Thirteen research projects in Australia are set to receive a total of $41.5 million in funding to support efforts aimed at significantly reducing the cost of solar energy. Australian researchers have consistently achieved world records in solar efficiency, with their technology forming the foundation for a majority of global solar panels. The funding, provided by ARENA (Australian Renewable Energy Agency), focuses on advancing Ultra Low Cost Solar (ULCS) initiatives, targeting solar production at a quarter of the current expense. This endeavor, termed 'Solar 30 30 30', aspires to enhance solar cell efficiency to 30% and decrease costs to 30 cents per watt for fully installed systems by 2030. Presently, efficiency records stand at nearly 27%, while installation costs hover around $1.20 per watt. The selected recipients for this funding are prominent Australian universities and researchers. ARENA CEO Darren Miller expressed that Australia's contribution has already driven solar photovoltaic energy to its most cost-effective state in history, but to ensure a future where Australian solar energy can globally supply clean power and resources, it's imperative to further push the boundaries of cost reduction.
Source: https://arena.gov.au/blog/solar-research-funding-to-drive-costs-lower/