With the consistent growth and investment pouring into Australia's renewable energy sector, research has shown that as early as 2025, large-scale wind and solar will be able to meet 100 % of consumer demand for electricity at certain times of the day.
With Tasmania currently running on 100 per cent renewable energy, other states are predicted to reach the same outcome far sooner than expected.
Australia’s main scientific body and the country’s energy market operator have again underlined the fact that solar is still by far the cheapest source of new electricity generation in Australia.
Increased funding across the board has allowed the discussion into offering government rebates to incentivise and expand accessibility of solar systems to Australian homeowners.
Furthermore, Australia’s leading solar scientists have received a funding boost of roughly $45 million with the goal of driving even more innovation towards ultra-low cost solar. With large-scale solar now galloping ahead and producing cheaper electricity than coal and gas at certain times of the day, Australia may receive half of its power generation solely by renewable energy by 2025.
In addition to the extra funding granted to Solar scientists, the Australian Academy of Technological Sciences says the country's renewable energy share will rise to 69 per cent by 2030. This coincides with the massive investments now filtering in as Australia transitions away from fossil fuels.
Spanish Energy Giant Iberdrola, which is currently one of the biggest renewable energy project developers in the world, has become the latest big energy player showing interest in Australia's offshore wind market.
Iberdrola already owns more than 1GW of wind, solar and battery projects in Australia, while globally it boasts more than 39GW of wind, solar and battery storage capacity.
Iberdrola amongst other big players are all looking to act, as the Vic government announced a target of 9GW of offshore wind by 2040. The Vic government is wanting to fill the gap that has started to grow from the closure and maintenance of major coal plants.
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