Tasmania to double its renewable energy by 2040

By Ceyda Erem ·

If you choose to follow the latest movements in renewable energy, then you probably know that Tasmania is one of the Aussie states leading the way for renewables. 

And it looks like they’re taking their commitment to another level by upping their renewable energy target (RET) to 200% by 2040. 

Last week, the state unveiled a draft of its new 2020 Tasmania Action Plan, which details how the state plans to double its renewable energy production in order to hit their ambitious target. 

Broken up into three sections, its new RET will be achieved by:

  • Establishing Tasmania as a global renewable energy powerhouse 
  • Ensuring renewable energy is working to its full potential 
  • Growing the economy and creating jobs. 

“Tasmania has the opportunity to ensure that the most compelling 21st century competitive advantage that industry and consumers want – renewable energy – underpins our economy in Tasmania, attracting investment, creating jobs and also supporting Australia transition to a renewable base load supply,” said Tasmania’s Premier Peter Gutwein. 

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One of the ways Tasmania hopes to achieve its goal is by continuing its resource projects, such as Project Marinus and Battery of the Nation. 

Project Marinus is an undersea electricity connector between Tasmania and Victoria that would allow Tasmania to export its renewable energy to the country’s grid. 

Meanwhile, the Battery of the Nation project looks to help the state tap into its renewable potential, like expanding hydro power capacity. 

“The combined investment has the potential to inject $7.1 billion into the Tasmanian economy over the coming years – leaving no one in any doubt that Tasmania is in fact the battery of the nation,” said Gutwein. 

The plan also sets out ways Tasmania will ensure renewable energy works to its full capacity by having the lowest electricity prices in the national energy market (NEM) by 2022. 

Another approach involves ongoing financial support for Tasmanian households purchasing energy efficient appliances, which can help reduce bill costs.  

For instance, the No Interest Loans (NILS) Tasmania initiative provides subsidies of up to 50% toward purchasing these appliances. 

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Lastly, the plan outlines how this increase in generation will boost the economy and create thousands of jobs, and will ultimately result in up to $7 billion of new investment by 2030. 

But before this can go ahead, a $17 million skills and training initiative will be launched to expand the skills of current employees in the renewables sector. By doing this, the state will then start implementing its larger energy initiatives. 

If you’d like to learn more about renewable energy, our FAQs guide answers some of the most commonly asked questions about renewable energy. 

Or if you’d like to compare green energy plans in your area, enter your postcode below to get started.

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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.