A new study released by the Clean Energy Council finds that renewable energy will deliver cheaper power bills for Australians by the decade’s end.
Australian households can be $50 better off each year by 2020, but only if the Renewable Energy Target remains unchanged. If the target is scrapped householders will pay $140 more on their power bills a year from 2020.
The Renewable Energy Target, introduced by the Howard government, is Australia’s flagship renewable energy policy. It will ensure 41 terrawatt hours of renewable energy generation by 2020.
“This study shows that the Renewable Energy Target is holding electricity prices lower over the long term by minimising the use of increasingly costly gas for electricity generation,” said Clean Energy Council Chief Executive David Green in a press statement.
Key findings of the report:
Friends of the Earth welcome the CEC analysis which has been prepared in response to the Abbott government initiated review of the Renewable Energy Target. As Yes 2 Renewables readers will know, former Caltex chairman and climate change denier, Dick Warburton (AO LVO), is chairing the review.
The Clean Energy Council’s analysis brings into focus what’s at stake with the Renewable Energy Target review. The modelling confirms removing the Renewable Energy Target will kill off $14.5 billion worth of investment and the creation of 18,400 jobs.
A weakened Renewable Energy Target will cost jobs, investment, and hurt Australian businesses. It will make it difficult for the Abbott government to deliver its election promise of two million new jobs.
There’s another thing the analysis makes clear: If the Dick Warburton review recommends weakening the Renewable Energy Target it will be based on ideology, not the facts.
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