Solar investment of Australian businesses reached an astounding $33 million in December 2016.

Australia: Record breaking $33 million solar investment in a month

Many countries are now investing in solar power, and Australia is on top of the list. According to a solar consultancy firm, Sunwiz, Australian businesses broke a record in this category. They made a total of $33 million solar investment in December 2016.

Households also saw the potential of solar panels. The sector made $70 million solar investment in the same month. This is more than 30 per cent increase over the last 12 months.

Why solar investment grows

Warwick Johnston of Sunwiz said that the increase did not only occur in December but also in the entire year. And one reason behind this tremendous growth is the rising electricity prices.

More and more people purchase solar panels despite aggressive efforts of conventional energy providers to keep their business. Customers see solar power’s ability to lower electricity bills in addition to its environment-friendly features.

Mr. Johnston added that solar companies should get credit for the growth, too. Australian solar companies improved in their marketing efforts. It’s no surprise that they convinced customers, specifically businesses, to take advantage of the benefits of going solar.

Moreover, there was some sort of a ripple effect. Mr. Johnson narrated how companies observe their contemporaries. Most thought a solar investment is a smart decision as they watch others invest.

More wine companies invest in solar

David Buetefuer of the renewable energy supplier, Solar Project, said that more wineries signed up for solar investment over the last 12 months. While the industry was always supportive of solar, the last five years showed a significant increase.

Mr. Buetefuer felt that high power prices encouraged the increase in solar investment. It helped that cost of solar panel and installation is now more affordable, too, he added. Solar power allows businesses to generate power, exercise control over their electricity bills, and feel some stability.