Australian households will likely invest $30 billion in rooftop solar in the coming decades, assuming the major share of investment in the country’s transition to clean energy.
Modelling conducted by consulting firm ACIL Allen for the Abbott government’s review of the Renewable Energy Target, shows that households and businesses will likely install around 14GW of solar modules out to 2040.
Interestingly, it says this is likely to occur with or without subisidies, although it notes that the uptake may be higher if the RET is repealed, because electricity prices would be more expensive.
Australian households have already shouldered the bulk of investment in Australia’s clean energy technologies, accounting for two thirds of the $18 billion so far invested in wind farms and rooftop solar.
The modelling by ACIL Allen concluded that the two main reasons espoused by the Abbott government against the RET – that it would lead to higher costs and would be impossible to meet – are wrong.
However, the modellers have labeled the cheaper electricity prices as a “transfer of wealth” from coal and gas generators to the public.
© 2014 Solar Choice Pty Ltd