Date: 22nd February 2018 09:00 AM
SA Premier Jay Weatherill today announced that South Australian residents purchasing solar systems with a solar battery or wanting to add a solar battery to their existing solar system will be eligible for 0% interest financing.
South Australian homeowners will be able to apply for loans of up to $10,000, with no interest charged for the first seven years to purchase solar panels and solar batteries.
Germany solar battery maker sonnen has also announced today that it is opening a solar battery manufacturing plant in South Australia which is going to provide upwards of 400+ jobs directly and indirectly.
Tom Koutsantonis, the Energy Minister of South Australia says this scheme will lower electricity prices because it will reduce peak demand on the grid due to more homes having solar batteries to get them through the peak demand hours at night when the sun isn’t shining.
It comes as no surprise that the South Australian Government is adding more extensive solar battery rebates following the success of the Sustainable City Incentives Scheme launched on June 2015 by the Adelaide City Council which provided individual households a subsidy of up to $5,000 to install solar batteries which received further funding by the South Australian Government.
South Australia already leads the nation in terms of homes with solar systems installed with more than 200,000 rooftops already fitted with solar panels, and so this scheme is set to bolster the bold statement made by the South Australian Premier Jay Weatherill in the commitment to Labor’s previously announced election pledge of sourcing 75% of its electricity from renewables in 7 years (2025).
BREAKING: More than 430 new manufacturing and installer jobs will be created in SA – German company sonnen has just announced it will set up a battery manufacturing centre in Adelaide and relocate its Australian headquarters from Sydney! #storage
Job’s are Labor’s #1 priority. pic.twitter.com/mZ44DAAUPw
– Jay Weatherill (@JayWeatherill) February 21, 2018
These costs are based on the SA Power network in Adelaide but prices may vary depending on your circumstances. This comparison assumes a general energy usage of 4000kWh/year for a residential customer on Energy Locals Time of Use Tariff – (TOU – Peak, Off-Peak & Solar Sponge).
The reference price is set by the Australian Energy Regulator (AER) for a financial year in relation to electricity supply to residential customers in the distribution region and is based on an assumed annual usage amount. Any difference between the reference price and the unconditional price of a plan is expressed as a percentage more or less than the reference price. The terms of any conditional discounts are shown, along with any further difference between the reference price and the discount applied if a condition is met, expressed as a percentage more or less than the reference price.