Finance

In addition to its primary goal of driving down energy bills, the Victoria Labor government’s major push for the rooftop solar deployment across the state in the form of rebates and interest-free loans granted under a $1.24 billion Solar Homes program has had a positive effect on local industry in the brown coal-dominated Latrobe Valley.

BloombergNEF figures show financial vehicles linked to environmental and/or social benefits amounted to $247bn worldwide in 2018. The US led the way, almost entirely because state-backed mortgage provider Fannie Mae issued $19.8bn worth of green home loans.

A new report released by The Australia Institute reveals the Senate crossbench has safeguarded $23.4 billion worth of investment in renewable energy from 2013-2018, when it prevented the Coalition Government from abolishing the Clean Energy Finance Corporation, ARENA and slashing the Renewable Energy Target.

Major reports from Australia’s chief energy institutions point to the importance of wind and solar not just because of their climate credentials, but also the economic benefits they bring. A report from the energy market operator and the CSIRO finds based on analysis of LCOE that renewables are the cheapest new-built power. A separate report from the Australian Energy Market Commission shows that wind and solar will give a typical household a saving of $55 a year in next two years.

Sydney-based publicly listed Genex Power has signed an agreement with electricity provider EnergyAustralia to begin construction on the 250 MW pumped hydro project as part of the Kidston renewables hub in north Queensland. Genex is now looking to secure financing for a 270 MW solar component of the project.

The Andrews Labor government is investing $2 million to boost the development of clean hydrogen energy technologies, and $1.1 million to support renewable energy projects in local communities across Victoria.

In what is being billed as Australia’s first off-grid, 100% renewable energy project in the oil and gas sector, Santos will power 56 crude oil pumps into solar and battery storage. The project has won a grant from the Australian Renewable Energy Agency.

NSW’s University of Newcastle has signed a seven-year contract to cover 100% of its electricity needs across its Newcastle and Central Coast campuses with renewable energy, specifically a mix of solar, wind and hydro power.

Under a new Investment Mandate, the Morrison government has instructed the Clean Energy Finance Corporation (CEFC) to support the development of a market for firming intermittent sources of renewable energy and to prioritise investments that support “more reliable, 24/7 power“.

The Australian Renewable Energy Agency (ARENA) is providing $1 million to Ausgrid to boost its innovative grant program for rooftop solar and energy efficient lighting. The program aims to reduce participating customer’s bills, as well as avoid costly network upgrades, in parts of Sydney with low renewables uptake.