$20 Billion in Investments Into Renewables in 2018

Updated: Dec 14, 2018

In almost an act of defiance in the teeth of the Coalition's open opposition to them and general ineptness on energy and environment policy — investment in renewables has reached heights unimagined even by supporters of sustainable sources of generation.

The CEC in its most recent estimates indicates that there are $20 billion large scale PV projects and wind farms either under construction or on the point of beginning to be once finance is fully sorted. 80 in total, tallying to 14.6GW capacity all told.

That excludes those that have been finished already, which brings the monetary figure up to $26 billion. Best estimates expect that something on the order of $2 billion worth of purchases for residential rooftop solar were made throughout this year as well, an increase of 33%. $28 billion then.

By State, Queensland, as ever, is front of the pack: $6.9 billion in investment introducing 5,638MW of capacity, creating 4,500 employment opportunities. Victoria is a billion and a bit behind at $5.2 billion, amounting to 3,378MW of added capacity, making for 3,800 openings to work on them. New South Wales wins bronze with $4.3 billion, 3,485MW and 2,100 jobs.

This is all without a coherent long-term policy for future agreed on by both Liberal as well as Labor, and so safe from the caprices of either. Experts expect that without a stable investment environment, such as that envisioned in the NEG, the scale of investments will unavoidably slow.

Clean Energy Council Chief Executive Kane Thornton, “While new investment no longer requires subsidy, it does require long-term energy policy certainty. As the year closes, we are no closer to national, bipartisan energy and climate policy. If anything we are further away than when we started.”

If things were to stay exactly the same, Australia is on track to hit 80% renewables nationally by 2030. A fresh report by the Australian PV Institute argues further that we could see behind-the-meter solar on its own account for 14% of the national grid's electricity output by as early as 2023.

Why not add to the numbers to the good yourself? Be in touch today to look into a solar or storage solution for your home or business.

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