Renewable Energy Gets Huge Boost in Funding

An energy package has been approved by the Austrian government, investing $277 million in the development of wind power and photovoltaic projects as part of the country’s desire for its electricity to come from renewable energy by 2030.

“Thousands of projects are urgently waiting for an opportunity to be implemented,” explains Herbert Paierl, CEO of PV Austria. “We assume that, in view of the announcements, the Renewable Energy Act will now be completed more quickly and the projects can be implemented.”

The $277 million package includes an “energy independence investment offensive” to address the energy crisis caused by the Russian invasion of Ukraine, nearly doubling the funding PV Austria asked for this year — $160 million for new solar rebates and $33 million for battery storage. Austria wishes for all its electricity generation to come from renewable energy by 2030. To achieve this goal, a total of 11GW of installed photovoltaic and wind capacity is required. By the end of 2020, 2GW was generated. Since the current annual growth rate is between 350 and 400MW, the latest package’s timing is crucial for Austria to reach its energy goal.