Dropping solar panel prices to prompt mass local switch

by | Apr 29, 2024 | Solar Panels

The continued reduction in solar photovoltaic (PV) panel and battery prices is anticipated to trigger an unprecedented escalation in South African solar energy adoption by residential and commercial users.

This is according to solar industry pundits, commenting on the global oversupply of solar systems, which led to solar PV panel prices dropping by as much as 50% between January and December 2023, according to the International Energy Agency.

The plummeting pricing, which started in SA last year, is expected to continue in the coming months, with more local homeowners likely to invest in solar systems, and industry manufacturers potentially eyeing SA as a viable location to establish manufacturing plants, say experts.

Our Versofy CEO Ross Mains-Sheard tells ITWeb that 2023 saw a record uptick in SA’s solar adoption, due to unprecedented levels of load-shedding, coupled with innovative business models. “Demand for solar has been steadily increasing over the past two to three years in SA. Initially, prices rose sharply as demand outstripped supply. However, supply has caught up and we currently have an oversupply in the market, which has contributed to lower pricing.”

The efficiencies in production, new technologies and economies of scale worldwide may continue the trend of lower prices over time, adds Mains-Sheard.

Click here to read the full article in ITWeb: https://www.itweb.co.za/article/dropping-solar-panel-prices-to-prompt-mass-local-switch/o1Jr5qxPWjZqKdWL



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