The Renewable Energy Target is designed to encourage investment in new large-scale renewable power stations and the installation of new small-scale systems, such as solar photovoltaic (PV) and hot water systems in households. The Renewable Energy Target also aims to ensure that at least 20 per cent of Australia's electricity supply will come from renewable sources by 2020.
The Renewable Energy Target has two core components: The Large-scale Renewable Energy Target (LRET) and the Small-scale Renewable Energy Scheme (SRES). Together, these schemes create a financial incentive for investment in renewable energy.
Learn how the Renewable Energy Target works.
Renewable Energy Target review
The Australian Government is currently reviewing the Renewable Energy Target.
On 17 February 2014, the Minister for the Environment and Minister for Industry announced arrangements for the review by an Expert Panel.
The Expert Panel has now completed its review, and on 28 August 2014 provided a report to the Government. The report has been published on the Department of the Prime Minister and Cabinet website.
For further information, please view the joint media release issued by the Minister for the Environment and the Minister for Industry.
Who runs the Renewable Energy Target?
The Clean Energy Regulator oversees the operation of the Renewable Energy Target, and the Department of the Environment provides policy advice and implementation support for the scheme.
For more information about the Renewable Energy (Electricity) Act 2000 and the Renewable Energy (Electricity) Regulations 2001 which underpin the Renewable Energy Target, see the ComLaw website.