Renewable energy is well on the way to meeting Australian domestic power demand, a new report reveals.
It is also set to increase with projects now under construction expected to add enough electricity to power another 1.5 million homes, bringing the total to 90 per cent of household consumption.
The data, known as the Renewable Energy Index, was produced by analysts Green Energy Markets and funded by advocacy group GetUp!.
Victoria Premier Daniel Andrews said: “More renewable energy means more jobs for Victorians – that’s why we’re setting these ambitious targets and promoting investment in this growing sector”.
The index found that hydro-electricity remained the biggest source of renewable energy in the financial year ending in June 2017, accounting for 40 percent, followed by wind (31 percent) and rooftop solar (18 percent).
NSW is the leading renewables employer, creating 3,018 jobs mostly from the construction of wind farms.
Victoria Energy, Environment and Climate Change Minister Lily D’Ambrosio said: “The renewable energy sector will now have the confidence to invest in renewable energy projects and the jobs that are crucial to Victoria’s future”.
“The renewable energy sector has staged a remarkable recovery, after investment completely dried-up under former prime minister Tony Abbott”, Edis said.
However, the renewable jobs boom underpinned by the RET could “soon turn to bust”, he said.
70 per cent of all homes have the potential for solar energy, wind and water power.
Nearly 150,000 small-scale rooftop solar systems were installed in the year to June 2017, enough to power 226,000 homes.
Mr Frydenberg cited Clean Energy Council figures showing there was a record $8 billion of renewable investment underway, delivering more than 4000MW of new renewable generation capacity. Combined, these solar set ups are expected to save their owners $1.6 billion on their power bills over the next ten years, which comes to around $10,000 in savings per household.
Were installed in the year June 2017, enough to power 226,000 homes.
Rooftop solar installations supported a further 3,769 full-time jobs across Australia in 2016-17.
Mariam Lyons, energy campaigns director for GetUp Australia, said that “everyday Australian. voting with their rooftops” heralded “the end of the era of big polluting energy companies dominating the market and manipulating prices to fill their own pockets”.
Audrey Zibelman, who once ran New York State’s power grid, said the migration away from fossil fuel-fired electricity was inevitable but there was still uncertainty surrounding the most efficient way of integrating renewable technologies.
However, she said that up until now these markets were often undeveloped and under-appreciated.