Changes to renewable energy target legislation designed to provide greater investment certainty for large projects has been put before the Senate.

Penny Wong

Penny Wong

The legislation has two parts. The first supports households using solar panels and solar hot water systems. Separate targets, designed to encourage the development of wind farms, commercial solar and geothermal projects will deliver the majority of the target of 20% renewable energy by 2020. The amendments include temporarily increasing the target in 2012 and 2013 and adjusting it in later years, regulatory powers to adjust credits for solar panels and reviewing the price of renewable energy certificates.

Climate Change Minister Penny Wong said that “The amendments will ensure the long-term, sustainable growth of both the small-scale and large-scale renewable energy sector and will support new jobs and investment.

UPDATE:

The new legislation has been passed by the Senate and will take effect on 1 January 2011.