Australians are taking control of their energy bills and increasingly electrifying through rooftop solar and energy efficient technology according to the latest Quarterly Carbon Market Report (QCMR) for Q3 2023.
The Clean Energy Regulator (CER) Chair David Parker said a record third quarter capacity of 813 megawatts (MW) of rooftop solar PV was installed and the average system size increased to 9.3 kilowatts (kW).
'Australia is on track to install more than 3 gigawatts (GW) of rooftop solar this year, which is equivalent to powering about 700,000 homes. A big fourth quarter could mean 2023 matches the 3.2 GW record set in 2021.
'Investment in air source heat pumps, which are energy efficient water heaters, set a record with *40,000 installed in Q3. A total of more than *101,000 were installed in the first three quarters of 2023, exceeding total installations in 2022.
'Newly completed large-scale wind and solar capacity grew by 608 MW this quarter, 95% of which was wind. We are on track to approve around 2.5 GW for scheme incentives in 2023,' said Mr Parker.
The share of renewable generation in the National Electricity Market (NEM) reached 39% in the quarter and is on track to average 40% for the calendar year.
During the quarter, 170 MW of final investment decisions (FID) for large-scale wind and solar power stations were also announced. Total FID for the year is now at 696 MW.
Mr Parker said the latest QCMR also shows the price of Australian carbon credit units (ACCUs) has stabilised around $31 with new supply of 7 million ACCUs this quarter.
'We have revised our expectations for the 2023 ACCU supply from 18 to 17 million. This is due to the increased time required to complete human induced regeneration (HIR) project audits and fewer ACCUs being issued for landfill gas projects.'
A total of 529 HIR projects are registered, with 75 new projects registered in Q3. Now the method has expired under the standard sunsetting arrangements, there will be no more new projects. Registered projects can continue to generate ACCUs for the remainder of their crediting periods.
We saw direct Safeguard entity ACCU holdings grow by 72% this quarter. Noting, others may also hold units on their behalf. This suggests some are accumulating ACCUs ahead of future compliance obligations.
For more detail, read the
latest Quarterly Carbon Market Report.
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*Note updated figures 8/12/2023.
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