The funding would provide “quantum leap in affordability” for solar power technologies, according to the Australian Clean Energy Council (CEC) whose chief executive, Kane Thornton, said that ARENA and CEFC were both playing leading roles in the move towards a cleaner and smarter energy system for Australia.
“Australia has some of the best sunshine in the world, and producing much more of our electricity from solar power makes a lot of sense to a nation of sun worshippers” Mr Thornton added. “The ARENA and CEFC initiatives will take us a step closer to giving people what they resoundingly say they want – cheap, clean energy. Wind power is currently the cheapest renewable energy that can be rolled out on a large scale, but solar power plants are coming down rapidly in cost and are chasing the wind for affordability.”
Mr Thornton also said that comprehensive analysis released several years ago by the Federal Government predicted that wind and solar power will be among the cheapest of any energy sources in about a decade. Initiatives like those announced by ARENA and CEFC will help these technologies to achieve this. The funding is a mixture of grants and loans that will unlock private investment. This will also help to attract capital back to the sector after an extended period of uncertainty.
For additional information:
Australian Renewable Energy Agency (ARENA)
