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Tesla Looks South As Aussie Sun Spawns Solar Battery Race

Tesla Looks South As Aussie Sun Spawns Solar Battery Race

Australia leads the world in putting solar panels on roofs, and by 2040, about one in two homes are forecast to rely on sun power. The domestic market is tipped to be worth as much as $24 billion, according to Morgan Stanley. 

Elon Musk’s Tesla, pictured, plans to cash in as he targets Australia for new batteries sales. LG Chem will offer new technology to Australian homes in August, while Panasonic plans to begin selling its batteries in the country in October.

“Australia has all the criteria that you would look for: ¬†high sunshine, high energy prices and low financing costs,” Michael Parker, an analyst at Sanford C Bernstein, told Bloomberg. “It’s a good test market.”

LG Chem said it wants to capture 30 percent of the Australian market and the industry could grow 15-fold in the next two years to more than 30,000 storage systems.

Samsung SDI, meanwhile, is testing its storage units with Australian retailer Origin Energy, which expects to offer the products to customers later this year; while AU Optronics of Taiwan is working with AGL Energy.