Over the last few years, solar power has grown massively in popularity. As the ease of use and affordability of solar panels has improved, demand for solar energy has soared. It’s not surprising, really, considering Australia has one of the most favorable climates for solar power. Because of the abundance of sun we’re lucky enough to receive, solar powers are not only a cost-effective solution to your energy needs, they are also a great financial investment. You could use government incentives to actually make a profit. Here’s everything you need to know about solar power in Australia.
Growth in demand
From 2016 to 2017 the number of installed photo-voltaic solar power increased from 5,900 MW to over 7,000 MW, with hundreds of planned installations also in the pipeline. PV capacity increased tenfold between 2009 and 2011, and demand then quadrupled between 2011 and 2016 to make solar power one of the fastest growing industries currently in Australia.
Renewable energy targets and feed-in tariffs
A great deal of the sudden popularity of solar power is owed to the newly set renewable energy targets. The Australian government aims to make solar power accountable for at least 20% of the country’s energy consumption by 2020. To help ensure the country reaches the target, incentives have been introduced to make the switch to solar power more appealing. One such incentive is the feed-in tariff. This allows homeowners and businesses to install solar panels into their property to fuel their own energy consumption and sell any unused power to the national grid. The more panels a property installs, the higher the earning potential.
Funding is also available to schools and other public spaces to cover the installation costs of solar panels. For homeowners, the government are offering 5x the amount of credits for the first 1.5 kW of energy sold to the national grid to make the switch to solar panels more cost-effective and more enticing.
New investments in Victoria
Victoria is one of the least solar powered states in Australia. Because it is considerably cooler and cloudier than the rest of Australian states, it was thought that it wasn’t financially viable for solar power to be effective and profitable here. However, that is all set to change. Recently there was plans for a huge 100 MW PV Mildura Solar Concentrator Power Station to be built in Victoria. This would have been the biggest and most efficient solar power station in the world, showing that solar power is a viable option for Victoria. The proposed build has been cancelled for the time being, pending investigation into fluctuating electricity prices. Local solar power experts, Essential Solar, say that the local economy is still very positive for those looking to invest in solar power. They state that Victoria is actually an excellent area to invest in because the Victorian Government are keen to play their part in reaching the country’s energy targets and are introducing further tax breaks and incentives to draw investors to the state.
Now is the best time to invest in solar power for your property.