With technology advancing faster than we could ever imagine, many companies are putting more money into research and development of solar power even while profit margins are wafer thin. With the Australian dollar dropping and expecting to drop further, the price of solar is expected to increase soon.

Companies such as SMA, the world’s largest solar inverter manufacturer, have increased the money they spend on research and development. In 2012 they reportedly spent $108 million and they are expected to spend over $120 million in 2013.

Along with other new innovations, SMA is expected to release a battery set that will help existing solar customers store their solar power for night time use. The combined inverter battery will store power and help customers cut the cost of their electricity. It is expected to be released in the second half of this year.

With feed-in tariffs all over the world being cut and mostly becoming less than the cost of electricity, the name of the game has changed. People are less interested in selling excess power back to the grid and more interested in paying less for electricity and cutting costs. “The discussion is no longer about returns from solar panel installations, as was the case in the past. People now want to know how they can lower their energy bills,” SMA Chief Executive Pierre-Pascal Urbon. The main aim of the device is to use as much of the homes own power generated as possible – whether in daylight hours or not.

In other news, the Australian dollar has already dropped putting pressure on solar prices. As always, import prices will rise and this in turn may increase the price of solar components. In April, the Australian dollar was at a great high of around USD 105c and at the end of last week it was sittinga t USD 92c. Many financial experts are saying that the drop is going to continue and the dollar will worsen. The main feeling is that the days of a high Australian dollar are over.

The end result for solar power is going to be price increases and longer payback period on systems installed. The time to install solar power is now! Many companies offer great interest free terms with little to no deposit up front. In many cases, the money saved on your electricity bill is equal to the money owed in repayments – it’s a win/win situation. Click here to get a call back from Evolution Solar Sunshine Coast and we can help answer any questions you may have.