Posted June 04, 2018 07:30:47 The cost of solar energy in Australia is rising, but it’s also growing faster than Australia’s national economy.
According to a new report by the Australian Financial Conduct Authority (AFCA), the cost of energy for a solar power plant has increased by more than $4,000 per megawatt hour in the past 12 months.
The average cost of electricity in Australia was $7,819 per megahatt hour on July 30, 2018, and has risen by $8,400 since then.
In the past year, the average cost has risen more than 15 per cent, and is now nearly $18,000.
The report also showed the cost for the first time since 2012 that solar energy was the largest single source of new electricity generation in Australia.
The data, released in the latest edition of the report, also showed that electricity demand in the Australian electricity market increased by 0.4 per cent in July 2018.
It comes as Australian Treasurer Scott Morrison announced a major national investment package for solar energy.
Mr Morrison said the package would provide an investment of $1.7 billion for Australia’s solar sector by 2020, which would support the growth of the sector.
“We need a massive investment package to help us grow the solar sector, we need the right mix of incentives, support and support from the federal government,” he said.
“And I think we can deliver that.”
Mr Morrison has previously said Australia was one of the first countries in the world to introduce a cap-and-trade system to tackle the carbon emissions that were driving climate change.
He said the national investment fund was the first step in a $US1.3 trillion investment package that would be delivered over a decade.
The Federal Government also announced a $2 billion carbon tax for businesses and households in July, and a $1 per tonne tax on coal emissions.
Topics:energy-andutilities,energy-energy-management,energy,energy security,business-economics-and,business,australiaContact Adrian Poulton