Following the naming of ultra-low-cost solar in the country’s latest low emissions technology statement that is aimed to help accelerate the energy transition, Australia has announced funding to support research and development of the technology.
The AUS$40 million (US$28.7 million) funding will be issued through the Australian Renewable Energy Agency (ARENA) to help the government achieve its solar energy deployment goals in a cost-effective manner.
The funding will support the research and development of solar cells, modules and innovation projects that can drive down the upfront and ongoing costs of utility-scale solar PV.
ARENA will target projects that align with the agency’s Solar 30 30 30 objective of increasing the efficiency of solar modules by 30% and ensuring the cost declines to 30 cents per installed watt at utility-scale by 2030.
The funding is also expected to help the Australian federal government to achieve its goal of reducing the costs of solar to AUS$15/MWh, a third of today’s cost, and of scaling up green hydrogen production as well as reducing its costs for a decarbonised economy according to the statement.
Increasing the deployment of solar energy is also expected to help Australia to achieve its 2050 net-zero emissions target.
Darren Miller, CEO of ARENA said the funding will help Australia remain at the forefront of solar energy technology development.
