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What's the Cost of Battery Storage?

The future of clean solar energy is bright, with over 50,000 household battery systems installed in 2022, up from 34,731 in 2021. But what is the cost of battery storage, and are there any rebates available?

The Electro Training Institute is here to help. If you’re an Australian electrician looking to get qualified for solar battery storage installation and want to know if there is any demand and reward for solar battery storage services, this is the guide for you.

In this article, we’ll discover how much battery storage costs, its uses and advantages, and how to install it.

What are the Reasons to Pay for Battery Storage?

More and more Australians with solar power systems are turning to battery storage solutions, for the following reasons:

  • Energy Independence: Battery storage allows individuals and organisations to become less reliant on the traditional energy grid.
  • Load Shifting: Battery systems allow you to store electricity during off-peak hours (when rates are lower) and use it during peak periods (when costs are higher).
  • Backup Power: In regions prone to power outages, battery storage systems provide a reliable source of backup power.
  • Grid Support: Battery storage facilities can support the stability of the electrical grid by producing reactive power to help with high and low grid voltages so everyone can remain connected with new systems coming on line.
  • Clean Energy: Battery storage reduces greenhouse gas emissions by promoting the use of clean energy sources and decreasing the need for fossil fuels.
  • Electric Vehicle Charging: Battery storage is also integral to the use of electric vehicles (EVs). EVs rely on advanced battery technology for their power source, and efficient charging infrastructure, including stationary batteries, is essential for widespread EV adoption.

How Much Does a Solar Battery Storage System Cost?

Average Solar Battery System Costs for 2023

In the residential sense, solar battery storage systems usually cost between $1,000 to $1,300 — per kWh (kilowatt per hour) of the capacity installed. However, these cost estimates may vary depending on the brand, size and location of the storage system. 

It’s also  important to distinguish that battery storage costs are dependent on the battery size, and whether or not you also need to buy an inverter or charger. 

Rebates for Solar Batteries — What are the Options?

Unfortunately, unlike the STC rebate for solar panels, there is no official federal rebate for solar battery storage systems. However, many state governments have introduced rebate, subsidy, loans/grants, and tariff programs that are designed to accelerate the uptake of residential solar battery systems.

If you’re a solar installer, you can be heartened by the news that these incentives are urging more and more Australians to get solar batteries and systems installed, resulting in many Aussies needing qualified solar battery installers and consulting for the costs of solar battery storage.

Let’s take a look at the rebates available by state for solar batteries and systems: 

Australian Capital Territory (ACT):

  • Sustainable Household Scheme: You can get an interest-free loan up to $15,000 to cover the cost of solar battery systems, to be repaid over up to 10 years.

Victoria (VIC): 

  • Solar battery loans: 4,500 interest-free loans of up to $8,800 are available in 2023-24 for eligible Victorian homeowners.

Northern Territory (NT):

  • Home and business battery scheme: Eligible homeowners and businesses may be able to access a grant of $450 per kilowatt-hour, up to a maximum grant of $5,000 on eligible battery systems.

Victoria and the ACT are currently the only Australian states or territories offering an official loan product to cover the cost of solar battery storage, while all the other states will offer feed-in tariffs for surplus energy exported to the grid. In addition, the Northern Territory offers a solar battery grant. 

If you don’t see your state or territory on the above list — not to worry. Plenty of solar enthusiasts are heartened by the other advantages of solar battery systems — including the tariffs and rebates available from grid-connected storage systems. 

Is Solar Battery Storage Worth It?

In a word — absolutely.

Electricians in Australia and Queensland are sure to find a lucrative venture in solar battery storage installation. 

There is an insatiable demand for sustainable energy solutions and long-term savings, and solar storage solutions have it all in spades.

How to Make Money from Solar Battery Storage Installation

So, now you know there’s money to be made from installing solar battery systems. 

Wondering how to get started? The first step is to get the relevant accreditation and training. You can get your qualifications by enrolling in the Solar Battery Storage Course offered here at the Electro Training Institute. Our comprehensive training program covers the latest industry practices and safety protocols, ensuring you're well-prepared for installations.

From there, follow our guide to installing solar battery storage, and enjoy a long-lasting and profitable career as a solar installer as we approach the golden age of renewable energy.