6th April 2025, The Australian prime minister has pledged to help homeowners buy solar batteries. It is a part of the Labor’s plan, which will help tackle climate change while reducing the cost of living. Energy costs are supposedly a major issue to be tackled in the May 3rd general elections.
Anthony Albanese, prime minister of Australia, has pledged A$2.3 billion to buy batteries to store solar power and lower their energy costs. These batteries would be installed at homes and store the power emitted from the solar panels so people could consume power when necessary.
As per reports, the battery installation would save A$4,000 on the cost of installation of a traditional energy storage battery. According to the Australian government, one in every three homes in the country has a solar panel, however, only one in forty houses has a battery to store energy.
This scheme aims to make batteries cheaper so that more people can afford them. The government expects the beneficiary households to save up to A$1,100 annually with the installation of both solar panels and storage batteries. The goal of this plan is to install around 1 million energy storage batteries across the country by 2030 and support the clean energy cause.
While there is criticism from various sources, there is also support. Experts have shown support, saying the plan could help the energy system. However, the opposition has criticised the plan at several levels.
According to Coherent Market Insights, the global energy storage system market is evaluated at USD 52.95 billion in 2025. And it is anticipated to reach USD 86.76 billion by 2032. The market is expected to grow with an increasing Compound Annual Growth Rate (CAGR) of 7.3% from 2025 to 2032. The rise in the demand for renewable energy sources, such as solar energy, and technical advancements in energy storage batteries are expected to contribute significantly to the market’s growth.
Source:
News Outlet: Reuters