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Energy Insights

Update from Beam Solar: What's happening in the solar industry?

June 2023.

What is the latest in the solar industry? Our partners, Beam Solar have given us a summary of all things solar for June. If your business is thinking about making the switch to solar, speak to your energy expert so we can discuss your options.

In this article, we'll discuss:

  • The reduction in costs for solar systems
  • the increases in electricity prices
  • Current incentives for installing solar
  • More competitive market and larger system sizes

Reduction in costs for solar systems

In the first quarter of the year, we have witnessed a substantial reduction of 10% in the upfront cost of solar systems larger than 100kW. This remarkable decline can be attributed to cost reductions in raw materials and freight, as outlined in Beam Solar's Quarterly Price Update.

Increase in Electricity Prices

Since March 2023, wholesale electricity prices have been steadily increasing in regions including NSW, QLD, VIC, SA, and even WA. The reasons for this upward trend have been outlined in Energy Action's June market wrap. This follows a previous drop in prices late last year. As a result, solar power is becoming an increasingly compelling option in these areas.

Bigger Incentives

In Victoria, VEEC prices have surged for solar systems over 100kW. To take advantage of this year's VEEC prices and ensure installation before January 31, 2024, customers are advised to initiate procurement within the next few months.

There is good news for the rest of the country as LGCs (Large-scale Generation Certificates) have experienced a 25% increase since mid-February 2023. This development makes solar an excellent choice for companies seeking additional revenue streams or aiming to meet renewable energy and emission reduction targets.

More competitive market and larger system sizes

Clients who aim to reduce their carbon footprint and save on energy costs are increasingly opting for larger solar systems. This trend, combined with a strong desire to secure projects, has fostered competitiveness on our platform. On average, each project receives bids from 10 Solar Retailers, resulting in better-than-market pricing for our clients.

For more information on how we can help you with your solar needs, click here or fill out the form below to speak to one of our experts.

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