Australia has just smashed through 500,000 subsidised home solar battery installations – but fearful boomers are the slowest adopters.
Retiree Rick Carmichael, aged 70, from Murrumbateman, was one of them. Then another $1,200 power bill landed.
He crunched the numbers, took the plunge, installed a 52kWh battery system.
Now, he’s slashed his power bill from $1200 to $0 and is using the savings to travel.
“I can run the reverse-cycle heating without worrying about the cost,” says Rick.
“The system will pay for itself in around two years, and I’m spending the savings on travel instead.”
Seven in 10 Australians aged 65 or older own their property outright, and the federal scheme covering eligible upfront battery costs by around 30 percent.
VoltX Energy COO David Sedighi says misconceptions and fear about cost and payback is holding baby boomers back.
“There is a real risk that the Australians who would benefit most are the ones least likely to access the technology to help deliver those savings,” he says.
“We know that renewable energy technology like solar and home batteries are drastically driving down power bills, but there’s a fear factor holding baby boomers back.
“We don’t want to see over 60s excluded from the benefits of solar and battery technology, leaving themselves exposed to increasing electricity bills without any means to reduce them.”
According to Mr Sedighi, many older Australians are seeing a return on investment as a major barrier to adopting solar or a home battery.
Misconceptions, he says, around the cost of installing a home battery are leading to a growing energy affordability divide.
“Many consumers still look at the cost of battery installations with costs from five or ten years ago when the initial purchase price was significantly higher,” he says.
Despite regulated prices falling, households have paid more for their electricity since July 1.
While some retailers such as Origin Energy and AGL Energy, are increasing daily usage and supply charges.
“You can now install a 28kWh battery set up for under $4000, which would make the average household completely self-reliant from the grid immediately,” David says.
“The return on investment is realised in around two years – some households find themselves making money from the power they generate and store.”
Mr Sedighi also says he believes these increases will cause further strain on seniors’ limited household finances.
“There is a real risk that the Australians who would benefit most are the ones least likely to access the technology to help deliver those savings,” he says.
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