Australia is fast accelerating towards meeting the Renewable Energy Target (RET) for 2020 and even looks set to overtake it, according to the latest renewable energy data.
The RET delivers incentives to invest in renewable energy projects and to reduce carbon emissions. For example, wind and solar farms generate large-scale generation certificates which are traded on the energy market.
The small-scale renewable energy scheme also provides incentives for individuals and businesses to install solar. This includes rooftop solar, solar hot water and heat pumps.
Renewable energy data shows solar is thriving
The Clean Energy Regulator (CER) tracks the progress of the RET.
The target for 2020 is an additional 33,000 GWh of renewable energy generation. The CER says to reach this target, we need 6,400 MW of new renewable projects by the end of 2018.
However, 9,000 MW (9 GW) of projects exist already, in progress or completed. This is well ahead of the Renewable Energy Target. This figure includes more than 3,000 MW of accredited projects already operating, made up of mostly wind and solar farms.
Over 10,000 MW of renewable energy in 2018/19: ANU
In the meantime, data from the Australian National University (ANU) indicates Australia will install approximately 10,400 MW of renewable energy projects in 2018/19. This will be split approximately 70 per cent for large-scale solar power and 30 per cent for rooftop solar installations.
If we keep going at this pace, the ANU predicts Australia will meet its entire Paris emissions target by 2024/25. This is also well ahead of schedule.
The ANU also says Australia will “comfortably exceed” the 2020 RET, and be capable of 100 per cent renewable energy by the early 2030s. The research also shows the price of solar panels is reducing rapidly, and that companies are recognising the economic and environmental benefits of investing in renewables.
While the federal government says it will dump the RET after 2020, the renewable energy industry is forging ahead. Householders and small businesses are also making their own decisions to save money on their bills and help to reduce emissions by installing their own solar power systems.
