Are you still undecided about investing in solar PV panels for your home? If you’re put off by the cost involved, it’s time you had another look because solar panel prices are lower than ever before, meaning now is an excellent time to buy. The reason for this lies in China.
In the first six months of 2016, China experienced a massive surge in the uptake of solar PV systems. In fact, the Chinese installed a whopping 20GW of new solar panels in that time. That’s triple the amount they installed in the first half of 2015.
What does 20GW of solar capacity equate to?
To put it into perspective:
- Australia currently has a total solar capacity of 5GW.
- Prior to this spike in the first half of 2016, China had a total solar capacity of 43GW.
- During the same period, the United States installed 4GW of solar panels, bringing their total solar capacity to 31GW.
- China has now overtaken the solar industry trailblazer, Germany, whose total solar capacity is just over 40GW, and slowing.
Why the massive increase in demand?
The boom in the Chinese market was driven by the fact that their residential feed-in tariff was scheduled to decrease from 30 June onwards. This prompted a rush among Chinese consumers to have their installation completed by that date.
In a scramble to keep up with China’s increased demand for solar panels, manufacturers built enormous factories, boosting production. With all of their attention focused on the Chinese market, manufacturers tended to overlook other markets around the world, meaning solar panel prices remained static for some time. Yet, once China’s feed-in tariffs dropped at the end of June, so too did their demand for solar panels. In fact, some data indicates that China’s appetite for solar panels has dropped by up to 80%!
What does this mean for us?
This is where Australian customers can benefit. This glut of excess solar panels has resulted in an oversupply issue, meaning prices are plummeting to lower than ever before. Australian customers can invest in great quality solar panels at incredibly attractive prices. It really is a buyer’s market.
Want to make sure you are securing the best of the bunch?
Having been in the solar industry for over 20 years, we are perfectly positioned to help you make the most of this situation. The experienced team at Solargain can help you secure the best possible price on your panels and can guide you to select a quality and reliable brand.
Give us a call on 1300 73 93 55 to find out more about how you can make the most of the current solar panel tidal wave today.