The future of solar energy in Australia is bright, with government support and investment in the technology driving the industry forward. Across the country, homeowners are increasingly favouring solar power over traditional utilities as more and more people recognize the lucrative benefits that accrue from generating your own electricity supply. With solar technology constantly evolving, it is important to keep up to date with the latest news and developments. In this article, we will discuss the current state of affairs for solar power in Western Australia, why people are flocking to the technology, and how you can profit from the recent boom in popularity.
The Growth Of The Solar Industry In WA
The global demand for energy is projected to increase by more than 20% by 2040, largely due to the increasing prevalence of air pollution and climate change. This is set to drive an increase in the number of homeowners pursuing alternate sources of energy, with solar power being one of the most promising alternatives. The renewable energy source is already popular in Australia, with more and more households and businesses opting for clean power over traditional utilities.
In 2015, solar power capacity increased by 37% in Australia as more people installed systems to reduce their carbon footprint and generate their own electricity supply. If this trend continues, it could pave the way for a renewable energy revolution, transforming the way we produce and consume power.
In WA, the solar power industry is still in its infancy, with only a small number of companies offering systems and installations for residential and commercial use. However, the industry is experiencing a surge in growth, with new companies opting for the renewable energy source to fuel their businesses and attract interest from investors. As demand for solar power increases, so do the costs, making it a lucrative and self-sustaining business venture for those seeking to enter the market.
The Benefits Of Solar Energy
There are a number of significant benefits to solar energy over conventional forms of power including:
- Reducing Your Carbon Footprint
- Freeing Up Electricity For Other Purposes
- More Savings
- No More Shoddy Power Supplies
- Increased Safety
- On-site Generation Means No More Power Outages
- Improved Air Quality
- and More!
Withdrawing energy from the grid can be costly, particularly in regions where there is high demand and low supply. To avoid paying expensive bills, many people are turning to solar power, which is proving to be a popular and cost-effective option. Not only that, but if you live in an area where power outages are common then your solar power system will provide you with a reliable energy supply, free of cost, during peak hours. This could prove to be a game changer for those seeking to minimise their carbon footprint and be more environmentally responsible.
The Increasing Popularity Of Solar Power In WA
The popularity of solar power in WA is reflected in the large number of households and businesses that have implemented the renewable energy source, generating over 15,000 megawatts of power, enough to supply around 750,000 homes. The cost of solar power continues to decline, with installation prices falling by almost 50% over the last year alone, making the technology more affordable for the average person. The cost of solar power is also declining as more and more people take advantage of volume purchasing discounts and energy management plans offered by system providers to further minimize expenses.
How To Profit From The Growing Trend
If you are looking to get involved in the WA solar power market, then where should you begin? The first step is to identify your product and target audience, before moving to further explore the financial merits of the business proposal. Once you have done that, there are a number of ways to profit from the growing trend including:
- Offering Consultation
- System Sales
- Commission Incentives
- Product Flotation
- Deploying Capital
- And More!
Each of these ways provides a relatively lucrative return on investment, making it worthwhile to consider any one of them as a potential source of income. If you have an interest in property, then you could also set up a real estate investment trust (REIT) to purchase and manage rental properties, leveraging on the growing demand for energy and reduced cost of solar power to generate greater ROI. Rental property investment has skyrockted in popularity as an investment option, with investors salivating at the prospect of a steady income stream and capital appreciation.
The Growth Of The WA Solar Market
The WA solar market has experienced phenomenal growth in recent years, with over 25,000 households currently taking advantage of solar power generation, a figure which is predicted to increase to over 40,000 by next year. The residential solar market is also booming, with over 16,000 systems now installed, indicating that more and more homeowners are recognising the benefits that sunshine provides.
There are a number of factors that have contributed to this massive growth in the WA solar market, with the state government offering generous incentive packages to promote more people living energy-efficient and eco-friendly lifestyles, combined with the reduction in cost for residential solar power systems. This has helped to create a self-sustaining environment, where profits can be maximised and sustained, promising exciting opportunities for income generation.
Western Australia is well placed to benefit from the growing demand for solar power, with the state enjoying some of the best solar energy resources in the world. The Sun never sets on Western Australia, with plenty of sunshine throughout the year, allowing for 24-hour electricity generation, something which the state is widely recognised for.
While solar power is proving to be a lucrative and innovative source of energy for those involved in the industry, it is also a highly resource-intensive technology, one which requires a lot of space, land and resources to maintain and generate sufficient energy to supply the homes and businesses of Western Australia. As demand for green energy increases, so does the pressure to source power from renewable resources, driving the cost of solar power even further down.