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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