Renewables confirmed as cheapest source of electricity

CSIRO and AEMO’s GenCost 2021-22 report confirms that wind and solar are the cheapest sources for electricity generation and storage in Australia. 

The report concluded that once the current inflationary cycle ends, wind, solar and batteries will continue to become cheaper. It highlights a range of scenarios to help predict the mix and cost of potential technologies into the future.

The Hon Chris Bowen MP, Minister for Climate Change and Energy, said, ‘This important report underlines the need for Australia and the world to invest heavily in renewable energy sources to put downward pressure on power prices.’ 

‘The government is determined that Australia will lead the way in reducing emissions and this report shows that renewable energy is the most cost-effective way to achieve that.’

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Ministers’ media release

GenCost 2021-22 report (PDF 2.1MB)