More Australians are expected to invest in solar batteries but their main motivation will not be to save the environment but to save money on power bills.
Representatives from CommBank issued the prediction on Monday, with the launch of a $1300 home battery discount, and after research showed half of all households with solar panels were curious about the technology.
It also comes days after Australia recorded a solar energy milestone and after NSW introduced household battery rebates of up to $2400.
Australia currently leads the world in solar energy production, with photovoltaic panels installed on more than four million households as of last week, according to the Clean Energy Council.
But as few as one in 14 of those households had batteries installed to capture the solar energy, CommBank personal lending general manager Joel Larsen said, and more consumers were considering investments in the technology.
A survey of more than 1000 Australians by the bank showed one in two with solar systems were interested in home batteries as a way of reducing their electricity bills, he said.
"The primary driver is the cost of living - customers are looking at ways to lower their power bills, ways to lower their overall costs,” he told AAP.
"We’ve gone through a cycle where people who are (environmentally) inclined have already made the switch and it’s now about reaching the consumer group that might be more driven by price.”
Australians with electric cars were also more likely to see the financial benefits of storing renewable energy, Mr Larsen said.
“The case for a battery is even more pronounced when you’re charging an electric vehicle,” he said.
“They know they’ll be able to lower their costs and power usage off the grid.”
Mr Larsen said CommBank had partnered with Wattle Powr to offer a $1300 discount on Tesla Powerwall 3 home batteries until the end of March to encourage further investments.
The discount could be combined with the NSW government rebate on household batteries of between $770 and $2400 that launched on November 1.
A battery rebate of up to $2000 is also available in Adelaide, and interest-free loans for batteries were also offered in Victoria and Tasmania.
Sydney finance worker Garry El Hassan said he planned to run the numbers on a home battery investment after having solar panels installed on his home last year.
Despite being “conservative” in his estimates, Mr El Hassan said he expected his solar investment to break even within two years, making a battery purchase more attractive.
“I’m a figures man, I work in finance, so I ran the numbers and they ended up pretty good,” he said.
"After two years, the investment will pay off and I’ll be making money, in effect."
