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A new study has found that the potential for a massive solar boom could drive the next round of energy investment.
According to the National Renewable Energy Laboratory, “this is the first time that solar has been found to have a positive impact on energy supply”.
The study, led by the Australian National University’s School of Earth, Atmosphere and Environment, looked at the potential impact of wind and solar energy on electricity demand and production in Australia.
It found that solar could be a “potential driver” of an increased energy supply.
Wind and solar are already the two most abundant energy sources on the planet.
According a recent report from the UN, solar power is set to grow by 10-20% by 2030, while wind is forecast to double over the same period.
Wind energy is already the most abundant form of energy on the continent.
It produces about a third of the world’s electricity and is responsible for about two-thirds of all renewable energy.
The report, “Energy security in 2050”, looks at how this new wave of renewable energy is shaping the energy sector in Australia and the rest of the global energy market.
“The rapid growth in renewable energy generation has led to a significant and rapid increase in the number of wind turbines in Australia,” the report says.
“Anecdotally, we have seen the value of wind energy as an investment tool and have seen a strong correlation between the amount of wind power in the country and the amount in the national electricity grid.”
According to figures released earlier this year, wind power generated around 7% of the electricity in Australia, while solar accounted for 14% of that.
The study found that “the value of solar power in Australia was the third highest in the world”.
But the report does not give a specific forecast of how much of the wind and sun power will be generated in Australia in 2030.
The research found that wind and photovoltaic power could generate more than 30% of electricity demand in the 2020s.
However, “the cost of solar in the current financial year has already exceeded the value that wind power could provide in 2020,” the study says.
Wind power is still the second largest source of renewable electricity after coal, and it will grow by almost 50% in the next decade.
It’s the future, not the past, says the report.