Australia reduces the cost of rooftop solar systems for businesses

The Australian government announced on Wednesday that it will reduce the cost of installing rooftop solar panels in factories, warehouses, farms, and other businesses by around one fifth.

The policy extends existing subsidies to rooftop solar and home batteries that have led to a surge in installations. This has boosted renewable energy supply and reduced Australia's dependence on coal-fired power plants.

According to the Australian government, around one-third (33%) of Australian homes now have solar panels. This is the highest percentage in the world. Together they generate 10% of the country's electricity.

Minister for Climate Change and Energy Chris Bowen announced that the government will now subvention systems up to ten times larger than the previous maximum.

Bowen, in an address at the National Press Club in Canberra, said: "We're expanding the'solar discount' to include installations of up to 1MW in size."

This will reduce the cost of installation for commercial, agricultural and industrial?buildings around 20%. This is a substantial saving on an energy-saving investment.

Bowen also said that he was asking the Australian Energy Market Commission (AEMC) to expedite approvals. (Reporting and editing by Tom Hogue; Reporting by Peter Hobson)

(source: Reuters)