Australians are getting behind solar panels in a big way, with installations across the country on the rise.
Or so says market research organisation IBISWorld, which has touted solar power as being at the forefront of electrical installation services in a new report.
It would seem that the government's drive for renewable energy is catching on with the public, with uptake figures described by one expert as "staggering".
David Stephen, an industry specialist at IBISWorld, said: "Revenue of $1.39 billion is expected for 2012-13, a staggering 40 times higher than the figure of just five years prior."
The number of businesses operating in solar energy has escalated, the report stated, just to cope with the sheer volume of household buyers.
It comes just days after a survey from the Climate Institute showed 81 per cent of Aussies placed solar power in their top three preferred renewables choices.
However, it's not all a bed of roses – or at least not completely. Solar power will need to tighten up on various fronts to prevent competition from other renewable energy sources looking for their piece of the pie.
The sector will need to think about cost efficiencies, design attractiveness and becoming more versatile if it is to continue bringing in new business, IBISWorld added.
Posted by Mike Peacock