How will the federal election promises impact solar energy?

Climate change is a hot topic and with the federal election around the corner we have had a look at what the current election promises could mean for solar and renewable energy.

Coalition

Scott Morrison has pledged $2 billion for projects that will reduce Australia’s carbon emissions. These projects include developing a National Electric Vehicle Strategy, constructing Snowy 2.0, backing a second interconnector in Tasmania and helping households and business improve energy efficiency.

Although they have not directly mentioned a push for a solar in their election promises, they have forecast that renewable energy will reach 23.5% of Australia’s electricity supply by 2020.

The prime minister has also stated that the government are well on track to meet its Paris commitment of reducing greenhouse gas emissions by 26-27% by 2030.

Labor

If a Labor government are elected, taxpayers could see a considerable amount of their dollars used to fund solar, wind and hydro projects.

Labor has promised big things for solar setting a target for one million households to have solar battery systems by 2025. To achieve this, they are offering $2,000 rebates for solar batteries for 100,000 eligible households on incomes less than $180,000 per year.  They have also pledged $100 million fund to help low income earners install solar panel systems.

$1 billion of the budget has been allocated to the Solar School’s Program, which would give 4,000 schools solar panel systems to help them reduce bills and support the grid.

An additional milestone set by Labor is to ensure half of all new cars sold are electric by 2030. To achieve this, they have promised to offer companies incentives to purchase electric vehicles.

Finally, labour have pledged to give $10 billion to the Clean Energy Finance Corporation, a government body that facilitates the flow of finance into the clean energy sector.

 

The Greens

It comes as no surprise that The Greens have an ambitious climate change policy. They are calling for 90% of energy in 2030 to come from renewable sources as well as all new vehicles sold to be electric by 2030.