Industry Minister Ian Macfarlane Reassures Investors Ahead of RET Negotiations  

The ABC is reporting that Industry Minister Ian Macfarlane has made efforts to reassure wind farm operators and other renewable energy companies that their investments are secure. Continued opposition from the Palmer United Party has prompted speculation that the government may attempt to strike a deal with Labor that would most likely involve a revised renewable target as a compromise to scrapping the RET altogether.

Established in 2001, the renewable energy target provides subsidies for companies and households looking to reduce the cost of their electricity bills by installing solar panels. After the government incentives are taken into account the payback period for a solar power system can be less than five years.

Dick Warburton’s report was delivered to the government two weeks ago, and since the details were made public the full force of the solar industry and solar communities has gathered behind efforts to save the RET.

Since then the PUP senators have reiterated their support for the RET, with activist group Solar Citizens ensuring the senators are well aware of the scheme’s popularity which is as high as 85% in Senator Glenn Lazarus’ electorate.

Facing opposition in the senate the Coalition has rolled back their anti-renewable rhetoric, with Macfarlane telling media in Sydney, “The Government will not make changes that will impact those who have already made an investment – small or large – under the RET”.

Macfarlane also explained that the renewable energy target had met its goal to encourage the uptake up rooftop solar, with more than 2 million homes now featuring solar panels and solar hot water systems across Australia.

Speaking to ABC Radio Ian Macfarlane suggested that Labor’s opposition to a reduction in manditory renewable energy was to blame for investor’s lack of confidence – a peculiar comment coming from the Coalition, especially considering their support for the RET ahead of last year’s election.

Despite his insistence that it is Labor’s fault for not “coming to the party”, reports from Business Spectator suggest that the shadow environment minister, Mark Butler, is still awaiting any approach from the government regarding a negotiation on the renewable energy target.