The World's #1 Renewable Energy Network for News, Information, and Companies.

Australia Revises Renewable Energy Target Plan

On February 26, Australia's Minister for Climate Change and Water Penny Wong, and the Minister Assisting the Minister for Climate Change Greg Combet, announced that the government would make changes to the country's Renewable Energy Target plan. Starting in January 2011, the existing scheme will include two parts – the Small-scale Renewable Energy Scheme (SRES) and the Large-scale Renewable Energy Target (LRET).

These revised arrangements will deliver on the Government’s 20 percent by 2020 Renewable Energy Target (RET) and are expected to enhance the scheme by providing greater certainty for households, large-scale renewable energy projects and installers of small-scale renewable energy systems like solar panels and solar water heaters. Combined, the new LRET and SRES are expected to deliver more renewable energy than the existing 45,000 gigawatt-hour target in 2020.

The LRET portion of the target will be increased to ensure the 20 per cent by 2020 target is still met if the uptake of small scale technologies is lower than anticipated. The new LRET annual targets (to commence in 2011) for large-scale renewable electricity generation are listed in the table below.

The new SRES has been designed to deliver households, small business and community groups, $40 for each Renewable Energy Certificate (REC) created by small-scale technologies like solar panels and solar water heaters.

Under the existing Solar Credits initiative, the new fixed price of $40 per REC will see a Sydney household that installs a 1.5 kilowatt solar panel system in 2011 benefit from an upfront subsidy of $6,200 through RECs. If the same household decides to install a typical solar water heater they will receive RECs worth $1,200.

The number of systems receiving support under the SRES will be uncapped to ensure small-scale installers have certainty. The Government will review the operation of the SRES in the context of the planned 2014 statutory review of the Renewable Energy Target.

“The Rudd Government has got it right with this announcement,” said Matthew Warren, chief executive of Australia's Clean Energy Council. “The clean energy industry has been discussing structural design issues with the current Renewable Energy Target since late last year. The Rudd Government has listened carefully to industry advice and today has acted decisively and effectively. Our main concern was to improve the design of the RET to ensure that it delivered both industrial scale generation projects as well as the continued development and deployment of household technologies like solar panels and hot water. Today’s announcement addresses this problem. We will continue to work with the government to ensure the final legislation is effective and efficient."

RELATED ARTICLES

Renewable Energy Finance

Clean Energy ETFs Are on a Tear

Eric Balchunas, Bloomberg Green investing used to be synonymous with losing money. But while the S&P 500 Index is up 2 percent this year, and the MSCI All-Country World Index is up 5 percent, clean energy ETFs have double-digit re...

Wheels, Towers and Trees: Unconventional Renewable Energy Technologies in the Pipeline

Andrew Williams, International Correspondent A number of companies around the world are developing novel technologies in an effort to grab a slice of the global renewable energy market.  Although many of these technologies are simple incremental improvements to e...
UK Parliament Clean Energy Leaders

UK Government Names Clean Energy Cabinet Members

David Appleyard, Contributing Editor With the UK general election now over and a majority Conservative Party government in place, the re-elected Prime Minister David Cameron has now named key members of the government charged with steering the UK’s clean energ...
Microgrids

Coast to Coast and Across the Electric System, Microgrids Provide Benefits to All

Dick Munson, Environmental Defense Fund At the most obvious level, microgrids could disrupt today’s utilities and their regulated-monopoly business model, because they challenge the centralized paradigm. In a nutshell, microgrids are localized power grids that ha...

CURRENT MAGAZINE ISSUE

03/01/2015
Volume 18, Issue 3
file

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

FEATURED PARTNERS



EVENTS

EU PVSEC 2015 (European PV Solar Energy Conference and Exhibition)

The EU PVSEC is the largest international Conference for Photovoltaic re...

More Power, More Profit Tour - San Diego

Register for the SMA More Power, More Profit Tour for free, in-person sa...

More Power, More Profit Tour - Syracuse

Register for the SMA More Power, More Profit Tour for free, in-person sa...

COMPANY BLOGS

EU PVSEC 2014 extends its Scope

Added focus on application and policy topicsAbstracts for conference con...

EU PVSEC 2014: Call for Papers Receives Great Response

More than 1,500 contributions apply for presentation in AmsterdamScienti...

Solar Impulse Flying From China to Hawaii

The team behind Solar Impulse, the solar-powered airplane, is prepa...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS