The Albanese Government is making it cheaper for Australians to install solar and home batteries, with a new a $35 million deal under the Home Energy Upgrades Fund (HEUF).
This means Australian households can cut the cost of home energy upgrades and save around $1,100 a year on their energy bills.
The funding, delivered through the Clean Energy Finance Corporation, will help Western Australian startup Plico expand discounted loans for rooftop solar, home batteries and access to a virtual power plant (VPP) to all states and territories.
VPP technology gives households the option to share their stored energy with the grid, helping to make the electricity network more efficient and cheaper, and rewarding residents for their contribution.
VPPs work by aggregating and coordinating solar generation and battery storage across households to deliver the joined-up scale and consistency of a 'power plant.'
Plico's solar, battery and VPP offerings could save households around $1,100 on energy bills each year, with discounted loans boosting savings by another $130 to $240 each year over a decade.
This latest HEUF commitment improves grid reliability and takes total commitments through the discounted finance program to more than $420 million.
Quotes attributable to Assistant Minister for Climate Change and Energy Josh Wilson:
"The Albanese Government is helping homeowners to bring down their energy bills for good by putting simple, flexible, and cost-effective clean energy technologies within reach of everyday Australian households.
"Thanks to Labor, the clean energy revolution is well underway, and Australians have embraced the opportunity to reduce costs and emissions at the same time by becoming the world leader in rooftop solar.
"As older coal-fired power comes to end-of-life, technology like VPPs are key to ensuring we maintain an agile and responsive energy system that benefits all Australians.
"With the highest per capita installation of rooftop solar in the world and the new Cheaper Home Battery program already increasing home storage by 50% in the first four months, Australians are leaning into our great comparative advantages when it comes to sunshine, innovation, and smart policy.
"The Albanese Government is committed to creating the clean, affordable, and secure energy system that Australian households and businesses deserve, and that will be the basis of our future as a renewable energy superpower and as a clean industry powerhouse."
