The Australian Renewable Energy Agency (ARENA) is providing 60 million Australian dollars (33 million euros) on behalf of the Australian government to finance research projects for the development of »extremely cost-effective solar energy.« According to a statement from the agency, installation costs are expected to reach around 300 Australian dollars (196 US dollars) per kilowatt and electricity generation costs less than 20 Australian dollars (13 US dollars) per megawatt hour by 2030, which corresponds to 1.3 US cents per kilowatt hour. The funds will be offered to universities, research groups, start-ups, and entrepreneurs in Australia.
»Demand for renewable electricity is expected to increase significantly as Australia moves toward net zero. Extremely low-cost solar PV is an important source of electricity to meet this demand and will be a key factor in the energy transition,« said Darren Miller, CEO of ARENA. »Our vision of extremely low costs is based on the recognition that solar energy must become even cheaper to support and enable the energy transition – especially if we want to decarbonize heavy industry and create new export industries. With this round of funding, we are looking for the groundbreaking innovations for which Australia is so well known in the field of solar PV to make this vision a reality.«
To date, ARENA has provided over $388 million for solar PV research and development and an additional $104 million to support the Australian Centre for Advanced Photovoltaics (ACAP).
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