Australia's renewable energy growth: 2024 investment insights

Australia's renewable energy sector is showing strong momentum heading into 2025, with significant investment in solar, wind, and energy storage throughout the last quarter of 2024.

Despite political uncertainties, the latest figures from the Clean Energy Council suggest that Australia is making solid progress toward its renewable energy goals.

Energy’s best year yet

In 2024, Australia saw its best year for large-scale renewable energy investment since 2018, securing a total of $9 billion in capital commitments for projects that will power the nation’s grid.

In just the fourth quarter, seven major renewable projects were approved, adding 1598 MW of generation capacity, alongside a capital investment of $2.4 billion. These projects are a key step toward achieving Australia's renewable energy target of 82% by 2030.

A total of 4346 MW of new generation capacity was greenlit for development in 2024, marking a year of impressive growth for the renewable sector. Along with this, over 10,000 new construction jobs are expected to be created, signalling a positive impact on both the energy and job markets.

The year also saw a significant push in energy storage, with over 4000 MW of new storage projects committed, including 870 MW in the final quarter alone.

Notably, one of the projects making waves is the 585 MW Goulburn River Solar Farm, which secured a contract under the Capacity Investment Scheme. Once complete, this solar farm will produce 1.3TWh of renewable energy each year, providing power to approximately 225,000 homes.

Investing in clean energy

This surge in clean energy investment bodes well for Australian households and businesses, especially those hoping to see lower electricity bills in the near future. On top of this, it will drive the creation of thousands of construction and installation jobs, reinforcing the job market as the transition to renewables accelerates.

Looking ahead, there are currently 88 renewable energy projects, totalling 13.2 GW of capacity, that have either reached financial commitment or are under construction. There are also 52 committed energy storage projects in development, which will add 10.5 GW of capacity. These projects represent an investment pipeline worth more than $36.5 billion.

Since 2017, a total of 223 generation and storage projects have been completed, contributing 17 GW of electricity generation capacity and 2.1 GW of energy storage capacity. These projects have seen an estimated $33.5 billion in capital investment, further demonstrating the growing confidence in Australia’s renewable energy future.

With these impressive figures in mind, it's clear that Australia's renewable energy transition is gaining momentum. However, it’s crucial that the country maintains stable, long-term policies to ensure continued investment in this vital sector.

The focus must remain on sustainable, clean energy solutions to secure a greener and more affordable energy future for all Australians.

Choosing energy plans that support renewable energy: Why it matters

As Australia continues its transition to renewable energy, it’s not just up to the government and businesses to lead the charge – households also play an important role. One of the simplest and most impactful ways for individuals to contribute to a cleaner energy future is by choosing energy plans that support renewable sources.

Many energy retailers now offer plans that prioritise renewable energy, meaning the electricity you use is sourced from wind, solar, and other green sources. By selecting these plans, you can directly support the renewable sector and help accelerate the transition away from fossil fuels like gas and coal. This is especially important as the demand for renewable energy grows and more projects like solar farms and wind turbines are developed.

Opting for a renewable energy plan not only contributes to the planet’s well-being but can also benefit your household. With the growing availability of affordable renewable energy, many of these plans offer competitive pricing. Plus, as the cost of renewable energy continues to decrease, there’s a potential for lower energy bills in the future.

Sending a message to energy providers

In addition to supporting cleaner energy, choosing plans that promote renewable energy can also send a strong message to energy providers.

As more consumers make the shift toward sustainability, retailers will be encouraged to invest more in renewable sources and create more options for customers who want to reduce their carbon footprint.

Ultimately, every decision we make as consumers can help shape the future of Australia’s energy landscape. By opting for energy plans that prioritise renewables, you’re not only making a smart financial choice, but you're also actively contributing to a cleaner, greener, and more sustainable future for Australia.

Connect with Compare Energy

If you’re ready to explore energy plans that align with your values and support Australia’s renewable energy goals, consider reaching out to Compare Energy at 1300 790 106.

Our team can help you find the best renewable energy options for your home or business, ensuring you’re doing your part in building a more sustainable energy future.