In a recent report by the 150-member country International Renewable Energy Agency (IRENA), it was found that the cost of renewable energy is falling at a rate much faster than previously anticipated. This means that for Australians, adoption of solar energy has never been cheaper.
In fact, global prices of solar energy have fallen a staggering 73% since 2010, with an international price of approximately $0.10 US cents per watt. So, what does this mean for the Australian consumers? In this blog, Renew Energy explore what the future of solar power looks to be in Australia.
A replacement for fossil fuels
The director-general of IRENA, Adnan Amin, describes an inevitable future change in the energy sector due to renewables. He states that “these cost declines across technologies are unprecedented and representative of the degree to which renewable energy is disrupting the global energy system.”
This should indicate a large period of adjustment for many countries, such as those in the Middle East that rely on oil economically. The same is also true of countries that are spearheading the coal industry, like Donald Trump is with the United States.
How has this happened?
Several factors have led to renewable energies so quickly becoming affordable. The first is the predictable technological advances that happen each year, as with computer technology. This ensures production methods are streamlined and more cost-efficient ways are developed to produce solar technology.
There are also economic factors that have caused the increased affordability, factors that demonstrate even more affordability in the future. Government bodies from around the world are lowering the tariffs that project developers can demand through competitive bidding processes for power plants and with the industry booming, there are more experienced renewable energy developers available. Both of these factors lead to increased competition and much better prices, a saving which can be passed down to consumers.
Become a part of the exciting future of energy
With prices being as historically low as they’ve ever been, now is the perfect time to invest in solar. Affordable solar equipment means that there’s several big industry names to choose from, all of which deliver excellent quality.
There’s never been a better time to invest in solar energy, particularly when considering the bright future it has. To learn more about our solar products and how they can benefit you, get in touch with the friendly team at Renew Energy today.