What’s In Store for The Australian Solar Market

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Australia is one of the countries that has the highest average solar radiation per square metre, and recently, many homeowners have switched to utilising solar energy to help in the government’s push for clean, renewable energy.

Australia is abundant in solar irradiance and receives solar energy throughout the year. This has created an enormous opportunity to harness and convert solar energy to usable and renewable energy in households and businesses.

Year after year, the country has seen increases in small-scale solar photovoltaic installations. To date, there are over 3 million PV installations across the nation, leading to the solar market’s growth, expecting a CAGR of 20.56% by 2027.

Another factor that contributed to the market’s rapid growth was the steep decline in installation and maintenance costs. 

According to International Renewable Energy Agency (IRENA) senior analyst Michael Taylor, “The cost of residential rooftop PV electricity known as the levelised cost of electricity, or LCOE in Australia declined steeply in the period 2010-2020, falling to USD 0.069 per kilowatt hour (kWh). This represents a drop of 58 per cent in the Australian residential LCOE.” 

The analyst adds that the costs of domestic electricity storage are declining, and the rising electricity costs in Australia also contribute to the solar industry’s growth.

Risen Energy Australia (REA) is a solar panel manufacturer that strongly contributes to the market. In an interview with Energy Magazine, REA CEO Archie Chen discussed the company’s contribution and planned towards the solar energy market.

“We’ve successfully created a strong brand presence by building up a large local team, developed a solid distribution channel, and fostered key partnerships with our distributors and local retailers. We are regarded as one of the top panel manufacturers in Australia in terms of market share and have consistently been recognised as a top PV solar brand by the industry,” the CEO notes.

Chen also stated that their focus is to increase their market share in the rooftop market by providing cheap yet highly efficient products and building solid partnerships with their distributors and retailers.

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