Solar Energy Predictions for 2024

Solar energy is one of the fastest-growing and most promising sources of renewable energy in Australia. With abundant sunshine, high electricity prices, and supportive policies, Australia shines as a global leader in rooftop solar installations. However, the solar sector is dynamic and constantly changing.

As 2024 has begun, Australia is ready to witness many transformations in the solar energy landscape due to the increasing adoption of solar power and the growing focus of businesses and households on greener alternatives. But what are these changes, and do they align with your future solar plans?

To help with it, we have prepared this blog post. It will give you the solar energy predictions for 2024. So you can get to know about the anticipated technological advancements, industry trends, and the evolving landscape. Keep reading to understand how these transformations shape the solar energy sector in the coming year.

Trends in Solar Energy for 2024

1. Solar Panel Efficiency Will Reach New Heights

   One of the crucial technological advancements you will witness in 2024 is a hike in solar panel efficiency. Solar panel efficiency refers to how well a solar panel converts sunlight into electricity. The higher the efficiency, the more power output a solar panel can produce from a given area. 

   In recent years, solar panel manufacturers focussed on innovating higher-efficiency panels using different materials and technologies. That’s why in 2023, we have seen several solar panels with efficiencies above 23%, such as SunPower (23.5%), LG (23.5%), REC (23.2%), Trina Solar (23%), and JinkoSolar (22.9%).Similarly, in 2024, you can expect to witness the first 24% efficiency panels arrive on Australian shores. It will mean that the current 440W panels (22.5% efficiency) will reach 475W output, reducing the number of future solar panels and footprint required for a typical system size of 6.6 kW, 10 kW or 13 kW.

2. Rooftop Solar Installations Will Remain Strong 

   Rooftop solar panel installations have been rapidly growing in Australia. It is one of the crucial solar energy trends that will remain high in 2024 as businesses and households seek to protect themselves from rising electricity prices and reduce reliance on the grid.

    Additionally, a global oversupply has driven down the prices of solar systems, making them a favourable option for you. 

3. Battery Adoption Will Become The New Normal

   The adoption of energy storage systems, particularly batteries, saw unprecedented levels in the second half of 2023. According to PSW Energy, an industry data group, the battery adoption rate for solar batteries increased by 250% in the final quarter of 2023 compared to the same period in 2022. This trend will likely continue and shape the future of the solar energy sector in 2024. 

   That’s because customers realised that battery systems hold benefits beyond saving you from rising grid prices, such as making your energy self-sufficient and contributing to a sustainable energy ecosystem. Moreover, the battery helps you with solar oversizing when grid limitation arises. 

4. Large-Scale Solar Farms Will Expand

   Apart from households, large-scale solar projects have evolved rapidly. Arena 2021 March stats reflect that solar farms are contributing around 7,000 MW (DC) of power generation connected to Australia’s electricity grid. 

   In our next solar power forecasting, we can expect to see the expansion of these large-scale solar projects in 2024. These farms foster jobs, provide clean and reliable energy to remote areas, and create opportunities for regional growth. Some of the prominent large-scale solar farms that you can witness in upcoming years include: 

• New England State Project: It is a 720 MW solar and battery project, developed in stages. It will power around 300K average Australian homes annually. 
• Edenvale Solar Project: It is a 204-megawatt solar farm currently under construction in Queensland.

5. The New Energy Ecosystem Will Take Centre Stage 

   Solar energy is slowly getting integrated with other energy technologies like wind, batteries or electric vehicles. This interconnection of solar and other technologies will create a flexible and sustainable energy ecosystem.
   In 2024, you are not only investing in solar energy, you are contributing to this energy ecosystem that offers better power control, EV charging, battery storage options and appliance control. Moreover, it will help in fulfilling Australia’s target of zero emissions by 2050.  

6. The Future of Solar Energy

   The future of solar energy in Australia looks bright, with the sector expected to grow significantly in 2024. The rise of rooftop solar panels, increased battery adoption, and advancements in efficiency will shape the solar energy landscape.
   The latest projection of Energy Matters shows that solar energy can account for around 40% of Australia’s total power generation by 2030. This solar prediction reflects that the solar sector will grow, driven by technological advancements and the increasing affordability of solar installations.
   So even though solar energy is facing potential challenges, such as changes in government policies and the impact of climate change on solar panel efficiency, it will play a huge role in the sustainable future.

Conclusion

Solar energy is a dynamic and exciting sector. It is constantly evolving and innovating, making a path for more future possibilities of solar energy.  

We hope all the predictions anticipated above for 2024 will help you make future solar decisions.