GlobalData report: Australia's solar installed capacity can reach 80GW by 2030
May 13, 2021
GlobalData pointed out in a new report that Australia's solar installed capacity may increase to four times its current capacity by 2030. According to estimates, the country’s photovoltaic capacity will increase from 17.99 GW in 2020 to 80.22 GW in 2030.
The report also predicts that the dominance of thermal power in Australia's energy structure will drop significantly, from 58.6% during 2000-20 to 27.8% in 2030.
GlobalData Power Analyst Aditya Sharma said, “Australia plans to use the growth of renewable energy power generation to compensate for the decline in thermal and hydropower capacity. By 2030, the share of renewable energy power generation capacity will reach 69.9%, mainly by solar photovoltaics. The composition of installed capacity."
GlobalData pointed out that Australia's numerous regulatory systems at the federal, state and local levels constitute a major driving force for the country's leading global solar deployment. The national rooftop solar penetration rate far exceeds the global average. According to data from the International Renewable Energy Agency (IRENA), the world's new renewable energy capacity will exceed 260GW in 2020, which is nearly 50% higher than the net growth record before 2019. Australia's growth rate is almost twice the global average, reaching 18.4%.
Sharma continued, “The growth of the Australian solar photovoltaic industry is driven by frequent renewable energy auctions and long-term protective electricity pricing schemes. In addition to federal initiatives, all eight states have their own metering schemes to support the growth of solar photovoltaics. For example, in the Australian Capital Territory, in addition to solar photovoltaic auctions, the government also provides interest-free loans for rooftop solar."
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