Australian households will be offered federal rebates to install solar storage batteries under a federal Labor energy policy that will also direct billions of taxpayer dollars at solar, wind and hydro projects.
- Labor to adopt Malcolm Turnbull’s National Energy Guarantee (NEG)
- Rebates for households and businesses to install batteries if Labor wins election
- Pledge of $10 billion for Clean Energy Finance Corporation
With climate and energy expected to be subjects of fierce battle ahead of the election next year, Opposition Leader Bill Shorten will unveil Labor’s long-awaited policy on Thursday.
The ABC understands Mr Shorten will formally adopt former prime minister Malcolm Turnbull’s ill-fated National Energy Guarantee (NEG) as Labor policy.
Though Mr Shorten is likely to frame ALP adoption of the NEG as an attempt to find common ground with the Coalition on energy and climate change, it will also serve to give Labor political cover against Coalition attack.
The NEG, which was enthusiastically backed by then-energy minister and current Treasurer Josh Frydenberg, was twice supported by the Liberal party room but was dropped in August after some Coalition conservatives continued agitating against the policy.
Mr Shorten will recommit a Labor Government to a 45 per cent emissions reduction target by 2030, based on 2005 levels.
He will promise massive spending on renewable energy projects, with the Clean Energy Finance Corporation (CEFC) to have its funding topped up to $10 billion.
Extra rebates will be offered to households and businesses installing batteries to store solar energy, with Mr Shorten expected to argue that increased battery storage will improve reliability of the electricity grid.
Energy policy has been the source of bitter political infighting for the best part of a decade, killing off several Labor and Liberal leaders in that time.