Bullseye: Australia will meet its 2020 renewable energy target

By Ceyda Erem ·

Good news, Australia! According to the Clean Energy Regulator (CER), the country will reach its 2020 renewable energy target.

The plan to meet the 2020 target involved hitting a number of 33,000 gigawatt hours of additional renewable energy, which required around 6,000 megawatts of massive generation capacity that would need to have been announced and constructed within 2016 and 2019.

And on Tuesday, the CER confirmed that 6,325 megawatts of generation had been “firmly announced”, meaning that it had reached a level "sufficient to meet the 2020 target”.

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"While announcements started slowly in 2016, the momentum we saw in the later part of that year continued throughout 2017 and has now reached a level that we believe will be sufficient to meet the 2020 target," said CER chairman, David Parker.

According to the CER, solar also now makes up 46% of the new generation with wind making up the rest.

“Solar is an important emerging player in the energy mix, particularly on long summer days.”

Increased performance ability from solar has come from advancements in technology, allowing projects to be built quicker.

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“Over the next few years as more of these projects become operational they will make an increasing contribution to meeting peak electricity demand.”

"We expect 2018 and 2019 to be even bigger, with each year having more than double the new build completed compared to 2017," Mr Parker said.

Although solar panels appear to be enjoying the spotlight, installation and upkeep still come at a hefty price, but does promise big savings in the long run.

In fact, according to Solar Choice, the smallest solar systems cost an average $3,114 with the biggest system costing a whopping $13,260!

“For those who can afford the setup and installation costs, solar is a great way to trim your energy bill. But you can also make great savings by switching to a more competitive, better value plan in your state,” says Mozo Director, Kirsty Lamont. 

With the 2020 renewable energy target almost at arm's length, it might be time for you to jump on the solar bandwagon and switch to a green energy plan. Our Energy Cost Cruncher compares local green plans in your area to help you switch to a cleaner, better value plan.

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Ceyda Erem
Ceyda Erem
Money writer

Ceyda Erem is Mozo’s authority on Energy, as well as having broader expertise as a personal finance writer. She loves to put her researching and writing talents into stories that help our readers to make more informed financial choices, whether that’s about finding the best energy deal or writing about the latest sneaky bank tricks. Ceyda has a Bachelor of Arts (major in writing) from Macquarie University.