According to analysts, clean energy will be used to generate 35% of Australia’s overall electricity requirements in the next two years, as new data is indicative of the increased speed of adoption of solar power, which is changing the country’s energy market.
A report developed by Green Energy Markets has found that rooftop variants of solar systems coupled with large scale solar farms, consistently generated over 30% of renewable energy for the total electricity requirement at midday in the month of June, which is normally considered to be one of the least sunny months for the nation.
At present across Australia, more than 22 per cent of electricity used on a monthly basis comes from solar, wind, and hydro-power. In fact, clean energy peaked in June, reaching a level of more than 39 % on the 30th of June.
According to analysts, the growth of clean energy could continue for the short term as a number of renewable energy projects are currently under development, but were not yet operational. However, this growth is not expected to continue for long owing to the lack of a government policy to encourage increased investments in the field.
Projects Commit to Meet 2020 Target for Renewable Energy
35% of electricity would be provided by clean energy by 2021. The activity currently going on is indicative of the future developments, with a large number of solar farms in the process of becoming operational in the near future. Across the national electricity market, renewables are expected to hit the 50 % mark frequently in the coming year. However, the construction of new projects will also potentially get tougher.
In a report by the country’s Clean Energy Regulator, projects were set to meet the target for renewable energy for 2020, which is approximately 23% of the overall requirement of electricity in the country. Investments in the field in recent times have been encouraged by incentives that have been fixed for meeting the target. In addition, large scale clean energy plants have been funded commercially by businesses looking to capitalize on inexpensive deals, while wholesale prices of electricity is still high.