Industry experts are predicting that the emergence of the second wave of the solar revolution is just around the corner. With the Paris climate talks kicking off this week, the topic of renewable energy is high on the agenda for many nations as a vital way to meet carbon reduction targets.
Previously unsuccessful discussions in Copenhagen six years ago saw nations unable to agree on many issues regarding climate change reduction policies. What is encouraging for the Paris talks is the rapid decline in the cost of renewable energy, particularly solar technologies.
Both solar panel and battery storage costs have decreased dramatically, with the technologies themselves advancing rapidly. The ability for households to generate energy during the day and store it for use at night is predicted to completely revolutionise the energy industry.
Why Politics Should Take More Notice of Solar
The rapid growth of the solar industry around the world is largely thanks to the financial and environmental benefits of the technology, however industry critics are suggesting that the political emphasis on solar power and other renewable technologies could be far greater than what it is.
Solar industry pioneer, Neville Williams, suggests that there is a lack of awareness as to the potential of solar and its past progress as evidence of this. He believes that solar could be one of the central solutions to climate issues, and criticised international politics for inadequate action and support for the technology.
Australia Leads The Solar Revolution
Greentech Media has predicted Australia will be the leader in battery storage adoption, due to the prevalence of solar panels already on Australian homes as well as the falling costs encouraging newcomers to the market.
According to Greentech, the solar battery boom is set to increase Australia’s solar storage capacity from 6.6 megawatts to 75 megawatts by next year, and shoot to 800 megawatts by 2020.
When considering the falling costs of solar panels and battery systems, along with generous government rebates and incentives, for many Australians, the logic simply makes sense.
Non-solar users are paying around 45 cents to electricity companies for fossil fuel generated power, while solar customers are receiving financial incentives and rebates in the form of a feed-in tariff, saving them up to 12 cents per kilowatt hour.
Australian Industry Prepares For Solar Energy Boom
The Australian Energy Market Operator, the company who runs the nation’s electricity grid, is reportedly adapting its network in preparation for the rapid growth of solar storage technology and electric vehicles in the near future.
The energy grid operator has released figures predicting a rapid solar and electric vehicle transformation scenario, with expectations of 33.3 gigawatts of capacity by 2034, and around 2 million electric vehicles in Australia by 2035.
The AEMO has acknowledged the importance of embracing the solar revolution as an institution, due to the power of the population over the energy industry.
They explain that an increase in domestic solar systems directly impacts consumption of coal fired power plants, so much so that fossil fuels are becoming not just environmentally inefficient but economically less effective to operate.
Solar Power – A Serious Investment Not A Quick Fix
Like any financial investment, purchasing a solar power system is a long-term commitment that may not necessarily deliver short term results as people expect.
Generally, solar systems pay themselves off after five to seven years depending on sun exposure. Although this return on investment is still less than other investment methods – shares and real estate, for example, have ROIs of 10 years or more – many customers expect immediate results upon completion of their solar installation.
Despite solar power being a significant financial commitment, falling costs are decreasing the financial burden rapidly.
Photo courtesy of Port of San Diego
