PV Demand continues to grow in Australia

2.77 million homes in Australia already have solar PV. This represents 27.7% of all Aussie households. But the Faster Horses Inside Energy Report tells us demand is still strong. We can expect to see PV uptake continue to grow.

A further 47% of households are interested in rooftop solar. Of these, 16% are actively looking while 31% have thought about it but not yet started looking. In the next 12 months alone, based on purchase intent, total solar panel ownership could increase from 28% to 38% of Australian households.

What motivates uptake?

The motivation is cost savings on electricity bills, rather than securing a greener future – households focus primarily on the hip pocket.

Despite prices reaching the optimal point, those who have yet to purchase rooftop solar want further price drops and more government incentives to buy. There is also concern about ongoing maintenance costs.

There is clear evidence that solar reduces household electricity costs considerably. People with solar panels estimate a $100 per month drop in monthly electricity bills. That’s a significant $1,200 per year! And an impressive 23% of solar owners had bills of between $0 and $50 per month!

What does increased rooftop solar do to network operations?

This is positive from a renewable adoption perspective, but it does pose challenges for networks which were designed for one way electricity flow. The grids around Australia are under pressure to adapt to find storage solutions (either home or community battery) to cater to excess supply during midday times where generation is high and usage low for rooftop solar.

Bring in the retailers

This is where retailers need to come in, to build innovative tariff options and products to ensure that excess electricity is used during these times.

For more information on PV, EV and Battery Demand, as well as perspectives of the Australian energy market and government initiatives in this space, call Veronica Mayne, Managing Director Faster Horses.