Solar Victoria exceeds battery targets

Solar Victoria has now closed applications for its interest-free battery loans offering, now that targets for this incentive have been met. When interest-free loans launched in July 2023, the commitment was to provide 4,500 loans. That target has now been exceeded with hundreds more applications now being finalised meaning that solar battery installations will continue to grow over the coming months.

This offering was preceded by Solar Victoria’s solar battery rebates, which ran from 2019 to 2023, and will be followed by the Commonwealth Government’s Cheaper Home Batteries Program.

The Victorian Government’s original Solar Homes commitment in 2018 was to support 10,000 Victorians install batteries in their homes. This target has been well and truly exceeded, with 20,000 battery applications approved for rebates or loans.

Solar battery applications were most popular in Melbourne’s outer suburbs with the top five suburbs being Berwick, Pakenham, Tarneit, Sunbury and Point Cook. Victorian households with moderate energy usage that invest in solar panel (PV) and a mid-sized battery (around 10kW) can expect to save around $1,400 per year, and receive a return on investment over 10 years.

Solar Victoria’s incentives have stimulated demand for batteries across the State and now the Commonwealth Government will continue this on.

More information on solar battery loans can be found at: solar.vic.gov.au/solar-battery-loan.

More information on the Commonwealth Government’s Cheaper Homes Batteries Program can be found at: cer.gov.au/batteries.