Australia has put renewables to the fore with the announcement of a massive investment in solar energy.

The Australian Renewable Energy Agency (ARENA) has announced a A$40 million in funding to support research and development (R&D) in solar energy. 

The A$40 million funding scheme comes at a much needed time, as it will help the Australian government reach its ambitious ‘Solar 30 30 30’ target, which aims to improve solar cell efficiency by 30% and reduce the costs of large solar farm construction to 30 cents per watt by 2030.

Investment in R&D for solar energy will also help Australia achieve its goal of net zero emissions by 2050 – a goal which has, thus far, seemed beyond the grasp of Scott Morrison’s government.

This is important news for the two million plus Australian households who have rooftop solar panels installed.

In the long term, innovation in solar energy will lower costs for consumers. This will lead to Australia phasing out its reliance on fossil fuels which emit greenhouse gases and contribute to climate change. 

Of the announced A$40 million in funding, A$20 million will be allocated to applications focusing on innovation in solar modules.

The remaining $20 million will be allocated to R&D in balance of systems and operational maintenance, which seeks to accelerate innovation and drive down the upfront and ongoing costs of large scale photovoltaic (PV) units in the field.

“This $40 million R&D funding round will support Australia’s solar energy researchers and industry to get behind the target of ‘Solar 30 30 30’ and drive the innovation that will deliver ultra low cost solar,” said Darren Miller, CEO of ARENA. 

“Ultra low cost solar will be a vital component in helping Australia move towards a lower cost, largely renewable electricity system and achieve the goal of net zero emissions by 2050.”

ARENA has provided more than A$290 million to around 300 solar research and development projects since 2009 through funding programs inherited from the Australian Solar Institute.