Why Investment in Renewables is Profitable After COVID-19

Global restrictions to avoid the spread of COVID-19, such as stay-at-home orders, company closures, and travel bans, are leading to the worst economic downturn since the Great Depression, as the human tragedy of the pandemic worsens. 

Australians have been spending more time at home during the day because of COVID lockdowns, creating a change in demand trends. According to the report, an average rooftop PV production increased between April 2019 and April 2020 in all states.

Recently, in 2021, the Australian renewables report also claimed that investment in renewable energy is rising to a peak as COVID has impacted the energy industry in a positive way. The report also claims a few key highlighters like, 

  • COVID-19 has had little or no effect on the investment decisions of 50% of investors, while 35% plan to increase their investments in the coming years. 
  • 86% of Australians believe state policies will be supportive of renewables, while 80% believe federal policies will be supportive as well. 
  • PV solar and offshore winds are also expected to be the most attractive investment opportunities in 2021.
  • 49% believe hydrogen will be a hotspot for investment, while 69% believe the hydrogen economy in Australia will reach a tipping point in the coming year. 

Talking about the hydrogen economy, it is expected to be the next big thing.

The demand for hydrogen has increased since Australia's chief scientist Alan Finkel estimated that solar-powered hydrogen could be a multibillion-dollar export market. An agreement between Origin Energy and South Korea to export hydrogen, which will be used to produce green steel, is also one of the large-scale projects in the works. 

Now, that the government entities around the world are scaling up economic programs to improve employment rates and reflate their economies, we can be certain that, 

  • We should look at ways to reduce economic and infrastructure vulnerability while engaging in activities that improves everyone’s health and well-being.

Clean Energy Drives Higher Economic Returns

  • GDP Effect: Arena predicts that global GDP will increase by up to 1.1 percent, or USD 1.3 trillion, by doubling the share of renewables in the global energy mix by 2030. Most of these favourable GDP results are due to increased spending on clean energy installation, which has had a cascading effect on the economy.
  • Welfare Benefit: Renewable energy's advantages also go far beyond the conventional and restrictive measures of economic efficiency. By 2030, doubling the share of green energy can possibly see a 2.7 percent growth in global welfare, compared to a 0.6 percent increase in GDP. 
  • Job Impact: Increasing the share of renewables to 50% by 2030, the sector will be able to employ 24.4 million people directly and indirectly. Renewable energy jobs will grow in all technologies, with a strong concentration on similar technologies that currently employs most people, namely bioenergy, hydropower, and solar. Above all, due to rapid solar photovoltaic (PV) deployment, Australia has climbed into top three most lucrative countries in the world for renewables investment for the first time

Thanks to historic low solar tariff bids and a new target for renewables production, Australia has moved up to the third position from fourth in the previous ranking in May. Australia has installed more than 10 gigawatts of rooftop solar PV, making it the world's largest per capita rooftop solar PV deployment.

Furthermore, recently the government announced a lucrative scheme for Victoria business owners. It is being said that solar for Business rebates will offset up to 50% of the expense of a rooftop solar panel starting in May 2021, with small businesses qualifying for up to $3,500 in rebates.  

If you want to check if you are eligible for the solar rebate, click here

Ready to Invest for Green Future? 

With that said, it is fair to assume that investing in green energies and solar panels for your home or business benefits not only the country's economy, but also your personal well-being, quality of life, and power savings. Solar is not a financial investment. It is, rather, the solution to some of the world's most urgent needs. Solar energy also has the ability to alter the climate.   

So, are you ready to grow your business and personal life by installing solar panels? Call us now on 1300 673 166. Solar experts at Sunburn Solar will advise you on the most cost-effective solar solutions available, while also extending our footprint each year by delivering services to commercial sectors.         

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