Federal Labor to Put Money Where Their Mouth Is
In another electric electoral promise, Labor has massively stepped up its commitment to renewable technologies. To the order of $15 billion in investment to go toward an overhaul of the national energy policy, diversifying sources of generation and modernising the network to accommodate that diversification.
And, most exciting of all, $200 million of it is to facilitate a solar storage solution for 100,000 homes. Local Labor in Victoria has already pledged one in the event that they win the election this weekend, but this second subsidy of up to $2,000 will apply nationally.
The Honourable Bill Shorten, whose candidacy will be in the scales, has stated in Sydney, “We will turbo-charge the Clean Energy Finance Corporation, doubling its original capital with an additional $10 billion over five years.”
Additionally, $5 billion will be applied to appropriately modernising the transmission system to easier enable the transition to firmed renewables and power from homes going into the grid.
“Communities are going to be generating much more of their own power in their own neighbourhood. We need a national grid and network that supports this,” Mr. Shorten said.
The Smart Energy Council, as well as detailed case-studies by manufacturers of battery and solar home monitoring devices, has urged that a suitably sized storage solution can save a homeowner 60%+ on their total electric bills.
“This is good for consumers — giving them more control over their power bills, helping them to slash electricity costs, and lowering power prices and improving reliability for all Australians by reducing demand on the electricity grid in peak times.”
Virtual Power Plants utilising stored surplus of PV power also have the potential to reduce peak demand while stabilising the grid, as evidenced in South Australia with the tremendous success of the Hornsdale Power Reserve.
“The beauty of the batteries is that the energy is going to be there when you need it not just when the sun is shining,” Mr. Shorten was very reasonably heard to remark to the Nine Network.
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