Clean Energy Australia: renewable energy is on the up, while prices head down
According to the 2020 Clean Energy Australia Report, 2019 was another fantastic year for renewable energy.
The annual report revealed that last year, 24% of the nation’s electricity generation came from a renewable source, a 3% increase from 2018.
Roof-top solar PV installations were also on the rise, with New South Wales having the highest number of installations at 78,931, followed by Queensland (73,726) and Victoria (59,610).
ACT leads the way for renewable energy
During 2019, the Australian Capital Territory sourced 100% of its energy needs from renewable sources.
This made the territory the eighth major jurisdiction in the world, and the first outside Europe, to achieve this.
Unsurprisingly, Tasmania wasn't far behind the ACT, sourcing 95.6% of its electricity through renewable energy. The state is also working on its Battery of the Nation project, which focuses on increasing transmission and interconnection opportunities with other states via wind and hydro.
More than half (52.1%) of electricity in South Australia was generated by renewables as the state continues to work toward its renewable energy target (RET) of 100% by 2030.
It’s also worth mentioning that South Australia recorded the lowest electricity spot prices toward the end of last year, thanks to its wind and solar generation.
Over in Victoria, just under 24% of electricity was sourced from renewables, followed by Western Australia (20.9%), New South Wales (17.1%) and Queensland (14.1%).
Prices on the way down by 2022
The annual Australian Energy Market Commission (AMEC) report revealed that due to a decline in wholesale prices (11.6%), the average annual residential energy bill is expected to fall by $97 by 2022.
However, these price changes will vary from state to state, with Queensland expected to experience the largest reduction ($278), compared to only $27 in South Australia.
Renewable energy industry booming
Recent figures from the Australian Bureau of Statistics have also revealed that the renewable energy industry is booming, with employment in the sector reaching new heights - growing by 27% on the previous financial year.
Victoria led the growth, recording a 70% increase in renewable energy sector jobs, followed by New South Wales and South Australia, with each recording a 25% rise.
Of those jobs in NSW and VIC, roof-top solar PV installations were the main source for the surge in employment.
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