to capitalize on the rising economic value of local storage technology, this number is only expected to increase in the years to come.
In fact, according to Sunwiz, the economic worth of batteries was increasing as the difference between the price of power and the amount of money households could make from selling their solar panels to the grid widened.
The report's author, Sunwiz managing director Warwick Johnston, told TND that as upfront costs also decline, the payback period for a conventional battery system has decreased to seven to eight years.
That is less than the 9.7-year projection made by a recent government-sponsored study that indicated it would take until 2025 for a battery to pay for itself in savings.
Johnston stated that the price of batteries has decreased, which is one reason why more households are making the decision.
"The second factor is that the amount they give you for surplus solar continues going down, while power rates have gone up dramatically."
Subsidies are required.
In recent years, Australia has produced enormous amounts of electricity using rooftop solar panels, making it the country with the highest adoption rate worldwide.
Only a small percentage of households choose to pay more for battery storage on their premises, indicating a substantially lower adoption rate.
According to predictions from the Australian Energy Market Commission, as of 2022, just 1.6% of residences had rooftop photovoltaic systems with batteries installed.
The initial expense of installing one has been a significant obstacle; the most popular Tesla Powerwall, which has a capacity of roughly 13 kw/H, costs nearly $13,000 including installation.
Johnston supported the inclusion of more subsidies to make it simpler for families to make the decision, stating that this was still a barrier to wider adoption.
According to him, in order to maximize the movement and use of renewable energy, subsidies could be combined with mandates that homes take part in a coordinated program of energy management throughout the grid.
To encourage adoption, advocacy group Solar Citizens is also supporting more subsidies. Households that were able to cross the border would benefit from reduced energy costs, according to national director Heidi Lee Douglas.
"In order for more households to benefit from the cost-saving potential of local battery storage, we want more focused financial assistance," stated Lee Douglas.
According to Sunwiz research, Australian households are eager to add household batteries to their rooftop solar arrays, but most individuals and families are still put off by the hefty initial cost.
The economy is getting better.
As more families switch to electric heating and hot water systems and drive electric and hybrid cars, battery system economics will also continue to improve.
In other words, although the precise amounts will vary from place to place, the more electricity your household uses, the more value you will obtain from owning a battery.
For anyone considering making the decision and unsure about the financial calculations, Johnston suggests the Clean Energy Council's thorough guide on purchasing a battery.
According to him, households unsure about the value of a battery should also consult licensed solar sellers.
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