The Australian Renewable Energy Agency has announced a significant $45 million funding initiative to propel the nation’s solar manufacturing capabilities.
The initiative, known as the “Solar 30 30 30” target, aims to enhance the efficiency of solar cells and reduce the cost of solar energy, with the ultimate goal of fostering a strong domestic solar manufacturing sector.
The Solar 30 30 30 target seeks to achieve 30% module efficiency and reduce solar electricity costs to 30 cents per installed watt by 2030. This ambitious plan is set to bolster Australia’s position as a global leader in solar energy technology and manufacturing.
ARENA CEO Darren Miller emphasised the importance of this initiative, stating, “Australia has been at the forefront of solar innovation for decades. However, we need to take the next step and ensure that innovation translates into manufacturing opportunities here in Australia.”
The funding will support various research and development projects aimed at improving solar PV technology and establishing a competitive solar manufacturing industry within Australia. This includes backing for initiatives that drive the commercialisation of new technologies and processes, ensuring that Australia can compete on a global scale.
Miller further highlighted the economic and environmental benefits of investing in local solar manufacturing, noting that it will create jobs, reduce emissions, and strengthen the nation’s energy security. “This funding will help us build a vibrant solar manufacturing sector in Australia, creating jobs and driving innovation while helping to decarbonise the grid,” he said.
The Solar 30 30 30 target is part of ARENA’s broader strategy to accelerate the transition to renewable energy in Australia. By focusing on innovation and local manufacturing, the initiative aims to reduce reliance on imported solar technologies and position Australia as a major player in the global renewable energy market.
This funding announcement is seen as a crucial step towards achieving Australia’s renewable energy goals and building a sustainable, competitive solar industry at home.