Social Energy launches in Australia, reducing electricity bills to as little as $0 for people who buy a solar and battery system. Smart energy retailer Social Energy opens its doors to customers in Australia – offering to reduce electricity bills to zero, with a completely green energy package and exclusive Duracell home solar battery system.
Social Energy focuses on making solar panels and battery storage that delivers bigger savings for homeowners by offering game-changing technology, a competitive energy plan and market-leading solar feed-in tariff. Customers could save $2,182 off their energy bill in the first year alone, when purchasing a solar and battery system from an approved solar battery retailer, based on a bespoke quote. For further information see the IDTechEx report on Distributed Generation: Off-Grid Zero-Emission kW-MW 2020-2040.
The green energy retailer uses its artificial intelligence platform and cutting-edge virtual power plant technology to optimise solar-connected battery storage. It learns about a customer’s energy usage and makes informed decisions about how to store, manage and distribute solar energy. It generates revenue for its users by helping maintain and balancing the electricity grids across the country, reducing electricity bills by up to 100 per cent.
Social Energy offers customers who purchase and install solar panels and a battery a feed-in tariff of 40c per kWh – a tariff not seen in Australia for almost a decade. This rate is more than four times the average in New South Wales (7.67c per kWh), South Australia (8.77c per kWh) or Queensland (7.01c per kWh), based upon data from EnergyMadeEasy. Customers will receive this market-leading export tariff for the first 300kWh they export each quarter – with a secondary standard feed-in tariff, which is still higher than the average in the region.
Social Energy will pay its customers with a 9.6kWh or larger battery a minimum top up of $450 per year for the solar they don’t use. Each customer will receive Social Energy’s 40c./kWh feed-in tariff up to 1,200kWh (300kWh per quarter), after which they will receive an uncapped competitive feed-in tariff. Some customers may see their electricity costs drop as low as zero, with some lower-usage customers receiving a pay-out each quarter instead of a bill.
The money-saving energy retailer also offers a competitive import tariff to ensure that if its customers need to buy electricity from the grid, it remains affordable. As a result, the energy retailer will flip the typical relationship with customers on its head, paying them more for selling their unused solar energy than what they’re charged for the energy they buy. For example, instead of a customer purchasing energy at an average of 23.25c./kWh in the NSW Ausgrid region and getting paid an average of 7.43c./kWh for what they sell back to the retailer, Social Energy will charge its customers just 21.56c./kWh in NSW Ausgrid, whilst paying them 40c./kWh for the first 300kWh each quarter.
Social Energy is working in partnership with Duracell, a globally iconic consumer battery company, which means customers will have access to the impressive lithium-ion Duracell Energy Bank 2 – scalable to different sizes to meet the needs of every home and suitable for outdoor installations.
Social Energy also work with other leading solar battery suppliers, with batteries from SolaX and Duracell available at launch – and more batteries to follow in early 2021.
The cost involved in having solar panels, a battery and Social Energy installed at home is approximately $12,000 for a 6.6kWp tier 1 solar installation and an 11.6kWh SolaX battery system, connected with a Social Energy Hub. However, Social Energy’s unique offering, alongside the finance packages and government grants available, means many homeowners could receive a lower total bill than they’re paying right now for their energy alone.
Some customers can reduce their electricity bills and go green, with $0 upfront, on a finance package to spread the cost of the total system price over a variety of terms up to 10 years, where the savings made from the system can contribute to and, in some cases, offset the monthly or annual cost of the loan.
With additional government incentives for battery systems, some customers in South Australia can expect to have covered all initial costs in under four years, after which they will be benefitting from very low, zero or even negative energy bills. For example, a customer in the South Australia region with an annual consumption of 6,000 kWh and generation of 8,000 kWh would have a payback time of under four years, based on a $12,000 cash purchase of a solar panel and battery system, with a $2,088 government grant.
Having a battery installed at home can also offer a vital backup during power cuts, but by integrating with Social Energy’s game-changing technology and market-leading tariffs this can be done in a way that makes financial sense.
Social Energy announced its Australia launch in late 2019, with shareholder Shane Warne. The company arrives having taken the UK market by storm, establishing its position as the market leader over the past 18 months.
The team at Social Energy aspire to drive true change in an industry that has historically been heavily to blame for climate change. Its customers can utilise the business to make the most of the green energy that they generate at home, lowering their environmental impact and being rewarded financially for doing so.
Social Energy is available to those that are new to the world of solar panels and battery storage, and those that already have solar panels installed.
Energy customers in New South Wales, South Australia and Queensland can join Social Energy today by visiting the Social Energy website or calling its customer service team.
Chris Parratt, Managing Director Australia, Social Energy, said: “We’re delighted to be rolling out Social Energy in Australia, as the financial and environmental impact for people here is huge. Our ground-breaking technology is a complete game changer for our users, making the combination of solar and battery storage offer better returns than solar on its own. It will support millions of homeowners in becoming more independent from the grid. Having been involved in some major steps forward in the Australian energy market, I’m extremely excited to be pioneering the next big leap – with an energy plan that finally makes batteries a sensible investment for Australian families.”
Mariusz Surmacz, General Manager Australia, New Zealand and South East Asia, Duracell, said: “Partnering with Social Energy is a very exciting prospect for us. We appreciate their entrepreneurial spirit, their forward thinking, the quality of service and product they provide.”
Social Energy is an energy retailer focused on making solar panels and battery storage deliver bigger savings for homeowners. Together with its customers, it can change energy for the better by creating market-leading green energy tariffs, all delivered through powerful yet easy to use apps.
Social Energy is working in partnership with Duracell, Duracell is a globally operating iconic consumer battery company and a leading manufacturer of high-performance alkaline batteries as well as specialty cells and rechargeables. Social Energy customers will have access to the impressive lithium-ion Duracell Energy Bank 2, which is available for all types of home, scalable to different sizes to meet the need of every home and suitable for outdoor installations. Duracell is a registered trademark of Duracell US Operations, Inc., used under license. All rights reserved. Social Energy also integrates with the SolaX Triple Power battery system, which is available to order now.
Social Energy is taking on customers from November 2020.
Explanation of cost savings:
The average energy customer in New South Wales could see a reduction in energy costs of over $2182 in their first year when having solar panels and a battery installed, if they pay for the equipment with cash and sign up to Social Energy’s electricity supply tariff. If the customer opts for a finance package (provided by a third party) to fund the upfront costs of purchasing the system they could see a reduction in costs of approximately $574.48 per year when taking into account finance repayments of $1607.52. The total cost of having solar panels and battery storage installed is approximately $12,000, with battery storage alone costing about $9000 for an 11.6kWh SolaX battery storage system, installed with a Social Energy Hub.
Cash savings are based upon a customer in the Ausgrid region that consumes 6,000 kWh and generates 8,000 kWh per year. The savings compare a standard market offer (as taken from EnergyMadeEasy.gov.au) against the first-year net bill when using the Social Energy system and electricity supply tariff. Finance package savings are based upon a customer in the Ausgrid region that consumes 6,000 kWh and generated 8,000 kWh per year. The savings compare a standard market offer (as taken from EnergyMadeEasy.gov.au) against the first-year net bill when using the Social Energy system and electricity supply tariff. Added to this are the costs of a finance package of $12,860 borrowed for 8 years at an annual interest rate of 0% as per the terms of the Empowering Homes Program (EHP). Finance is provided by a third party. Payback in under four years is based upon a customer in the South Australia region with an annual consumption of 6,000 kWh and solar generation of 8,000 kWh. The payback is based on a cash purchase of a 6.6kWp tier 1 solar installation and 11.6kWh SolaX battery system costing a combined $12,000, a $2,088 Government grant and takes into account the value of self-consumption and FiT payments to cover the initial outlay.
All data used for these calculations was obtained fromEnergyMadeEasy.gov.au External Link during week commencing 12th October 2020.