How power bills could be cut by a quarter
NEW research funding into smarter energy technology could cut power costs by a quarter, spur $8 billion in economic benefit and cut emissions by 20 million tonnes, the Federal Government says.
The Federal Government will today announce it is tipping another $68.5 million into the Reliable Affordable Clean Energy for 2030 (RACE for 2030) Cooperative Research Centre to improve energy affordability and reliability, and help Australia play its role in reducing global emissions.
Minister for Industry, Science and Technology Karen Andrews said the Cooperative Research Centre (CRC) will drive the development of clean energy solutions which are stable and economically viable.
"Supporting cutting-edge energy technology and research is a sure-fire path to lower emissions, cheaper power and a reliable grid," Ms Andrews said.
"The cost and reliability of energy is a vital component of running a business. Reducing energy costs for businesses means more money for investment, more production and more jobs - essential elements of a healthy and growing economy.
"For Australian families, this clean energy research offers the opportunity to reduce their carbon footprint, while also lowering their power bills and freeing up more money in the household budget.
"This investment is a perfect example of how the Morrison Government is taking climate action now, without dipping into the pockets of hardworking Australians."
The CRC has generated around $280 million in cash and in-kind contributions from industry and researchers to drive its work which will be supported by the $68.5 million in Government support under round 21 of the CRC program.
Minister for Energy and Emissions Reduction Angus Taylor said "technology, not taxes, will be the way we deliver practical action on emissions reduction".
"We have seen wholesale prices for electricity reduce by an average of 35 per cent on the east coast over the last quarter compared with the same time last year," Mr Taylor said.
" The CRC's work will assist in unlocking new technologies for reliable generation to continue this downward cost trend and keep the lights on.
"We're committed to sensible, practical solutions that reduce emissions, cut power bills, and protect and create jobs."