Solar energy usage in the country has surged by approximately 50 per cent, with user numbers growing from 55,000 to 115,000. This increase reflects rising electricity costs, which have become unaffordable for many.
Amid escalating electricity rates, people are increasingly adopting solar power. The Alternative Energy Board reports that net metering capacity has reached 1735 MW.
Significantly, solar panels have become so cost-effective globally that they are now being used innovatively, such as for garden fences in the Netherlands and Germany. This trend is highlighted by images on social media showing solar panels employed as fences, a shift from traditional rooftop setups. The high labour costs associated with rooftop installations have driven this creativity.
The drop in solar panel prices is largely due to ramped-up production by Chinese manufacturers, which has saturated the global market. This surge has put competitive pressure on US and European producers, plummeting prices.
The International Energy Agency forecasts that global solar panel supply will hit 1,100 gigawatts by the end of the year, far exceeding current demand. Market prices have fallen by half in 2023 and are expected to drop another 40 per cent by 2028.
