Plico: Federal Goverment backs in WA start-up with massive $35 million injection to help cut power bills

Australians will be able to cut their power bills with cheaper installation of solar and home batteries after a $35 million boost to a scheme providing discounted loans will expand it from WA to the whole country. The Federal Government is providing the funding to WA start-up Plico, which installs solar and battery systems and operates a virtual power plant (VPP) that harnesses power from household batteries to provide backup to the wider electricity grid when needed. The boost to discounted loans will help households save between $130 and $240 a year for the next decade on top of the estimated $1100 annual cut to their power bills. It builds on a separate government scheme that offers rebates for people installing home batteries, which has led to about 1000 households installing batteries every day since July. “As older coal-fired power comes to end-of-life, technology like VPPs are key to ensuring we maintain an agile and responsive energy system that benefits all Australians,” Assistant Minister for Climate Change and Energy Josh Wilson said. “With the highest per capita installation of rooftop solar in the world and the new Cheaper Home Battery program already increasing home storage by 50 per cent in the first four months, Australians are leaning into our great comparative advantages when it comes to sunshine, innovation, and smart policy.” Mr Wilson will announce the $35 million funding on Monday by visiting a Beeliar family who estimate their rooftop solar has cut their power bills from $350-$500 every two months to just $50-$60.