Six new solar farm projects totalling 623 MW of renewable capacity and four big batteries delivering up to 365 MW and 600 MWh of new energy storage have been given the tick of approval by the Victorian government as it looks to meet its target of powering all its operations with clean energy by 2025.
Other successful projects include the 95 MW Derby Solar Project and co-located 85 MW/100 MWh big battery being developed by Sungrow Renewable Energy in the state’s central north, and Octopus Investments’ 80 MW Fulham Solar Farm and 80 MW/100 MWh DC-coupled battery being developed in eastern Victoria.
557 MW of commissioned energy storage capacity and 12 utility-scale storage projects with a combined capacity of 1,115 MW under construction or undergoing commissioning at 30 June 2024. Figure 4: Emissions from electricity generation in Victoria, 2013/14 to 2023/24
Image: Edify Energy. Renewable energy developer Elgin Energy has seen a 330MW solar-plus-storage site featuring a 250MW/500MWh battery energy storage system (BESS) fast-tracked by the Victoria government in Australia.
AGL Energy has acquired the Yadnarie solar thermal project in South Australia from Photon Energy, featuring 720MWh of LDES. Elgin Energy has seen a 330MW solar-plus-storage site featuring a 250MW/500MWh BESS fast-tracked by the Victoria government in Australia.
It is worth noting that, at the beginning of July 2024, FRV Australia turned its first solar-plus-storage project online: the Dalby, Queensland project. The site comprises a 2.45MWdc solar PV plant and a co-located 2.54MW/5MWh BESS. The project’s engineering, procurement and construction (EPC) work was carried out by Spanish company Gransolar.
The global residential solar storage and inverter market is experiencing rapid expansion, with demand increasing by over 300% in the past three years. Home energy storage solutions now account for approximately 35% of all new residential solar installations worldwide. North America leads with 38% market share, driven by homeowner energy independence goals and federal tax credits that reduce total system costs by 26-30%. Europe follows with 32% market share, where standardized home storage designs have cut installation timelines by 55% compared to custom solutions. Asia-Pacific represents the fastest-growing region at 45% CAGR, with manufacturing innovations reducing system prices by 18% annually. Emerging markets are adopting residential storage for backup power and energy cost reduction, with typical payback periods of 4-7 years. Modern home installations now feature integrated systems with 10-30kWh capacity at costs below $700/kWh for complete residential energy solutions.
Technological advancements are dramatically improving home solar storage and inverter performance while reducing costs. Next-generation battery management systems maintain optimal performance with 40% less energy loss, extending battery lifespan to 15+ years. Standardized plug-and-play designs have reduced installation costs from $1,200/kW to $650/kW since 2022. Smart integration features now allow home systems to operate as virtual power plants, increasing homeowner savings by 35% through time-of-use optimization and grid services. Safety innovations including multi-stage protection and thermal management systems have reduced insurance premiums by 25% for solar storage installations. New modular designs enable capacity expansion through simple battery additions at just $600/kWh for incremental storage. These innovations have improved ROI significantly, with residential projects typically achieving payback in 5-8 years depending on local electricity rates and incentive programs. Recent pricing trends show standard home systems (5-10kWh) starting at $8,000 and premium systems (15-20kWh) from $12,000, with financing options available for homeowners.