Australian investment in renewable energy hit an all time high last year according to the Clean Energy Regulator Report for 2016. According to the report 86 of the 98 new power plants accredited in 2016 were solar power plants.
During the same time period, large-scale renewable energy investment was five times greater than in 2015. Small-scale renewable energy investment was also strong, with 182,000 new installations.
According to energymatters.com, Energy Minister Josh Frydenberg said Australia is on track to hit its Renewable Energy Target of 23.5 percent by 2020. Investments by the Clean Energy Finance Corporation and the Australian Renewable Energy Agency are also making a difference, he added.
“Since its inception in 2012, the CEFC has made $3.5 billion of loan and equity commitments in clean energy projects, ranging from a large scale solar investment with the potential for pumped hydro at a disused gold mine near Townsville, to smart grid software which gives consumers greater control over their energy consumption,” he said.
.The CER report stated “if this investment momentum continues in 2017… the 2020 RET can be achieved.”