Solar and wind power could be the cheapest sources of energy in Australia by 2030, a new report claims.
The study by the Bureau of Resources and Energy Economics (BREE) analysed 40 power generation technologies and says if the country’s current energy policies stay the same, solar could have one of the lowest costs of energy generation.
The report also showed, among non-renewable technologies, combined gas and nuclear could offer the lowest costs and remain cost competitive till 2050.
Professor Quentin Grafton, the Executive Director and Chief Economist of the Bureau of Resources and Energy Economic said: “Australia will experience an energy transformation over the coming decades that will have a profound impact for electricity networks, how energy is distributed and on Australia’s ability to meet its targeted greenhouse gas emissions reductions.”
The Australian Government introduced a tax on carbon last year to encourage investment in greener sources of energy.