Victoria
New South Wales
South Australia
Queensland- New All-Electric all-in-one rebates announced for VIC new home buyers
- Carbon Market Report highlights 18 million ACCUs by EOY, and uptake in Safeguard incentives
- Residential rooftop solar showcases notable potential in state grid supply
Electric future incentives for VIC residentsDaniel Andrews has stepped down but the current VIC Government is looking to step up on electric futures for VIC residents. Bulk rebates have been announced under the Residential Electrification Grants initiative, aimed at making modern, all-electric homes more accessible and affordable for Victorians. The additional $10 million in grants available are set to provide all-in-one rebates for solar panels and hot water installations, simplifying the process for new home buyers by removing the need to apply for individual rebates, and saving them up to $4,600 before moving in. The announcement reinforced the message that new homes with all-electric appliances and rooftop solar could save at least $2,200 annually on energy bills. Solar Victoria, the body facilitating grant approvals, is also looking to focus on local sourcing to better support the VIC economy. |
Report shows that consumers are going all-out on solar and heat pumps
The Clean Energy Regulator’s second Quarterly Carbon Market Report for 2023 reveals a promising surge in small-scale consumer-driven renewables. Rooftop solar is set to contribute over 3GW to the grid this year, with 1.4GW already installed across 160,000 systems. CEO David Parker commended consumers for proactively embracing an electric future to save costs and lower their carbon footprint.
Renewable energy now constitutes over 36% of the National Electricity Market’s demand, poised to reach 40% by year-end. Furthermore, 60,000 air source heat pumps have been installed, marking a 70% surge from the first half of 2022.
However, the report highlights a sluggish start to large-scale renewable investment in 2023. Parker revised expectations downward, indicating that the year’s investment may not reach 3GW. Although wind and solar remain the most economical energy sources, escalating component costs and high international demand present challenges. Streamlining grid connections and expediting new transmission will be pivotal for progress.
The report confirms Australia’s course to produce approximately 18 million Australian carbon credit units (ACCUs) this year. Parker notes a steady accumulation of ACCUs by Safeguard entities, foreseeing a surge in demand as more facilities align with Safeguard rules to curtail emissions at the source.
States achieve new records of grid demand supplied by rooftop solar
Over the weekend, South Australia achieved a significant milestone in its evolving electricity grid as rooftop solar met all of the state’s native demand, peaking at 101%. This surpasses the previous record set just a week earlier. This achievement underscores a fundamental shift in grid management and highlights the importance of renewable and flexible technologies.
Looking ahead, the challenge lies in creating midday demand to absorb the increasing solar output which could be facilitated by storage solutions, industrial demand, and green hydrogen production. The state is set to announce tenders for a hydrogen electrolyser and power station, potentially providing a significant midday energy sink.
Meanwhile, in Western Australia, large-scale batteries are being deployed to absorb excess solar energy and shift it to the evening peak following the new record of 76% total generation by rooftop solar on Monday.
At Ecovantage, we consistently analyse market activity, policy changes, consultation releases, and creation rates in conjunction with wider landscape activity. This allows us to keep our clients at the forefront of all relevant changes, and to leverage the advantage that this presents. Thank you for your continued support, and please reach out if you have any general or project-specific questions.
Angus Taylor | Business Development Manager, Energy & Carbon Services
Angus specialises in ESS activities including Heat Pumps, Air Conditioning, and Commercial Lighting.
