Can Australia afford to upgrade to renewable energy?
A better question is, can we afford not to? As the Solar Citizens report A Plan to Repower Australia shows, getting pollution out of our entire energy system by 2050 means Australia gets a $800 billion slice of the global renewables investment, and all the jobs that come with it.
Between now and 2050, moving to clean energy and increasing energy efficiency will result in fuel cost savings that cover 110% of the cost of this shift. Our investment in fuel-free electricity would start paying itself off in lower prices as early as 2025, and by 2040 at the latest. Australia would save, on average:
- $9 billion a year on power sector fuel costs
- $11 billion a year on transport fuel costs
The Environment Centre NT also teamed up with recognised think tank Beyond Zero Emissions to produce The 10 Gigawatt Vision, a blueprint for repowering the NT with renewable energy and zero-carbon industries. This groundbreaking report demonstrates that by 2030, the NT Government could help drive investment in 10 gigawatts of renewables, creating over 8,000 new jobs and over $2 billion in revenue. Cheaper renewable energy can also reduce living costs for all Territorians. Home electricity bills could fall by a third by 2030 and electric vehicles could save households as much as 80% off transport fuel bills.