VPP review, 2026
Diamond Energy WATTBANK Review
Diamond Energy's WATTBANK program offers the highest fixed credit rate of any retailer VPP in Australia at 30c/kWh. Diamond Energy is a smaller green energy retailer that sources 100% renewable energy. WATTBANK pays 30c/kWh for every unit your battery contributes during VPP events. Compare this to Simply Energy at 18 to 25c/kWh and AGL at 15 to 18c/kWh. The catch: Diamond Energy's retail electricity rates may be slightly higher than the big-four retailers, so total bill savings depend on your full electricity costs, not just VPP earnings.
- Est. annual earnings
- $300 to $450
- Export rate
- 30c/kWh (battery usage)
- Grid events
- 15 to 25 per year
- Lock-in
- No lock-in
How Diamond Energy WATTBANK works
Diamond Energy connects to your battery via its management platform. During VPP dispatch events, your battery exports to the grid and you receive 30c/kWh credited to your account. Events are triggered by grid demand and wholesale price signals, similar to other retailer VPPs. Diamond Energy manages dispatch timing and you set a minimum reserve level.
Payment structure
Credits are applied to your Diamond Energy electricity account at 30c/kWh for every kWh your battery contributes during VPP events. Annual earnings typically reach $300 to $450 depending on event frequency and battery size. The per-kWh rate is the highest fixed rate in the Australian VPP market. No upfront joining bonus is offered, but the ongoing rate compensates over a full year in active states.
- Payment type
- Battery usage credits
- Export rate
- 30c/kWh (battery usage)
- Commitment
- No lock-in
Realistic earnings
At 30c/kWh with 15 to 25 events per year and a 10kWh battery, expect $300 to $450 per year in VPP credits. SA households will trend toward the higher end due to more frequent events. The 30c/kWh rate means WATTBANK can outperform Simply Energy in moderate-event years, and significantly outperforms AGL and Energy Australia in all scenarios. The limit is event frequency rather than rate: in a high-event year, Simply Energy's 25c/kWh may deliver similar total earnings to WATTBANK's 30c/kWh if Diamond Energy events are capped.
Pros and cons
Pros
- 30c/kWh is the highest fixed VPP credit rate in Australia
- No lock-in contract
- Green energy retailer (100% renewable matched)
- Works with multiple battery brands
Cons
- Smaller retailer with limited customer base
- Annual earnings capped at around $450
- Only available in three states
- Diamond Energy retail rates may be higher than big-four retailers
Diamond Energy WATTBANK-compatible batteries
The following batteries are confirmed compatible with Diamond Energy WATTBANK for Australian homes in 2026. Check Diamond Energy for the latest battery compatibility list as new models are added regularly.
Under the federal Cheaper Home Batteries rebate, all on-grid batteries must be VPP-capable to qualify. This means any battery eligible for the rebate of about 30% is also compatible with Diamond Energy WATTBANK and other VPP programs. Check the CER approved battery list for the full catalogue.
- Tesla PowerwallRebate eligible
- BYD Battery-BoxRebate eligible
- Sungrow SBRRebate eligible
- Enphase IQRebate eligible
- Alpha ESSRebate eligible
Contact Diamond Energy for the latest compatibility list as new battery models are added regularly.
State availability
Diamond Energy WATTBANK is available in the following states: VIC, SA, NSW.
How to sign up
Switch to Diamond Energy as your electricity retailer. Enrol in the WATTBANK program through Diamond Energy's website. Compatible batteries are connected remotely once your retailer transfer completes (2 to 4 weeks). No additional hardware required.
Requirements
- Diamond Energy customer
- Compatible battery
- VIC, SA, NSW
Who is Diamond Energy WATTBANK best for?
Environmentally conscious battery owners who want the highest per-kWh VPP credit rate and are comfortable with a smaller green retailer. Particularly strong in SA where frequent events mean the 30c/kWh rate is exercised most often.
Diamond Energy WATTBANK FAQs
How much can I earn with Diamond Energy WATTBANK?
Diamond Energy WATTBANK participants typically earn $300 to $450 per year with a 10kWh battery. Earnings depend on your state, battery size, and the number of grid events during the year. South Australian households tend to earn the most due to frequent price spikes.
What batteries work with Diamond Energy WATTBANK?
Diamond Energy WATTBANK is compatible with: Tesla Powerwall, BYD Battery-Box, Sungrow SBR, Enphase IQ, Alpha ESS. Check with Diamond Energy for the latest compatibility list as new battery models are added regularly.
Is there a lock-in contract with Diamond Energy WATTBANK?
No, Diamond Energy WATTBANK has no lock-in contract. You can leave at any time.
Which states is Diamond Energy WATTBANK available in?
Diamond Energy WATTBANK is currently available in VIC, SA, NSW. Coverage may expand in the future, check with Diamond Energy for the latest availability.
How does Diamond Energy WATTBANK compare to other VPPs?
Diamond Energy WATTBANK offers export rates of 30c/kWh (battery usage) and estimated annual earnings of $300 to $450. See our comparison table for how it stacks up against other programs. Visit our VPP comparison hub for a side-by-side breakdown.
Compare alternatives
| Program | Export rate | Est. annual | Lock-in |
|---|---|---|---|
| Diamond Energy WATTBANK (this review) | 30c/kWh (battery usage) | $300 to $450 | No lock-in |
| Tesla Energy Plan | 12 to 22c/kWh | $200 to $500 | No lock-in |
| Origin Loop VPP | Up to 20c/kWh | $300 to $600 | 12 months |
| AGL Virtual Power Plant | 15 to 18c/kWh | $250 to $500 | 24 months |
| Simply Energy VPP | 18 to 25c/kWh | $300 to $700 | No lock-in |
Related reading
- VPP vs Feed-in TariffSide-by-side earnings comparison to help you decide.
- Battery Arbitrage AustraliaProfit from time-of-use tariffs and wholesale price spikes.
- Best Solar Batteries 2026Top home batteries reviewed with VPP compatibility.
- Solar Battery Rebate 2026How the federal rebate takes about 30% off a home battery.
A battery that works with Diamond Energy WATTBANK.
One Why Solar Approved installer quotes a VPP-ready battery for your home. Then a solar expert goes through the quote with you before you sign, including whether a battery is worth it for you yet.