Australian govt announces upto $40M funding for ultra-low-cost solar

Published on January 11, 2022 04:05 PM AEDT

Australian govt announces upto $40M funding for ultra-low-cost solar — Image source: PavelNovakUA,Shutterstock.com

Highlights

Australian Renewable Energy Agency (ARENA) has declared that the Australian Government to extend funding of up to $40 million.
The funding will support research and development that adds to the government’s goal to achieve ultra-low-cost solar.

Australian Renewable Energy Agency (ARENA) has declared that the Australian government will provide funding of up to $40 million to support research and development that adds to the government’s goal to achieve ultra-low-cost solar.

The funding round will build upon the previous R&D investment done by ARENA into solar PV. Through funding, those projects will be supported that align with the Solar 30 30 30 targets of ARENA, that is, 30% module efficiency and 30% per installed watt at utility-scale by 2030.

Allocation of the funds by ARENA

ARENA estimates that around AU$20 million will be allocated across two streams that will help in reducing the levelised cost of solar PV.

Cells and Modules – The stream deals with the innovation and R&D in modules and solar cells.

Balance of system, operations and maintenance – The approach that broadens and accelerates innovation and can reduce the cost of utility-scale solar PV.

What is ultra-low-cost solar

Recently, the Australian government has added ultra-low-cost solar as a priority technology in its Low Emission Technology Statement (LETS). The goal is to achieve $15 per megawatt-hour, approximately one-third of today’s cost.

The project will play a crucial role in scaling up the low-cost green hydrogen production. Moreover, the investment might open decarbonisation pathways for heavy industries such as aluminium and green steel.

Commenting on the development, Dareen Miller, CEO of the ARENA said:

Bottom Line

The $40 million funding by the Australian government will play a crucial role in driving the ultra-low-cost solar.

Sonal Goyal

Author

Sonal Goyal - Junior Analyst
845 Posts
Sonal has experience in the field of content development and academic research. At kalkine, At Kalkine, she tracks business news, stock markets, companies, and economic developments in Australia. She has a postgraduate degree in financial management ...

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