COLLINGWOOD, Australia--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy, announced today that its StorEdge solutions have been selected to participate in AGL’s new residential battery program as part of its expanded virtual power plant (VPP). StorEdge system owners with an approved battery are eligible to receive an annual credit of up to $280 on their electricity bill for allowing the virtual power plant to access their batteries in times of grid need.
Both the StorEdge inverter with backup power and the StorEdge solution using a single phase inverter with HD-Wave technology for increased self-consumption that are connected to an LG battery are eligible for program participation. The VPP program improves solar-plus-battery system payback, potentially resulting in a higher volume of PV and storage system installations.
The network of connected StorEdge systems will be managed as a virtual power plant, based on SolarEdge’s grid services. These solar batteries provide an affordable and environmentally sustainable method to meet peaks in energy demand. Introducing new offerings in Queensland, Victoria, and New South Wales, this program builds on AGL’s experience with its virtual power plant in Adelaide that also leverages StorEdge systems and SolarEdge’s grid services.
“The Australian electricity market is leading the world in a strategic transition to a distributed, decarbonized, and digital energy network," stated Lior Handelsman, SolarEdge’s VP of Marketing and Product Strategy, Founder. "Dedicated to improving the ways we produce and consume energy, SolarEdge is pleased to support AGL in this transition by providing innovative solar energy solutions at both the residential and grid level that can solve some of the most complex energy problems that we face today.”
“AGL’s residential battery program unlocks new benefits for our customers and provides grid services that benefit all grid users," stated Dominique van den Berg, AGL’s General Manager of Distributed Energy. “We are excited to expand our cooperation with SolarEdge and leverage its StorEdge solutions and grid services in order to successfully launch this program.”
More information regarding eligibility and participation in AGL’s new residential battery program is available at: https://www.solaredge.com/aus/australian-government-rebates
About SolarEdge:
SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, electric vehicle powertrains, and grid services solutions. SolarEdge is online at solaredge.com/aus
