South Australia Premier promises interest-free loans for solar+storage

If re-elected next month, the South Australia Labor government will establish a $100 million renewables fund offering interest free loans of up to $10,000 for individual households for the costs of solar panel and battery systems.

The announcement comes hot on the heels of the Labor’s new, hotly-contested 75% renewable energy target for 2025 and an Australian-first 25% renewable storage target.

The interest-free loan scheme is expected to see power bills drop. Another renewable energy push with the same cause will come from South Australia government’s partnership with Tesla for the $800 million virtual power plant, which will see 250 MW of solar panels and 650 MWh of battery systems installed in 50,000 low income households, with a discounted electricity rate and no upfront payments.

The Premier stated that the scheme would have a preference for locally made products.

With already the highest penetration of rooftop solar in Australia, South Australia now seems to shape into a battery assembly hub as well. Earlier today, German battery and solar energy company sonnen announced its plans to move its headquarters from Sydney to Adelaide, where it will assemble 50,000 household batteries over the next five years.

The SA Premier welcomed the company news, pointing out that this would create more than 430 new manufacturing and installer jobs.

According to sonnen, it will supply storage systems in Adelaide over the next five years as a part of the government’s virtual power plant under a five-year deal with the South Australian Government.