Solar energy systems on residential rooftops will produce 10 percent of Australia’s total energy consumption by 2031, according to a report released this week by the independent energy group Australian Energy Market Operator.
Over the next five years, the country will see modest growth in rooftop solar installations, AEMO reports. Residential investment in solar power, however, will climb more rapidly as the industry adjusts to the waning presence of buyer incentive programs.
By 2020, consumers will get a three- to four-year payback on rooftop solar systems, the group projects. In 2025, investors are expected to see a one- to two-year payback.
This sunny forecast for rooftop solar power marks the first formal recognition of the energy source by an Australian energy authority, reports the environmental website RenewEconomy.
“The significance of the AEMO report is several-fold,” RenewEconomy reports. “From a technical point of view, it means that rooftop PV will now be included in its demand forecasts, and in its statement of opportunities – the energy bible that is used as a guide to what opportunities exist for developers who are thinking of building new gas or other generation assets.”
The website also notes that the group’s favorable outlook on solar power means households in the near future will have a viable, alternative clean energy option that will most likely drive down electricity costs.
Photovoltaic energy already accounts for about a half of a percent of the country’s total energy consumption, the AEMO report states.
AEMO’s solar energy forecasts do not account for large, commercial installations of more than 100kW or systems mounted on the ground.
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