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Solar power is surging in Australia and around the world, on the back of scaled-up production and continually falling costs.
Our new report finds that the solar rollout will continue to go gangbusters this year, with more than 20 industrial-scale installations set to go ahead across the country, and another 3700 megawatts in the pipeline.
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KEY FINDINGS
1. Globally, solar photovoltaic (PV) power is surging on the back of scaled-up production and continually falling costs.
- 70GW (projected) of new solar power capacity was added globally in 2016, breaking last years’ (2015) record of 50GW capacity added.
- China (34.2GW), the United States (13GW) and Japan (10.5GW) continued to lead with the most solar PV capacity added.
- The solar sector employs 2.8 million people globally, outnumbering coal jobs. In the United States, solar now provides twice as many jobs as coal.
2. Solar costs are now so low that large, industrial-scale solar plants are providing cheaper power than new fossil and nuclear power.
- Solar costs have dropped 58% in five years and are expected to continue to fall by a further 40-70% by 2040.
- Electricity prices from new coal power stations could rise to A$160 per megawatt hour, while solar parks are around $110 per megawatt hour and are expected to come down significantly in price over time.
3. Australia remains a world leader in household solar
- The cost of solar power is now well below the retail power prices in Australian capital cities, and continues to fall. The exception is the ACT which has the lowest retail prices in Australia.
- Australia adds more solar power every year than the combined capacity of South Australia’s (recently closed) Northern and Playford coal-fired power stations.
- Over 8000 Australians are now employed in solar and solar has the potential to create thousands more jobs as it grows.
4. 2017 will be a huge year for large-scale solar in Australia.
- Larger solar PV installations are already taking off in Australia – on airports, mines, healthcare facilities and businesses.
- In 2017 over 20 new large-scale solar projects will come online. A further 3,700 MW of large-scale solar is in the development pipeline (roughly equivalent to three coal fire power stations).
- Australia is expected to reach over 20GW of solar PV in the next 20 years, equivalent to about a third of Australia’s current total power generation capacity.
5. A range of energy storage technologies will complement the growth of solar power providing secure, flexible power.
- Solar and battery storage for households and businesses is already gaining traction in Australia – with more than 6,500 households installing the technology. Uptake is expected to triple in 2017.
- Large-scale developments such the Lakeland solar and battery storage project and the Kidston solar and pumped hydro project (both in North Queensland) are demonstrating the potential of combining large-scale solar and energy storage technologies.
- The Victorian Government is seeking expressions of interest to build a large scale battery storage facility in western Victoria to improve grid stability.