The Clean Energy Finance Corporation (CEFC) has entered a Memorandum of Understanding (MoU) with the Government of South Australia which will see it contributing $100 million to the State’s Home Battery Scheme.
South Australian Minister for Energy and Mining, Dan van Holst Pellekaan welcomed the new arrangement saying that in working with the CEFC he expected to be able to further assist the State’s households overcome the upfront financial barriers to accessing storage technology.
He said households would be offered competitive, flexible loans where needed, in addition to the subsidies.
Chief Executive of CEFC, Ian Learmonth said his Agency supported investment in home and commercial solar PV and battery storage systems as a way to reduce energy-related emissions.
“While the subsidy will be applied to the battery component only, households will be able to apply for finance to assist with the purchase new or additional solar panels as well as the battery system,” Mr Learmonth said.
“The subsidy will be available to all South Australian households and scaled in line with the size of the home battery system being installed.”
He said that in addition, South Australian Energy Concession Holders would be able to access a higher subsidy, ensuring households on low incomes were supported to access the technology.
The subsidy levels and the subsidy cap are expected to reduce over time as competition in the market increases and the cost of home battery systems goes down.
