Australia's Renewable Energy Target (RET) is a Federal Government policy designed to ensure that at least 20 per cent of Australia's electricity comes from renewable sources by 2020.
About the Renewable Energy Target
The RET consists of two main schemes:
- the Large-scale Renewable Energy Target (LRET), which creates a financial incentive for more and larger renewable energy power stations
- the Small-scale Renewable Energy Scheme (SRES), which encourages owners to install small-scale renewable energy systems such as rooftop solar, solar water heaters, heat pumps, and small-scale wind and hydro systems.
The Federal Government is reviewing the RET in 2014, as it does every two years under current law. However, many people within the renewable energy industry are concerned that the latest review may result in the RET being cut back or abolished altogether.
The Clean Energy Council strongly advocates that the Renewable Energy Target should be maintained in its current form to provide the policy stability necessary to attract investment.
You can read more about the effects of dumping the RET in the RET policy analysis from ROAM Consulting.
Benefits of the Renewable Energy Target
The Renewable Energy Target doesn't cost much – in fact, in the long run, it will save every Australian household up to $140 on their electricity bill each year. It also provides huge economic and community benefits, especially in regional areas.
Four facts about the Renewable Energy Target:
- Australian households will save hundreds of dollars on their power bills thanks to the Renewable Energy Target.
- It generates investment in homegrown Australian industry.
- It has created tens of thousands of Australian jobs, with thousands more on the way.
- Removing it will cost a lot more money than it saves.