As recently as last year, a CommBank survey revealed just a fraction of businesses had near-term plans to invest in on-site solar generation or battery storage.1 While few were taking immediate action, many more were curious.
Fast-forward nine months, and the number of businesses turning to solar and battery storage has multiplied.1 In fact, new research shows many are looking for the best path to build a business case or size up the return on investment (ROI).
Rising energy costs are one factor putting renewables generation in the spotlight, particularly for power-intensive industries. This was echoed in research earlier this year, where most businesses had longer-term ambitions to switch to renewables to reduce power costs and carbon emissions.2
Now, many businesses may be advancing their plans faster than expected. The majority have a view on how they’d build their business case and get the information they need to take it forward.
Victron Quattro inverter, with generator input bottom left (Image: C. Brookson)
Grant Cairns, Executive General Manager Business Lending at CommBank, said that rising operating costs are prompting some businesses to fast-track plans to capture efficiencies and the positive impact of solar generation and battery storage.
“We know businesses want to understand the potential return on investment before investing in solar, and that’s very important to establish before proceeding with an investment. With a jump in businesses locking away funding for adoption in the next 12 months, it indicates more are clearing that hurdle.”
Read more: CommBank
