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South Africa's photovoltaics industry, worth $3.74bn in 2028 - report

South Africa’s solar energy sector is poised for a significant leap forward, with a projected market growth of $3.74 billion between 2023 and 2028. This optimistic outlook is driven by several key factors, according to a new industry report by Research And Markets title “Solar Energy Market in South Africa 2024-2028”.

The report highlights three major forces propelling the growth of solar energy in South Africa:

  • Rise of Pay-As-You-Go Models: Pay-as-you-go (PAYG) financing is making solar power more accessible for a wider range of consumers. These models allow individuals and businesses to invest in solar systems with lower upfront costs and spread the payments over time.

  • Government Support on the Rise: The South African government is increasingly recognizing the potential of solar energy and is implementing policies that encourage its adoption. This includes initiatives like feed-in tariffs and tax breaks for solar installations.

  • Solar Power Getting More Affordable: The levelized cost of energy (LCoE) for solar power generation is steadily declining. This means that solar is becoming a more cost-competitive alternative to traditional energy sources, making it a more attractive option for many.

This positive outlook for South Africa’s solar industry is not only good news for the environment but also for the country’s economy. The growth of the solar sector is expected to create new jobs and stimulate investment in clean energy infrastructure.


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