Newly released data from the Clean Energy Regulator (CER) shows Australian businesses and households are spending big on renewable energy, with large-scale wind and solar farm investment commitments growing nearly 50 per cent in 2022.
In 2022, 4.3GW of large-scale renewable energy capacity achieved a final investment decision (FID). 4.3GW is enough to power over three million homes.
The second half of 2022 also saw an increase in rooftop solar investment by households and businesses, with over 300,000 small-scale rooftop solar systems installed in 2022, contributing an additional 2.8GW of renewable energy capacity. This is 22 per cent higher than the Regulator’s estimate of 2.3GW from early 2022.
Federal Minister for Climate Change and Energy, Chris Bowen, said, “This is the scale of investment in cleaner, cheaper energy when you have a stable policy environment on climate and energy.
“This investment means new jobs across the country, and will support emissions reduction in the electricity sector and puts us on the way to 82 per cent renewables by 2030.”
The landmark Capacity Investment Scheme (CIS), agreed with states and territories after years of delay, will drive around $10 billion investment in clean, dispatchable, and reliable power.
In addition, the Australian Renewable Energy Agency’s $176 million investment in eight large scale batteries will help ensure wind and solar generation can be smoothed and stored for use when it is needed.
This energy will be connected with the Federal Government’s Rewiring the Nation plan, to modernise the electricity grid and meet the demands of the rapidly changing market.
By harnessing the opportunities that come with these renewable investments, Australia can power the economy with more affordable power, and reduce vulnerability to global energy shocks.
Australia has the potential to become a renewable energy superpower – powering the Australian economy, and the economies of the country’s trading partners with affordable renewable energy.