Australia cuts cost of rooftop solar for businesses

Australia's government has announced a policy to cut the cost of installing rooftop solar panels on businesses by one-fifth, expanding existing subsidies for renewable energy.

Australia will accelerate ​its transition to renewable energy ​by cutting the ‌cost to ​install rooftop solar panels on factories, warehouses, farms and other businesses by around one-fifth, ‌the government said on Wednesday. The policy expands existing subsidies for rooftop solar and batteries in homes that have driven a surge ‌in installations, boosting renewable power supply and reducing Australia's reliance on ‌coal-fired plants.

Around one-third of Australian houses now host solar arrays — the highest proportion in the world — and together they produce around 10% of ⁠the ​country's power, ⁠according to the government. Climate Change and Energy Minister Chris Bowen said the government ⁠would now subsidise systems up to 10 times bigger than the ​previous maximum.

"We are expanding the solar discount to include installations ⁠up to 1 MW in size," Bowen said in an address ⁠to the ​National Press Club in Canberra. "This will slash the installation costs for commercial, industrial and agricultural buildings by around ⁠20%. That's a significant saving on an investment which will immediately ⁠begin lowering the ⁠cost of energy."

Bowen also said he was asking the Australian Energy Market Commission to speed ‌up approvals.