Renewable energy is predicted to supply 30% of the market’s electricity needs by 2020 and 40% by 2030, according to new research by Green Energy Markets (GEM).
The data revealed that should all awaiting renewable projects be approved and built by 2030, renewable energy could even supply 85% of the demand.
“Even if contracting and construction commitments to solar farms and wind farms halted from today, ongoing installations of rooftop solar should see renewables share reaching 39% by 2030,” said GEM Director, Tristan Edis as quoted by the ABC.
“This represents almost a doubling in renewables share compared to 2015 when it met 17.3% of annual electricity consumption.”
Edis went on to explain that the due to the rapidly increasing renewable supply, the National Energy Target (NET) was unlikely to make a difference to power station investment or emissions unless the emission reduction target was reviewed.
"Given the Snowy 2.0 pumped hydro expansion is envisaged to resolve foreseeable reliability challenges, the NEG appears to do little to support investment in new generating capacity," he said.
The NET is a scheme designed to keep existing resources and encourage new investment, while ensuring legal emission standards are met, and depends on electricity retailers to decrease carbon emissions while ensuring reliability.
New South Wales alone has a target of zero emissions by 2050.
"Since the political uncertainty over the Renewable Energy Target was resolved, project developers have been incredibly busy identifying and gaining development approval for new wind and solar farms around the country.”
A record-breaking May
In May, nearly 19,000 rooftop photovoltaic (PV) systems were installed across the country, with 131 megawatts (MW) of solar registered - both record-breaking numbers.
Over 10 years, these new systems alone are set to save Aussies around $233 million on their energy bills.
And according to GEM data, renewable energy prevented 2.4 million tonnes of CO2 pollution entering the atmosphere in May and is the equivalent of taking 9.2 million cars off the road.
So if you’re ready to do your bit for renewable energy, head over to our energy comparison tool to compare some of the latest solar offers.