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Government boosts home battery spend by $5 billion
Households are reportedly getting rebates worth almost $20,000 for batteries. (ABC News/ Doublelee)
Federal Energy Minister Chris Bowen has announced big changes to the government's battery subsidy scheme amid claims most of its $2.3 billion budget has been spent in just six months.
The minister unveiled the $5 billion shake-up today while addressing the solar and battery industries, which are increasingly worried about the risks of a boom-bust cycle fuelled by the scheme.
Under the program, announced in the run-up to the election in April and which came into effect in July, households and small businesses can claim rebates on the upfront cost of batteries.
Home batteries subsidy overhauled with $5bn injection as Australians rush to take up discount
Chris Bowen says first 50kWh of a system would still be eligible, but discounting would not be as generous per kWh for medium- and larger-sized batteries
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Discounts for larger systems will be wound back under a popular home battery scheme as the program’s budget is tripled.
The federal subsidy, which has been in place for five months, will get a generous top-up to $7.2bn across four years after initially being earmarked to cost $2.3bn, the energy minister, Chris Bowen, said.
The fund was thought to be running out rapidly, in part because households were installing systems up to the maximum subsidised size to take full advantage of the one-time offer.
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Two million more home batteries by 2030 in $5 billion funding boost
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A funding boost of nearly $5 billion will extend the government’s popular battery rebates, as the scheme’s initial pot of $2.3 billion is set to be emptied 12 months after the subsidy began.
Changes to the discounting regime have also been announced, which the government said would increase the price of many models but ensure a fairer pricing structure, particularly for those buying smaller batteries.
$5 billion in new funding will be pumped into home battery discounts, as the government reforms its popular scheme. Credit: Peter Rae
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