Solar PV Capacity in Australia to Reach 80.22 GW in 2030
The solar photovoltaic (PV) capacity in Australia is estimated to reach 80.22 GW in 2030 from 17.99 GW in 2020.
The solar PV is estimated to reach 47.56 percent of Australia’s total power capacity in 2030 from 21.7 percent in 2020, according to GlobalData.
Thermal power dominated Australia’s power mix with 58.6 percent share in the total power capacity in 2020. The share of thermal power capacity is expected to decline to 27.8 percent in 2030.
The share of hydropower capacity is expected to decline. Australia does not have any nuclear power capacity.
Australia plans to compensate the decline in thermal and hydropower capacity with renewable power capacity growth. By 2030, the share of renewable power capacity is set to reach 69.9 percent, driven mostly by solar PV installations.
The growth of solar PV in Australia is driven by frequent renewable energy auctions and offering of feed-in tariffs. In addition to the federal initiatives, all eight provinces offer their own schemes supporting the growth of solar PV. In Australian Capital Territory, the provincial government offers interest-free loans for rooftop solar.
Australia has observed a significant adoption of rooftop solar. Favorable regulatory regime and financial incentives offered by the government drive this growth. The rate of adoption for rooftop solar in Australia is higher than the global average.
The rooftop PV segment added 2.6 GW capacity to the grid in 2020, registering 18 percent increase from 2019.
“More than one-fourth of households in Australia have adopted rooftop solar PV. In some provinces this adoption has crossed 40 percent.
In addition to government policies supporting rooftop solar PV growth, rooftop solar PV adoption helps citizens to avoid high electricity retail prices and offers higher energy security,” Aditya Sharma, Power Analyst at GlobalData, said.