Remarkable investment in wind and solar power puts Australia on track to meet its 2020 renewable energy target.
According to the Clean Energy Regulator’s report on 2016 investments that was released last week, 98 new large-scale renewable energy plants were accredited last year with the majority being solar farms. The report also noted $4B committed to building new projects, more than in any single previous year.
The building momentum puts the country in a strong position to meet the renewable target of 23.5% of energy generated from renewables. This momentum has carried over into 2017, with 1/3 of the total build required for the year achieved within the first 3 months.
Clean Energy Council boss Kane Thornton and Australian Energy Council head Matthew Warren, said that the support from state and territory governments had played a large role in reducing costs and restoring confidence in the sector. Thornton also said that the price of large-scale solar had reduced by half over the past few years, thus making it competitive with wind power and traditional fossil fuels like gas.