Australian gen-tailer AGL Energy will partner with fintech lender Plenti Group to incentivise Australian households to add battery storage to their solar systems, offering a discount of up to $1,500 from the cost of installation.
The two companies announced on Wednesday that they were expanding their existing partnership to deliver more affordable solar batteries to customers and provide easier access to AGL’s Virtual Power Plant (VPP).
Specifically, customers who finance their new home battery through Plenti and connect to AGL’s VPP will be able to take advantage of subsidies from AGL up to $1,500, depending on where they live – with up to $1,500 available in South Australia and up to $1,000 in New South Wales, Queensland, and Victoria.
This new subsidy will be available in addition to specific state government subsidies, meaning that Victorian customers, for example, may be eligible for a subsidy of up to $4,500 off their upfront battery costs, while South Australians may be eligible for a subsidy of up to $3,500.
“This program is a unique market-leading solution that brings Australian households one step closer to our clean energy future by making it easier and more affordable to access renewable energy in the home,” said Daniel Foggo, Plenti CEO.
“We’re delighted to grow our partnership with AGL and bring this ground-breaking initiative to market: we know the upfront costs of batteries are a significant barrier for households to adopt battery technology, and together we’re delivering this solution to help overcome this hurdle and drive the uptake of battery systems in Australia.”
AGL Energy and Plenti first announced their partnership earlier this year, in which AGL Energy customers would gain access to interest-free loans to fund the installation of solar and storage systems.
The expanded partnership will see Plenti act as the exclusive administrator of the new VPP subsidy program, which will also provide more than 750 installers of home solar and batteries with the opportunity to exclusively deliver lower-cost renewable energy solutions.
“This partnership is about making going green accessible and affordable for all Australians,” said Christine Corbett, AGL Energy chief customer officer.
“AGL’s partnership with Plenti gives our customers more options, empowers them to choose renewables at home and provides greater flexibility and affordability. Choosing renewable energy at home means more benefits and savings through reduced household energy bills and this partnership helps break down those initial, upfront costs.”
