It turns out China's increasing solar production is great news for Australian businesses. With a global oversupply driving lower prices and an increased uptake in solar rooftop panels, the potential for lower energy bills is there for the taking.
As a major player in the global solar panel production industry, China's prolific solar production is a boon for both residential and business energy customers in Australia.
China's solar power goals
Within the nation itself, China is set to double its own capacity and produce a massive 1,200 gigawatts of wind and solar power by 2025, reaching its 2030 goal five years early. But China’s dominance in rooftop panel production in recent years has positive consequences for businesses in Australia, too.
China’s inflated solar panel production has led to a global oversupply of solar panels, allowing for massive manufacturing economies of scale: think bulk purchasing of materials, streamlined production processes and increased automation driving down the cost of solar panels for consumers.
The Australian solar energy surge
These conditions mean savings are flowing to consumers by way of cheaper solar panels, which is encouraging greater adoption of solar energy adoption here in Australia – with Roy Morgan research confirming that the installation of solar energy systems across Australia has skyrocketed from 1.32 million households in 2018 to 3.2 million in 2022.
We’re seeing this growing appetite for solar flow through business communities as well, leading to overall lower emissions. In the year to March 2023, electricity emissions across Australia decreased by 3.9%. Meanwhile in the second quarter of 2023, emissions from the national electricity market (NEM) – which accounts for around 80% of the population – decreased 6.6% from 12 months earlier.
With Australia’s transition to renewable energy at the forefront of the industry, the knock on benefits to businesses who adopt solar rooftop panels extends beyond the purely financial.
Yes, there is money on the table: using the sun’s energy directly instead of pulling from the grid can reap rewards in Australia’s hot climate almost instantly.
Alongside this, solar adoption demonstrates a commitment to sustainability and reduces your company's carbon footprint, enabling your business to work towards your sustainability goals. In alignment with your sustainability and corporate social responsibility goals, adopting renewable energy can also help position your business as forward-thinking and environmentally conscious – providing a powerful branding opportunity in today's competitive market.
Making the solar switch
Adopting solar energy is also another step closer towards reducing our reliance on grid electricity, which provides stability and risk mitigation against rising energy costs and power disruptions.
As millions of Australian households and businesses turn to solar rooftop panels to streamline their energy budget, Zembl’s Energy Consultants can help you work out which options are available for your business.
CTA: We can offer advice on your business’s premises and usage patterns, suitability for a solar system, assessment for other energy efficiency equipment, and we can even provide a forecast for projected energy savings.To learn more, contact Zembl by filling out the form below:
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