Energy storage maximizes the use of renewable energy (RE) such as; solar and wind by load shifting and by removing the intermittent nature of these sources. The size of required storage varies with the potential of these sources. The availability of useful solar radiation and wind speed varies with geographical location and also length of this energy source varies with seasonal variation. Compared to the countries those are leading in RE utilization, Australia has better geographical and seasonal effects on both solar and wind energy. However both solar and wind energy needs energy buffering to support load demand with required power quality. Therefore this study explores the potential locations in Australia and estimates the required storage in different locations to meet the residential load demand. Moreover analysis showed that storage greatly reduces greenhouse gas emission and reduces overall cost of energy.