Fully Charged: Renewables and Storage Powering Australia

Australia's love affair with clean energy and battery storage is only just beginning, with the nation on the verge of an energy storage boom, as the cost of lithium-ion batteries rapidly drops, our new report details.

The 'Fully Charged: Renewables and Storage Powering Australia’ report shows that Australia is on the cusp of a reliable renewable energy future, as the cost of energy storage rapidly drops, with prices dropping by 80 per cent since 2010, and are tipped to halve again by 2025.

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KEY FINDINGS INCLUDE:

  • The cost of lithium-ion batteries has fallen by 80% since 2010. Costs are expected to halve again by 2025 (under 7 years).
  • 6,750 new household batteries were installed in 2016. The market is predicted to have tripled in size in 2017, with over 20,000 new installations.
  • Renewable energy now represents 16% of Australia’s electricity generation.
  • VIC, QLD and the NT are also investing in grid scale battery storage technology.
  • Federal, QLD and TAS governments are also considering developing pumped hydro projects.
  • The Australian electricity grid (NEM) and old fossil fuelled power stations are increasingly vulnerable to worsening extreme weather events, particularly as these power stations age.
  • More than 50% of Australia’s coal fleet will be over 40 years old by 2030.
  • Australia could reach 50% renewables by 2030 without significant new energy storage.
  • Australia must reach zero carbon pollution well before 2050 to effectively tackle climate change.

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