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Changing to Renewables Could Cut Industry Vitality Costs by 25 Per Cent

June 15, 2020

There are many reasons for Melbourne residents to favour renewable energy sources such as solar panels.

The biggest reason is the ability of solar energy to cut national emissions. Data released by the Australian Department of Industry, Science, Energy and Resources indicates emissions in the country fell by 0.9 per cent in 2019 compared with the previous year. The department attributed those efforts to the solar and wind renewable energy industry and Australians’ willingness to embrace renewable energy sources.

Solar and wind energy are huge global industries, with the number of people employed by the industries doubling in recent years. When it comes to renewable energy sources in Melbourne and all of Australia, solar is king for its ability to generate additional capacity annually.

Cost-Competitiveness of Solar Energy

Analysts are projecting solar power will cost less than non-renewable energy source coal by 2030, even without government subsidies encouraging the use of renewable energy sources. Predictions of a reduction in industry vitality costs by at least a quarter are part of the projections.

In January 2020, Energy Minister Angus Taylor confirmed Australia’s commitment to reach 48 per cent renewables by 2030. As of 2019, Australia had already met its 2020 renewable energy target of 23.5 per cent and 33 terawatt-hours. The country produced more than 378.7 Petajoules (PJs) of renewable energy in 2018, accounting for roughly 6 per cent of Australia’s total energy use of 6,146 PJs.

The Australia Institute’s Centre for Future Work (TAIC) published research supporting the fact that a large-scale shift to solar and wind energy sources would produce an estimated $1.6 billion in savings annually for the manufacturing industry — a 23 per cent reduction in energy expenses. Industry-wide savings of 33 per cent are possible, the Centre claims, with a 100 per cent shift to renewable energy sources by 2050.

Industry Trends for Solar Power

Solar power produces energy savings for individuals and businesses. Industrial energy users in Australia could realise a nearly 25 per cent energy savings by switching to renewable supplies. Reducing energy costs to produce high-value end products could help spur a manufacturing revival in the country. TAIC’s report outlines Australia’s competitive advantage in producing energy-intensive products such as steel and aluminium using renewable energy sources like solar.

Renewable energy sources are suitable for most manufacturing purposes. Solar Miner understands the value of solar as an alternative energy source in Melbourne. Educating Australians about the importance of solar energy, as well as offering quality solar panel installation services, is our specialty. Reach out to us today https://www.solarminer.com.au/contact-us/ to learn more.

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