The Victorian government has announced a new battery loan scheme to help finance homes in purchasing, a battery energy storage system, just like the Tesla Powerwall.
Am I eligible for the battery loan scheme?
The eligibility for the Solar Victoria battery loan scheme is as follows:
- you are the owner-occupier of the house
- the house is valued at less than $3 million
- the combined household taxable income of all owners is less than $180,000 per year
- the property address has not previously received a solar battery rebate
- the Energy Storage battery system has a capacity that is equal to or greater than 6kWh
- the battery Energy Storage system to be installed is listed on Solar Victoria’s battery product list
- the house or property does not have an existing battery energy storage system
How much can I save?
The solar Victoria battery loan scheme offers a 0% interest lane for up to $8,000. Zero interest loan means you do not have to pay any interest for the term of the loan. Three payments can be made over a four year period.
Are batteries worth buying?
Solar batteries for energy storage make a lot of sense in some states in Australia. If you consume electricity at night and are at work during the day, then a battery energy storage system can be used to store your daytime solar generation so that you can use that generated electricity at night time when the sun goes down.
This is a great idea, especially given that when you sell power to the electricity retailer, they usually pay much less for that exported power compared to the price the energy retailer charges you when you buy power from them.
So the more power you can directly consume from your solar system, the less electricity, you need to buy from the energy retailer at a higher price and sell to the energy retailer at a low price.