ARENA Unveils $39M Solar Innovation Funding Round

• ARENA launches USD 39M solar R&D boost, targeting AUD 0.30/watt by 2030, empowering innovation in renewable energy and decarbonizing industry.

The Australian Renewable Energy Agency (ARENA) has initiated a USD 39 million funding round to advance solar PV technology R&D, aiming to reduce installation costs to AUD 0.30 per watt and the levelised cost of electricity to under AUD 20 per MWh by 2030. This initiative targets universities, research groups, start-ups, and entrepreneurs to support the renewable energy transition and decarbonize heavy industry.

The funding is divided into two streams: one for enhancing cell and module efficiency, cost, and stability, and the other for reducing deployment and O&M costs. ARENA has previously allocated over AUD 388 million to solar PV R&D and AUD 104 million to the Australian Centre for Advanced Photovoltaics.

How will ARENA's USD 39 million funding impact solar PV technology advancements by 2030?

• Accelerated innovation in solar PV technology, leading to more efficient and cost-effective solar cells and modules.
  
• Enhanced collaboration between universities, research groups, and industry, fostering a stronger ecosystem for solar technology development.
• Increased potential for breakthroughs in reducing the cost of solar PV installation and operation, making solar energy more accessible and affordable.
  
• Support for start-ups and entrepreneurs, encouraging new business models and technologies in the solar sector.
  
• Contribution to Australia's renewable energy goals and decarbonization efforts, particularly in heavy industries.
  
• Potential for Australia to become a global leader in solar PV technology, attracting international investment and partnerships.
  
• Creation of new jobs and skills development in the renewable energy sector, boosting the economy.
• Encouragement of sustainable practices and innovation in solar PV deployment and maintenance, leading to long-term environmental benefits.