8 Global Trends That Will Affect Residential Solar in Point Cook in 2023
Written by luck on September 19, 2022
There’s no doubt that solar energy is on the rise worldwide. In 2017, global installed capacity reached a record high of nearly 309 GW and is expected to more than double by 2023. This growth is being driven by a number of factors, including declining costs, increasing awareness of the environmental benefits of solar, and supportive government policies.
Here are eight global trends that will affect the residential solar in Point Cook in 2023:
- Declining Costs
The cost of solar has been falling rapidly in recent years and is expected to continue to do so. According to the International Renewable Energy Agency (IRENA), the cost of utility-scale solar PV fell by 73% between 2010 and 2017. This decline is being driven by falling prices for solar panels, inverters, and other components as well as improvements in manufacturing efficiency.
- Increasing Awareness
As awareness of the environmental benefits of solar grows, more and more people are looking to switch to solar. A recent study found that 63% of Australians are interested in installing solar PV on their homes. This is up from 53% in 2015.
- Supportive Government Policies
Governments around the world are increasingly recognizing the importance of renewable energy and are implementing policies to support its growth. In Australia, the federal government has introduced a number of initiatives to encourage the uptake of solar PV, including the Solar Homes and Communities Program and the Solar Credits Scheme.
- Growing Electric Vehicle Market
The electric vehicle (EV) market is growing rapidly, with sales expected to reach 2 million by 2023. This growth is being driven by a number of factors, including falling prices, increasing range, and supportive government policies.
