The Australian Renewable Energy Agency (ARENA) has announced $20 million in solar PV research and development funding aimed at making the solar power of the future cheaper.
The new funding will drive innovation in homegrown solar PV technologies, recognised as a major growth area of the future clean economy, according to a press release by the Agency.
It invites Australian solar researchers engaged in breakthrough solar science to apply for anywhere between $500,000 and $5 million in funding for projects that lower the cost of solar cell and module technology.
“Australia has some of the best solar PV researchers in the world, and we want to build on what we’ve already accomplished,” said ARENA CEO Ivor Frischknecht.
Solar PV research drives industry growth
Solar capacity in Australia has grown at nearly 40 percent over the last four years, rising from 1.4 GW in 2011 to 5.1 GW in 2015. Current ARENA forecasts suggest solar could contribute 15-to-30 percent of Australia’s total electricity generated in 2030.
Achieving these penetration rates would make solar energy one of the nation’s best weapons in the battle against climate change, contributing a vast majority of the renewable energy for the government’s 2030 Renewable Energy Target (RET), and up to 30 percent of Australia’s carbon abatement target gap by 2030.
Solar cost parity with coal achievable
But getting there would require future cost reductions and efficiency gains in solar PV technology.
The aim of ARENA’s $300 million RD&D (research, development and demonstration) program is to reduce the cost of Australian solar PV and concentrating solar thermal power (CSTP) to below the current 3-4 cents per kilowatt hour marginal cost of coal.
“This [solar funding] leverages the impressive gains already made in cost reduction and cell efficiency. And that is just the beginning. We see a future where solar cells might be on every surface,” Mr Frischknecht said.
Earlier this month, ARENA launched its $800 million Innovating Energy Plan, which made solar and solar storage solutions the Agency’s top funding priority in coming years.
The funding round will open from the 24th of May 2017 until 21st of June 2017. Funding guidelines will be available from ARENA’s website from 24th of May 2017. Information sessions will be held in Canberra, Sydney and Melbourne in early June 2017.
