Canada’s solar energy market is set to undergo substantial growth in the coming years, according to a recent report by Technavio. The market is forecasted to expand by USD 2,256.74 million from 2024 to 2028, representing a compound annual growth rate (CAGR) of 24.16%. This surge is driven by advancements in renewable technologies and decreasing costs of solar photovoltaic (PV) systems.
Key Trends Driving Growth
One major trend boosting the growth of solar energy in Canada is the increasing adoption of off-grid technologies. The improved affordability of solar PV and energy storage systems has made them more accessible, particularly for rural communities. Additionally, the Pay-As-You-Go (PAYG) business model, which allows for installment payments, has effectively addressed financing challenges associated with renewable-based mini-grids.
Benefits of Solar Energy
Solar energy generation offers numerous benefits, including the reduction of greenhouse gas emissions, mitigation of climate change, and providing self-sufficiency for rural areas. It also serves as a low-carbon alternative to traditional sources such as coal and diesel generators, thereby helping to reduce the population’s carbon footprint and environmental pollution.
Current Challenges
Despite its growing adoption, solar energy remains a secondary contributor to Canada’s energy mix, with fossil fuels still dominating over 80% of the country’s energy production and consumption. The high cost of establishing solar farms and their lower power output compared to fossil fuels present significant challenges to market growth.
Overcoming Barriers
To address these challenges, advancements in solar cell technology, energy storage devices, and power conversion devices are essential. Government subsidies and the expansion of electric vehicle charging infrastructure further support the growth of the solar energy market in Canada.
Ready to Switch Your Home or Business to Solar Power?
At Sauber Energy, we specialize in providing solar energy solutions for businesses. Our team of experts will work with you to assess your energy needs, design a customized solar energy system, and handle the installation process from start to finish.
In addition, we will also help you with accessing tax incentives to help you offset the initial cost and keep you profitable. We are committed to helping businesses like yours make the switch to solar energy and create a more sustainable future for all.
Don’t just think about going solar, take action! Contact us today to learn more about how solar energy can benefit your business and help you achieve your sustainability goals. Let’s work together to make your business shine with solar! Call us now – +1 (613) 800 9933.
