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Highlights:
- The recently released budget for 2022-23 revealed the government’s plan to invest AU$25 billion in clean energy.
- As a part of this investment, the government will support the usage of solar energy as a source of low-cost power.
- Solar power will also bring down greenhouse emissions in Australia.
The new Australian government has recently released the budget for 2022-23, which includes its commitment to invest AU$25 billion (US$16 billion) in clean energy.
The government also announced an initiative worth AU$20 billion (US$13 billion) known as the Rewiring the Nation. This initiative is a part of the ‘Powering Australia’ Plan. This initiative is expected to provide low-cost financing to upgrade, expand and modernise Australia’s power grid while lowering electricity costs.
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The government has also determined to invest around AU$62.6 million in issuing energy efficiency grants for small and medium-sized businesses. This investment is expected to uplift new technologies, such as industrial heat pumps, in energy-sensitive businesses. It will also lead to affordability, productivity, and benefit the wider economy and bring down greenhouse emissions.
The 2022-23 budget has also revealed the government’s decision to invest AU$224.3 million (US$145.1 million) to support the installation of 400 community batteries for household solar users to cut down power costs and greenhouse emission rates and ease pressure on grids. Furthermore, it will also enable households to store the excess energy produced during the day and use it later. This might as well lead to more installation of rooftop solar panels in future.
The government will also invest around AU$102.2 million or US$63.3 million in the community solar banks program, which will see 25,000 homes getting access to community-scale solar.
The new budget also includes an investment of AU$1.9 billion for the ‘Powering the Regions” fund that aims to accelerate the decarbonisation of polluting industries and support new clean energy development industries.
