It seems Senator Ron Boswell, Nationals Senator for Queensland, has called for Australia’s Renewable Energy Target to be abandoned entirely.
According to an article on The Australian, Senator Boswell says the RET should be “scrapped altogether if we are to have any hope of lowering electricity prices for struggling households and manufacturers”.
As has been the case with Prime Minister Abbott; Senator Boswell would appear to be embellishing the impact of the Renewable Energy Target on the cost of power.
According to the Australian Energy Market Commission; the RET made up just 3 per cent of household electricity bills on average in 2012-13; while reining in wholesale electricity prices and building an industry that provides thousands of jobs.
To provide savings, perhaps governments may wish to look closer to home. As we’ve mentioned in the past, major beneficiaries of skyrocketing electricity costs are.. governments.
For example, an analysis carried out earlier this year found increases in power prices in Queensland have delivered large financial benefits to the Queensland Government – a compounding 114% growth in financial returns every year.
In New South Wales, after tax profits of six State owned electricity corporations increased to $1.7 billion, up from $1.2 billion in 2011-12 and contributions to government rose to $1.8 billion, up from $1.4 billion in 2011-12.
The Federal Government has also been a winner, pocketing a huge amount of cash from the GST component on electricity price rises alone in recent years.
Unfortunately, all of this information is may be overshadowed by the increasingly hysterical inaccuracies and furphies involved with sledging the RET that have been formulated to win the hearts and minds of households and businesses struggling with power bills.
It’s these high electricity bills that solar power can help households and businesses reduce or even wipe out. However, those still considering going solar may wish to do so soon in order to take advantage of remaining subsidies available in connection with the Renewable Energy Target; in case the anti-solar corner gets its way after the RET review.
