Solar panel companies should witness encouraging performance going forward in the Australian market. Based on the several reports that focus on the period between 2020 and 2025, in spite of disruptions owing to COVID-19 and supply chain issues, the share of clean energy and alternative power sources will go up including solar, hydro and wind power and large-scale solar projects should finally start nearing completion as well. The PV or solar photovoltaic capacity should dominate in this duration, spurred by reducing costs of solar PVs and linked systems. A key trend here is that Australia already has one of the largest average solar radiation figure for each square meter along with the one of the highest consumption rates (per capita) for residential rooftop solar and solar PV technology globally.
This presents a major opportunity for the best solar energy companies to tap into pent-up demand and get the country at par with other developed markets that have already seen mid and large scale development of the solar sector. Clean Energy Council reports indicate that electricity production via solar power plants went up by a whopping 46% countrywide last year in comparison to 2018. The costs of large-scale solar PVs have reduced considerably to AUD 44.50-61.50 per MWh this year as compared to AUD 135 per MWh in the year 2015. Investments in the solar PV segment have grown steadily till the year 2018 although investments came down by approximately 56% in big-scale projects revolving around clean energy sources.
The 2020 large-scale RET (renewable energy target) is perceived as an effective and successful policy. It has driven major investments in solar generation in recent times with 15,700 MW already being committed over the last couple of years. By May 2020, approximately 6.07 GW was being built in terms of solar power capacity in the country with an investment of AUD 9.53 billion. This will be a massive boost to the solar power sector in the country in future years. Companies like Online Air and Solar, that was established in the year 2010, should be at the forefront of this positive change towards clean energy power sources. The company is based and owned in Australia and covers segments like solar power along with cooling and heating solutions. The company emphasizes on high-quality solar installations across segments while being an approved Clean Energy Council member and Clean Energy Council Retailer as well.