Australia’s “Impossible” Renewable Energy Target Exceeded
May 4, 2018
New research conducted by Green Energy Markets (GEM) has revealed that Australia is on target to exceed its renewable energy capacity, despite government claims this ambitious target was unattainable.
“The Coalition’s argument that we can’t go any further than the target they’ve proposed without imposing some kind of huge economic shock and threat to reliability is obviously not true because we’re pretty much already there,” says a GEM statement.
Energy generated by photovoltaic panels and wind turbines now accounts for 19.7% of energy generated in Australia. That is enough power for 8.7 million Australian homes. Take-up of rooftop PV solar panels is high and continues to grow.
Installation of PV panels is 50% more than previously projections modeled in the National Energy Guarantee (NEG). However, the biggest output comes from hydroelectricity (40%), followed by wind turbines (31%). Only 2% of renewable energy is generated by large-scale solar farms, so with greater investment from government and the private sector, day trading experts predict the sector is in a growth phase.