Australia is one of the sunniest countries in the world, making it an ideal location for the development of solar energy. In recent years, there has been a growing interest in renewable energy sources, including solar, as the country seeks to reduce its dependence on fossil fuels and meet its carbon reduction targets. Energy Providers are also focussing on Solar for electricity generation purpose. In this article, we will explore the status of solar energy in Australia, including its current state and future prospects.
Current State of Solar Energy in Australia
Australia has made significant progress in the deployment of solar energy in recent years. According to the Australian Renewable Energy Agency (ARENA), there are currently more than 2.6 million solar PV installations across the country, with a combined capacity of over 20 GW. This represents a significant increase from just a few years ago when solar PV installations were still in their early stages.
Declining cost of Solar PV
One of the main drivers of solar energy in Australia has been the declining cost of solar PV systems. Over the past decade, the cost of solar PV has fallen dramatically, making it increasingly cost-competitive with traditional sources of electricity. This has led to a surge in demand for solar PV installations, particularly in residential and commercial settings.
Government Support
Another factor driving the growth of solar energy in Australia has been government support. The Australian government has implemented a range of policies and incentives to encourage the development of renewable energy, including solar, so that the customer can get the cleaner green and cheapest electricity. For example, the Renewable Energy Target (RET) requires that 33,000 GWh of Australia’s electricity comes from renewable sources by 2020. In addition, the Small-scale Renewable Energy Scheme (SRES) provides financial incentives for households and businesses to install solar PV systems.
Future Prospects for Solar Energy in Australia
The future prospects for solar energy in Australia look bright. The Australian Energy Market Operator (AEMO) has predicted that by 2040, solar energy will be the dominant source of electricity generation in the country, with a capacity of around 58 GW. This represents a significant increase from the current capacity of 20 GW.