The renewable energy industry, especially large scale renewables, is facing uncertainty with the Coalition being elected on Saturday. Investors have been very wary the last few months while facing the possibility of the Coalition being put in power. Other than scrapping the carbon tax, the Coalition has not been clear about anything else renewable. 

The situation was not made any clearer by the release of ‘The Coalition’s Policy for Resources and Energy’ where renewables were basically left out and more focus was put on fossil fuels.

There is going to be another review into the Renewable Energy Target (RET) which as we know from past experience, creates huge uncertainty in the market and slows investment. Findings from this review could take up to 2015 to be released – thus creating a standstill in the industry. Large scale projects are the ones that will suffer the most.

Even though ‘wind turbine syndrome’ has been disproved many times in the past by independent research, it seems there will be another review into that as well. Many are saying that wind is going to be the biggest loser in the recent future with big projects and investments put on hold.

As previously reported, funding with be cut for ARENA and the Clean Energy Finance Corporation scrapped along with the carbon tax. However, the new ‘Direct Action’ plan into the reduction of greenhouse gases will be unknown until at least 100 days after the formation of the new government and public consulting has finished.

According to an article in the Canberra Times, Opposition leader Tony Abbott conceded that the funds allocated for Direct Action may not be enough to ensure the 5 per cent carbon emissions target would be achieved.

For the moment, it is hard to be clear on exactly what is going to happen. However the benefits and cost savings of solar power systems is crystal clear. The best time to install solar power is now before any policy changes are implemented. Start saving today. Click here to contact Evolution Solar Sunshine Coast.