Renewables to be providing 80 per cent of electricity market by 2030

Renewables heading for 80 per cent of electricity market by 2030, putting pressure on future funding: report, ABC News By business reporter Stephen Letts Key points:

Rooftop solar installations are up 76pc on this time last year
By end of the year rooftop solar capacity will exceed that of the closed Hazelwood power station
Renewable financing faces big challenges from the likely collapse of power prices

Renewable generation installation has accelerated to such an extent it is on track to provide almost 80 per cent of the electricity market by 2030, according to research from consultancy Green Energy Markets………..

Renewables already covering coal closures

GEM’s quarterly Renewable Energy Index found October had been a record month for rooftop solar with Australian homes and businesses installing more than 150 megawatts of capacity for the first time.

That pace of installation is 76 per cent greater than the monthly average of last year — which had been a record year.

The report noted the amount of rooftop solar installed so far this year has already passed last year’s total and now stands at 1,243 megawatts.

“This exceeds the Liddell coal power station’s average capacity over last summer’s peak period,” GEM said.

“By the end of the year it’s quite likely the total capacity installed in 2018 will exceed the peak capacity of the recently closed Hazelwood coal power station.”

The report also found the total capacity installed by the end of 2018 was expected to save solar system owners close to $3 billion in energy costs over the next ten years………..https://www.abc.net.au/news/2018-11-30/renewables-now-heading-for-80-per-cent-of-electricity-market/10567838