Australian Council of Learned Academies report says we can be world leaders in energy storage

HOUSEHOLDS fed up with soaring electricity prices are ripe to go “off the grid”, but a new report shows many don’t know enough about battery storage to make the switch.

Former Victorian Greens leader Greg Barber was the first person in the state to get Tesla solar batteries installed at his home. Picture: Dennis Manktelow

HOUSEHOLDS fed up with soaring electricity prices are ripe to go “off the grid”, but a report shows many don’t know enough about battery storage to make the switch.

DIESEL GENERATORS TO BOLSTER NETWORK

MORE HOMES INSTALLING BATTERIES

An analysis of energy storage in Australia to be released today reveals households and businesses are primed to buy batteries to store their own power, similar to our world-leading take-up of solar.

But the Australian Council of Learned Academies said governments needed to educate people about the benefits of storage technology, with its poll of more than 1000 consumers showing 38 per cent did not know enough to invest in their own batteries.

Former Victorian Greens leader Greg Barber was the first person in the state to get Tesla solar batteries installed at his home. Picture: Dennis Manktelow

The ACOLA report, produced with the chief scientist, said Australia was well positioned to be a global export leader in battery technology, with an abundance of raw mat­erials and storage expertise.

It predicted we would have to spend $11 billion on batteries by 2030 to ensure reliable supply if renewable energy was supplying half our power.

Energy ministers will meet on Friday to debate the Turnbull Government’s National Energy Guarantee amid revelations Victorians face $470 price hikes next year.

Focus groups and polling conducted by ACOLA found consumers who could afford the upfront costs of battery storage were likely to make the switch to avoid rising bills.

But households would first need policy certainty to figure out how much they could save with their own storage solution, and to be satisfied safety standards for batteries were in place.

“This report clearly shows the two sides of the coin — that energy storage is an enormous opportunity for Australia but there is work to be done to build consumer confidence,” ACOLA’s Dr Bruce Godfrey said.

Australia’s Chief Scientist Dr Alan Finkel. Picture: Kym Smith

The report argued storage technology was crucial to the reliability of a more renewable-reliant energy system, finding adequate storage in South Australia would likely have prevented last year’s horror blackout.

Pumped hydro is currently the cheapest storage method but batteries are expected to become more cost-effective in the years to come, while they can also be rolled out more quickly.

Chief Scientist Dr Alan Finkel said energy storage could be “a major new export industry for our nation”.

“Energy storage is an opportunity to capitalise on our research strengths, culture of innovation and abundant natural resources,” Dr Finkel said.

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