Solar energy in the Australia is on a growth trajectory that shows no sign of slowing down. The reason for that growth is simple: the sun sends down more energy than humans could ever need. According to research data, 73,000 terawatts of solar energy hits the Earth at one time — more than 10,000 times Earth’s total energy use. And yet in the Australia, solar energy is at less than 3 percent of the total electricity produced.
As the world begins to appreciate solar power as the clean, renewable energy resource that it is, the cost of the production and installation of solar panels has fallen dramatically to make solar affordable. Estimates3 are that the cost of solar PV cells could drop as much as 25 percent in three years. Whatever the number, the price drop for solar energy is just the beginning.
Technology breakthroughs are also accelerating As solar power becomes cheaper and more energy-efficient, solar companies are also refocusing on better solar battery solutions for energy storage. Like solar panels, lithium-ion batteries are becoming more affordable, and solar companies are developing ways to smartly integrate storage at businesses and residences with energy management software and smarter power electronics. The goal is to enable consumers to reach an energy storage point where they no longer need the grid for power.