Australia is predicted to be the leader in residential energy storage in 2019, according to Bloomberg New Energy Finance. The forecast indicates that more than 70,000 homes in the country will install energy storage units this year. Low interest rates and a $147 million budget support program for these investments will be effective in achieving this high rate.
In addition, if the opposition party wins the upcoming elections in the country, it has promised an additional budget of $200 million, and more than 100,000 additional installations may take place.
According to BNEF, Australia is already one of the world’s leading countries in rooftop solar energy, and the country’s high electricity prices will contribute to the continued growth of the energy storage market.
According to data from the Australian Clean Energy Regulator, as of last month, there were 2,018,762 rooftop solar installations in the country with a total installed capacity of 7,980 MW.