With Australia’s Coalition government sitting on its hands regarding its climate and energy policies, investment in large-scale wind and solar power systems dropped by 60 per cent during 2019, says a Bloomberg New Energy Finance (BNEF) report. With the country’s major political parties’ lack of support for a clean energy platform, long-term policy changes appeared unlikely, at least in the near future.
Investments in large-scale solar and wind drop as renewables hit a wall
Other challenges have beset the country’s renewable energy industry, such as transmission losses, connection delays, and grid overcrowding. All these factors have made investors leery of sinking their dollars into large-scale solar and wind energy systems.
As ABC News’ Stephen Letts puts it, ‘the renewable energy sector’s massive building boom looks likely to hit an uncompromising wall.’ When it comes to large-scale solar and wind projects, the numbers look gloomy.
For example, long-term agreements to purchase power from massive renewable generators have dropped by 30 per cent over the past five years, Letts points out. Yet plans to construct more plants barrel ahead, hinting at a future ridden with oversupply.
Rooftop solar panel system installations up as large-scale solar declines
Coal still outstrips renewables as a cheap source of power, causing contract prices to drop. But there is one source of solar energy that hasn’t lost a beat since its inception: the rooftop solar power system. Once a cottage industry, the solar panel system sector has risen to pose a formidable challenge to utility-scale solar, making it more attractive to both investors and homeowners who want a low-cost alternative to fossil fuels, such as coal and natural gas.
In fact, home solar panel system installations have climbed by 35 per cent, says the BNEF, while large-scale solar and wind investments have fallen to their lowest level since 2016. It appears that when it comes to solar panels, Australia prefers to take matters into its own hands.
Installations of solar panels in Australia’s homes and commercial sites present a viable alternative to the ups and downs of the trouble-ridden large scale solar panel system. With a self-contained rooftop system, connection delays, grid overcrowding, and losses in transmission won’t be an issue.
When homeowners and businesses control their own access to solar energy, they not only lower their carbon footprint and energy bills but more importantly, they are also investing in their own future. It’s no wonder that solar installations are on the rise.
If you’re looking for more control over your home’s or business’s energy source, solar panels are Australia’s number one choice for low-cost energy that can meet all your energy needs. To learn more about how solar panels can help you get energy consumption under control, get in touch with the Arise Solar team today.