Global investment in renewable energy jumped in the first quarter – and in Australia, it’s still citizens leading the revolution through rooftop solar power systems.
According to Bloomberg New Energy Finance (BNEF), investment in clean energy around the world reached USD $47.7bn during the first 3 months of this year.
The stand-out sector was small scale solar power (less than 1MW systems); which skyrocketed by as much as 42%. Overall investment in solar (large and small) was up 23% at $27.5bn.
RenewEconomy, drawing on data from BNEF and Pew Charitable Trusts, states Australian households accounted for nearly two thirds of total investment in renewables in the nation in 2013 ($2.8 billion), and practically all of it so far this year.
RenewEconomy states more than 4,000 applications to install small systems are being a lodged a month in the south-east Queensland region managed by Energex. In South Australia and Western Australia, small scale system uptake is more than 2,500 a month, and in Victoria just below that level.
That uptake is so strong isn’t surprising. In addition to the lure of households being able to slash or even wipe out their power bills; there is an added sense of urgency given fears with regard to the future of Australia’s Renewable Energy Target (RET). The RET provides support for the purchase of solar panels; which can amount to thousands of dollars.
Another factor helping to drive uptake is the availability of innovative financing arrangements – such as zero dollar deposit payment plans. National provider Energy Matters’ Save As You Go initiative is structured in a way that in addition to the zero deposit; repayments are structured so many households will repay less per week than what they would spend on equivalent mains electricity supply.
According to Energy Matters, solar is still one the highest returning investments in Australia – outperforming shares, property, gold, global fixed interest or even fine art.
