'Solar on steroids' with carbon pricing package

'Big solar' is a big winner in the Clean Energy Future announcement, said John Grimes, Chief Executive of the Australian Solar Energy Society (AuSES). "We will see solar on steroids," he said, noting "we are finally penalising pollution and rewarding clean energy.That will deliver substantial investment in solar power and position Australia as a solar nation”.

The $10bn Clean Energy Finance Corporation (CEFC) - half of which is quarantined for renewable energy - will provide the financial settings that big solar projects need to get off the ground, Grimes added. "AuSES has consistently argued for the establishment of an independent green investment bank, and we are very pleased that this is coming to fruition. Whilst the details are still being worked out, it is likely big solar companies will be able to access loan guarantees and equity investments. These initiatives have supercharged big solar in the United States and we will see the same thing happening in Australia. The government should work closely with big solar companies in finalising the incentives to be adopted by the CEFC."

The industry body has welcomed the establishment of the independent Australian Renewable Energy Agency, which will administer $3.2 billion in clean energy funds. "Australia needs an independent renewable energy agency which consolidates the vast array of clean energy funding programs. It is very pleasing to see ARENA's funding will be topped up by dividends created by the Clean Energy Finance Corporation," said Grimes. AuSES has also welcomed the $40 million Remote Indigenous Power Program, which will provide incentives for remote Indigenous communities to invest in solar power. "It is important that similar incentives are provided for other rural and remote communities, which have lacked support since the axing of the Rural Remote Power Generation Program."