It has immense economic potential due to its vast landscape that gets direct sunlight for a significant part of the year. This makes it a country most likely to benefit from a mission to become a solar powerhouse.
As per a report by Australian Renewable Energy Agency (ARENA), rooftop installations are on the rise with scope for more. The solar technology-based projects have either been started or are expected to begin soon to generate an ambitious 5795 Mw of energy according to the Clean Energy Council.
Decreasing cost of Solar Power in Australia Over a Decade
The price for solar panels depends on various factors such as its capacity, size, quality of materials, longevity, and any certifications it might have. The price of solar has decreased dramatically over the last five years. The primary reason being enhanced technology, supply chain competitiveness, & economies of scale. It has been possible to automate procedures and expand manufacturing leading to a decrease in the price per watt of a solar panels installation.
More Number of Australian Households Adopting Solar Installations Than Before
Australian households are adopting solar panels installation because it cuts their bills and generates greener energy. The cost for solar panel for home starts at around $3500 for a necessary installation which makes it economical in addition to negligible running and maintenance costs. Additionally, the prices were steadily decreasing further due to high demand and increased mass-production.
If a home does not utilize all the power produced, it can be transmitted to the electricity grid or can be easily stored in a battery system to be saved for later use. A PV solar & battery system provides the potential of off-grid energy self-sufficiency. This enables a step away from dependency on fossil fuels based energy. As much as 21 % of the Australian households now have rooftop PV Solar with a total capacity of more than 10 GW. The installation of a power solar system is an excellent investment that can last up to 25 years.
Rise in Share of Solar in Overall Electricity Generation
The share of solar in overall electricity generation is increasing due to an increase in renewable energy capacity. It includes rooftop solar PV generation, generation at industrial facilities like in mining and manufacturing, off-grid generation, and electricity consumed by the generating entity. The solar generation has continued to rise by 23% and constitutes 4% of overall electricity generation in Australia. Growth in large scale installations remains strong at 50%, which is mostly from new facilities. However, this growth was from small scale rooftop solar PV installations that continue to make up 90% of the total solar generation in Australia as per the ARENA.
Everyone in Australia is slated to benefit from moving to solar power electricity as it is cleaner and more robust. The falling prices of installation and inputs will be a boost as there will be less need for expensive networks, and renewable energy does not have fuel costs.