Investment in renewable energy in Australia dropped 88% in 2014

09.06.15 By

Yesterday, the Clean Energy Council released its 2014 Report.

Investment in large scale renewable energy was frozen last year, due to the uncertainty around the Renewable Energy Target (RET). So while disappointing, it’s hardly surprising that the report found Australia’s global ranking for large-scale renewable energy investment plummeted from 11th in 2013 to 39th in 2014.

Actual investment in renewable energy in Australia dropped 88% in 2014 compared to 2013 despite investment in renewable energy surging globally.

Some of the more positive news to come out of the report is that in 2014, 15,000 businesses installed a solar power system, helping them save a collective $64 million on their power bills.

A total of 13.47 per cent of Australia’s electricity came from renewable sources in 2014, enough to power 4.5 million average homes for a year.

You can access more report findings from the Clean Energy Council.