Australia, the continent with the highest sunshine, is luring the providers of solar energy battery from Tesla Motors to LG Corporation due to the successful increase in installation of solar battery storage in Australian households and other businesses.
The solar battery system has been described by Morgan Stanley as a local market which could worth $24 billion. Australia is seen as the world’s leading country with the highest amount of rooftop solar panels, and it is predicted that almost one out of two households will be solar energy inclined.
Michael Parker, an Analyst at Sanford C. Bernstein &Co. said, “Australia has all the criteria that you would look for – high sunshine, high energy prices and low financing costs,” “It’s a good test market.”
The CEO of Tesla Motors, Elon Musk, had already put in place strategies to supply Australia with its new battery energy systems, and with this initiative Australia will join United States and Germany as the three countries benefiting from Tesla Motors. LG Chemical, the largest chemical company in South Korea, is also willing to provide novel battery technology to residences in Australia come August 2015, whereas Panasonic Corporation is also planning to start selling its solar battery in October.
With regard to the data from Bloomberg New Energy Finance, solar energy is predicted to reach USD3.7 trillion in investment throughout 2040, and this has attracted more customers into the solar power market.
LG Chemical is confident to secure 30% of the Australian solar market starting from August. The solar energy industry could experience 1,400 percent increase within the next two years to over 30,000 in battery storage systems, LG Chemical stated.
James P., July 7, 2015. Australia lures Tesla as solar battery race accelerates: http://www.smh.com.au/business/energy/australia-lures-tesla-as-solar-battery-race-accelerates-20150707-gi6rh4.html. Accessed: July 8, 2015
AUTHOR: DOUGLAS YEBOAH