Last Updated on February 15, 2024 by Nasir Hanif
The solar industry has undergone an evolutionary change and is continuously gaining more popularity every day. Studies have shown that the estimated solar PV capacity to be installed by 2023 would be around 1 trillion watts. It showcases the massive potential that the solar industry has to provide energy investors with endless opportunities in the upcoming years.
So, if you are a supporter of using renewable energy sources and want to go green, solar panels are the best investment option. Although the initial costs seem to be a bit on the higher side, you will get higher returns and save a lot more money in the years to come.
And of course, you can save your monthly energy bills and prevent the depletion of non-renewable energy sources. But to ensure the maximum efficiency of your solar panels, make sure to hire a reputed contractor for solar in Brisbane or elsewhere because this is a long-term investment that is going to serve your upcoming generations.
However, before making any decisions, you need to know about the latest trends and updates about what’s new in the solar industry. Read on to learn more.
Latest News and Updates in the Solar Industry
- Recently, on February 4 of this year, US President Joe Biden announced his decision to extend the tariffs imposed on imported silicon solar panels for four more years. The safeguard tariffs were enforced in 2018 to encourage the manufacturing of domestic solar panels since the imported ones were affecting the local and domestic manufacturing units.
The US Trade Representative confirmed that all the mono facial solar panels that are being imported in the US would be taxed at 14.75% throughout 2022. Surprisingly, the safeguard tariffs are limited to the traditional mono facial solar panels only, as the modern-day bifacial ones are excluded from the tariff.
- In the last ten years, you will be happy to hear that Western Australia has witnessed a 600% increase in rooftop solar energy generation volumes. The numbers have exceeded the energy generation of the largest power station in the state!
- A group of researchers and analysts from the University of California have proposed computing some data and identifying whether surplus renewable energy can store information for future use.
- AEMO (Australian Energy Market Operator), in its latest Quarterly Energy Dynamic Report, has identified tremendous growth in renewable energy sources in which large-scale solar and wind energy generating farms are expected to reduce the continent’s electricity costs.
- A recent study by the IEA (International Energy Agency) has shown that access to real-time data and advanced machine learning algorithms are the keys to managing the rising levels of solar PV (Photovoltaics) within the energy grid.
- ARENA (Australian Renewable Energy Agency) has recently announced funding up to $40 million to boost the R&D departments of Australia’s solar industry. The decision is made to help solar companies achieve ultra-low cost goals for generating solar energy per the Federal Government’s policies.
- In November of last year, the Australian solar industry hit a historic milestone with as many as 3 million solar systems being installed on residential and commercial rooftops. More than 1 in every four homes and numerous non-residential properties have installed small-scale solar systems for producing their electricity.
While solar panels are the best investment options you can seek today; you need to make sure the contractor you are choosing offers high-quality services. Choose only a well-known contractor dealing with solar in Brisbane, such as Australian Solar Installations. They will cover the entire process from delivery and installation to maintenance and offer after-sale support.