The solar energy sector has experienced enormous growth and is now among the least expensive ways to generate electricity in some nations.
The cost of solar & battery systems is anticipated to decrease even further in the coming years due to technological developments and larger production volumes.
The demand for household solar & battery systems is anticipated to increase along with the electric vehicle industry since a home solar & battery combo will increasingly be used to charge EV batteries.
In many regions of the world, solar energy output is anticipated to overtake other energy sources by the end of 2030. Solar power electricity is predicted to become much cheaper in comparison to fossil fuels, resulting in a sharp rise in the number of installations around the world.
It is advised to work with a qualified local supplier or installation to get the most out of the market.
What changes will add hugely to the demand for solar and battery systems?
The popularity of solar power has rapidly grown in recent years and will continue to do so in the foreseeable future. As we move towards a more renewable world, more and more solar & battery installations will occur daily.
However, many people have questions such as when solar will officially become the primary electricity source? On the other hand foes are questioning whether transitioning from traditional energy sources is worth it. So, what will create a real boom in solar power & battery systems in the years to come – to really change the world?
Lower prices of system parts
Solar energy isn’t as popular as it should be because it initially can cost more than some households can afford. But the solar industry is finding ways to make it cheaper. By 2030, they plan to cut solar costs in half by increasing production significantly and via new research and development.
As solar costs decrease yearly, poorer countries will install more solar systems. Developing countries have a large population, so the number of installations will skyrocket. In 2016, Bangladesh already had over 3.5 million systems in rural areas.
New ideas will also help reduce the need for expensive materials like silver and silicon in solar panels. By avoiding mining certain materials, the cost of solar will go down even more. Once the high costs are gone, the use of solar energy will explode even more.
Higher cost of electricity
In Australia, electricity prices have increased by over 300% since 2000, and this has added to the cost of living pressures to households. One of the ways to counteract this pressure is to install a solar and battery system. Unfortunately, when it comes to unit blocks and flats as well as renters, solar is still not easily available. It is expected that political pressure, over time, will ensure that specific incentives and policies will be developed to include these groups of residents in the solar success.
Technological progress is being made in solar technology. Today, improvements have allowed the same-sized solar panels to produce 1.5 – 2 times more power. This means more electricity can be generated from our roofs.
For instance, researchers at the University of New South Wales recently created a new type of solar cell that converts over 43% of sunlight into electricity, breaking the previous world record of 40.7%. As solar technology continues to develop, the advantages will become undeniable.
As the popularity of solar has increased, so have environmental concerns. Installing a solar system is a beneficial way to reduce your carbon footprint and personally contribute to a more sustainable future. This is because solar reduces greenhouse gas emissions and water usage.
With increasing concerns about climate change and the environment, more people are choosing to invest in solar power systems to reduce their carbon footprint and contribute to a more sustainable future. Solar power is a clean, renewable source of energy that produces no greenhouse gas emissions or air pollution. The more solar installations there are, the more sustainable our future can be.
Another reason why solar is going to boom is government support. Government policies and incentives are one of the drivers of change, especially when it comes to solar and batteries. For example, the Australian Federal Government introducing the Small-scale Renewable Energy Scheme (SRES) saw an increase in the rate of solar installations across the country over the past 2 decades.
Governments can also introduce regulations that require the use of solar. This strategy has been used in South Australia, where the state government has implemented that all new homes must have solar installed. More policies incentivising and regulating solar use will fast-track solar’s popularity.
The adoption of EVs is a game changer
EVs, if they are powered by a home solar and battery system, have very low running costs. Therefore if an EV owner has a home, the chance for them to also go for solar & batteries is very high. Many owners of a residential home and an EV, even if they have an older solar system, will make sure they update their system and increase its capacity, as long as the roof space allows it, as an EV and a home storage battery can easily double the demand for solar on a residential home.
What does this mean for the industry?
These changes mean the solar industry will be able to reach a low cost and high efficiency – that it will be beating fossil fuels. hands down. Given the flexibility of a solar & battery system and the relatively straight forward installation process, the number of solar & battery system installations worldwide will undoubtedly increase rapidly over the next few years.
If you want to understand further how far solar has come in the past years and where it is believed to be going, feel free to enjoy our interview with Jeff Stapleton, a famous solar hall of fame industy veteran, who has been in the solar industry for over two decades.
We recommend engaging with qualified local suppliers to advise you if you consider purchasing solar, batteries, or other renewable products, including EV chargers. To find the right partner try our company finder and ask our recommended experts to assist you. Using a Your Energy Answer Authorised Partner will give you an experienced, reliable, and trustworthy company to serve your needs.