The Clean Energy Regulator (CER) recently confirmed that Australia has exceeded it’s 2020 Renewable Energy Target (RET). The target, which was set back in 2001, specified that Australia would need 6000 megawatts installed or 33 000 gigawatt hours to be generated by renewable energy in 2020.
Currently there is 6553 megawatts of capacity from new renewable energy projects, either under construction or already built. Which blows past the original target by nearly two years.
The RET is comprised of two parts, the Large-scale Renewable Energy Target (LRET) for commercial projects over 100kWp and the Small-scale Renewable Energy Scheme (SRES) for domestic and commercial projects under 100kWp.
Most of the growth has been in the commercial sector, with numerous solar and wind farms being developed all over the country. In addition to projects that are being built, there is an additional 1454 megawatts of signed power purchase agreements (PPA) that is expected to be fully financed and under construction in 2018.
Roof top solar hasn’t been sitting idle either. So many systems are being installed that there is going to be a surplus of 5.5 million small-scale technology certificate after the first quarters surrender. This is also expected to grow throughout the rest of this year and could potentially reach approximately 9.5 million by the end of 2018.
With Australia moving so quickly towards a transition in Renewable Energy, it could be time for a newer more aggressive target. But for now, it’s time to celebrate!
