The consecutive falls from Selic rate, verified in the second half of 2023 and at the beginning of this year, increased the number of consumer units served by solar energy on roofs and small plots of land by around 50%, according to mapping released by fintech My Solar Financing.
Our last five months, basic interest rate suffered a series of reductions in the country: there were three between August and December 2023 and one in January of this year, causing interest rates to fall from 13,25% to 11,75%, this being the lowest percentage value since February 2022.
A market expectation is that new falls occur in 2024 and further increase the consumer optimism in decision making for new photovoltaic installations.
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According to the survey, across the months of August and December 2023Near 600 thousand new consumer units adopted the use of solar sources in their homes, businesses and rural properties, compared to the 400 thousand new consumers connected to photovoltaic generation in the first half of last year.
“With the new announcement of 11,25% Selic in January this year, the photovoltaic market should enter a new wave of optimism and growth, as the scenario of falling interest rates significantly boosts the solar energy sector, as it guarantees making it easier for customers to take out financing, in addition to reducing the return on investment time”, says Carolina Reis, director of Meu Financiamento Solar.
In addition to the fall in the Selic rate, another factor that would have boosted the growth in the use of photovoltaic generation is connected to increase in electricity consumption caused by the heat wave which has reached several regions in recent months, thus increasing the search for solar panels as an alternative for energy efficiency, cost reduction and greater thermal comfort.
Another factor in the growth of demand for solar panels highlighted by Meu Financiamento Solar is the protection against energy inflation, which shields the consumer from tariff fluctuations that can occur with water shortages and the application of red flags.
“Residential consumers are the most impacted by high electricity tariffs in the country. We noticed a growing demand for solar energy financing for condominiums, which seek to reduce the consumption bill for the common areas of the buildings”, highlights the director of Meu Financiamento Solar.
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