The renewable energy market is forecast to continue to grow globally, and in the UK, with a number of factors contributing to said growth. In today’s blog, we will examine two key factors and break them down. These are; falling costs of renewable technologies, and government policies and targets. In turn, this will give an insight into where the market is likely heading, and will give you as an installer the relevant information to have confidence in transitioning into renewables. As we have mentioned previously, hesitancy is understandable due to the constant moving of goal posts from the government. However, the above factors, irrespective of this, will mean the market will grow, and it’s an opportunity that is too lucrative to miss.

Falling Costs of Renewable Technologies:

Previously, renewable technologies, such as Solar PV, was expensive to both consumers, and installers in relation to buying the necessary materials. However, the cost of these technologies (for the most part) continues to plummet meaning more consumers can afford to make the renewable switch, which in turn results in an increase in work for you. For example, the price of solar modules continues to drop, and it has been estimated that prices will end up dropping by 40% by the end of 2024 (globally) with Solar Module Prices potentially reaching as low as $0.10/W by End 2024 (this is a global statistic) (Bellini, 2023.) This is good news for installers of the technology, with the price of solar panels being significantly lower, and therefore maximising profits.

Government Policies and Targets:

As we have spoken about many times, the governments net zero targets directly correlates to the growth of the renewable market. Simply put, the government cant afford not to reach these targets, and are therefore pushing them more than ever. The upcoming election will have an impact on this of course, and with it looking like Labour are set to win, the decarbonisation of electricity is closer than ever, with Keir Starmer setting sights on 2030 to achieve this. Therefore, we will see an even more aggressive rollout of the technologies, with more government funding to help meet the targets. Positioning yourself at the forefront of this push is essential, and undertaking recognised qualifications that also allow you to register with MCS will ensure you have access to any potential funding that may arise.

Honourable Mentions:

There are of course a multitude of other factors that continue to contribute to the growth of the market, and in this section we will explore a few ‘honourable mentions.’ The first of these, is the cost of living crisis, that has forced consumers to look to alternative energy sources to keep down energy costs. Despite the energy price cap falling, it still remains higher than the post crisis figure, and therefore renewable energy is still needed to offset the additional costs. Technologies such as electric energy storage systems can help significantly with this, through storing energy generated from solar PV to be used at different times of the day. The second mention, is a changing consumer attitude towards renewable energy, with more consumers ready to adopt greener sources of energy due to the environmental implications. According to a recent survey from 62% of correspondents said they were more likely to purchase a product or service that is sustainable (“If Consumers Hold the Key to a Greener Future, How Can Energy Companies Unlock It,” 2021.)

A Summary:

The continued growth of the renewables market is as close to being certain as you can get, and there are a number of avenues you can go down. Today’s blog has predominantly focused on the electrical side, however this growth is applicable right across the board, as you will have seen from the push of heat pumps and other renewable heating systems. At GRE, we are proud to offer one of the most varied selection of renewable energy courses in the UK, and are passionate about ensuring you are correctly trained in your chosen technology. Click here to view all of our renewable energy courses.

References:

If consumers hold the key to a greener future, how can energy companies unlock it. (2021, January 27). EY. https://www.ey.com/en_uk/power-utilities/consumers-hold-the-key-to-a-greener-future

 Bellini, E. (2023, November 23). Solar module prices may reach $0.10/W by end 2024. PV Magazine. https://www.pv-magazine.com/2023/11/23/solar-module-prices-may-reach-0-10-w-by-end-2024/