Significant growth is projected for South Africa’s solar energy sector, expecting a market increase of USD $3.74bn between 2023 and 2028.
A new industry report by Research And Markets, Solar Energy Market in South Africa 2024-2028, has attributed several factors to this anticipated growth.
Firstly, more consumers have access to solar power through by Pay-As-You-Go (PAYG) financing models. Both individuals and businesses can access solar systems with decreased initial costs and spread out the ongoing payments.
The South African government has been introducing policies encouraging interest in solar energy, making renewable technology a clear priority. Feed-in tariffs and tax breaks for solar installations have been part of these initiatives.
Lastly, time is showing that the Levelized Cost of Energy (LCoE) for solar power generation is decreasing. Traditional energy sources are finding themselves less competitive than solar, piquing interest in a cheaper and renewable alternative.
South Africa’s dedication to its solar sector is beneficial to the environment and the country’s economy, as new job opportunities are expected to arise in the industry alongside financial investment in clean energy infrastructure.
