Energy giants including Panasonic, Tesla and AGL are targeting Australia, which has the highest rate of rooftop solar panels in the world, as a key market for battery storage. The combination of high use of residential solar energy, strong levels of sunshine, high energy costs and reduced government subsidies creates arguably the strongest potential global market for battery storage at the present time. The International Energy Association (IEA) predicts that solar energy will account for 50% of the world’s renewables market by 2050 – equating to 16% of all global energy supply. Morgan Stanley estimates that battery installations in Australia could reach a million by 2020 from current levels of under 1,000. Meanwhile, Australian firm Samsung anticipates that battery costs will decrease by 60% within five years as the technology improves.
Energy giants including Panasonic, Tesla and Samsung are targeting Australia, which has the highest rate of rooftop solar panels in the world, as a key market for battery storage. The combination of high use of residential solar energy, strong levels of sunshine, high energy costs and reduced government subsidies creates arguably the strongest potential global market for battery storage at the present time. The International Energy Association (IEA) predicts that solar energy will account for 50% of the world’s renewables market by 2050 – equating to 16% of all global energy supply. Morgan Stanley estimates that battery installations in Australia could reach a million by 2020 from current levels of under 1,000. Meanwhile, Australian firm AGL anticipates that battery costs will decrease by 60% within five years as the technology improves.