Australian Leader Unveils $1.4 Billion Plan to Reduce Power Bills

(Bloomberg) -- Australian Prime Minister Anthony Albanese pledged to slash household energy bills with a A$2.3 billion ($1.4 billion) plan to lower the price of home batteries, as his center-left government focuses on cost-of-living pressures ahead of the May 3 election.

Households, small businesses and community facilities will be eligible for a 30% discount on installed battery costs, saving about A$4,000 on a typical system, Albanese and Climate Change and Energy Minister Chris Bowen said in statement Sunday. 

An estimated 1 million batteries will be installed under the plan and will store solar power for use when needed.

The announcement marks another step in Albanese’s campaign to ease pressure on household budgets, partly through rebates to offset rising power prices.

“Labor’s number one priority is delivering cost-of-living relief,” Albanese said in the statement. “That’s why we want to make sure Australians have access to cheaper, cleaner energy.”

The Australian leader is fighting to become the first in more than two decades to win consecutive terms in office, an indication of the country’s long-running political instability. With a slim majority of just a handful of seats, Albanese has little leeway.

While about 4 million rooftop solar systems have been installed — one in three Australian households — only one in 40 has a battery, according to the Sunday’s statement said. The plan will help households reduce reliance on the grid, which will in turn help lower peak demand, pushing down prices for everyone, it said.

“The sun doesn’t always shine – but households and businesses having batteries means we can keep solar energy on tap and keep energy bills down consistently,” Bowen said. 

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