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WEG Explains How The Solar Market In Strong Growth In 2024 Can Be A Great Business Despite The Challenges Faced
In an interview, Harry Schmelzer Neto, Sales Director of WEG Solar and Building (a branch of WEG S.A), and Bárbara Rubim, Vice President of the Board of Directors of Absolar, discussed the performance of the solar market in 2023 and the outlook for 2024. The conversation, held at WEG’s headquarters, highlighted the challenges faced, the strategies adopted and the future trends of the sector.
Visit To WEG: An Immersion In Innovation
Bárbara Rubim started the interview by praising WEG and its infrastructure. “I’ve been a fan of WEG for years, but after getting to know it up close, it’s impossible not to fall in love,” she said after a visit to the company’s factory.
2023 Review: Challenges And Overcoming
The year 2023 was marked by significant challenges for the solar sector. The change in the rules of Distributed Generation (GD) and the new Legal Framework of Law 14,300 significantly impacted the market. “The first half was for the strong,” said Schmelzer Neto, highlighting the difficulties faced due to demand anticipation and high-interest rates.
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A single 560W solar panel was put to the test to try and power an entire house, and the test result shows how much a giant module can truly power a refrigerator, fan, TV, and everyday appliances in daily use.
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How much does it cost to install solar energy, produce your own energy for a year, and how long will the investment take to pay off?
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Saudi Arabia is building in Oxagon a US$ 8.4 billion mega green hydrogen plant with 4 GW of solar and wind energy, 5.6 million solar panels, and capacity to produce 600 tons per day, transforming the desert into one of the planet’s largest clean fuel factories.
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Germany and Denmark will transform Bornholm into a Baltic power island, connecting 3 GW of offshore wind power to the grids of the two countries via submarine cables and turning a real island into an international energy hub.
Despite this, the second half showed signs of recovery. “In the second half, we began to recover,” commented Rubim, highlighting the increase in solar capacity installation and market recovery.
Installed Capacity And Demand
The numbers for 2023 were positive in terms of installed capacity. “We installed 8 GW of GD, almost 1 GW per month,” highlighted Schmelzer Neto. This high installed capacity reflects the repressed demand and the anticipation of projects due to the rule changes.
Price Reduction And Accessible Financing
One of the main factors that drove the market recovery was the significant reduction in the prices of solar equipment. “We saw a reduction of more than half in the price of solar modules,” explained Schmelzer Neto. In addition, the availability of financing options also contributed to the sector’s growth. “We now have over 70 financing options available in Brazil for consumers who want to generate their own energy,” added Rubim.
Growth Of The Residential Market
The reduction in equipment prices opened up new opportunities for the residential market. “Today, a 5 kW residence costs the price of an iPhone,” compared Schmelzer Neto, emphasizing the expanded access to solar energy for classes C and D.
Energy Management And Technological Innovation
WEG is investing in technologies for efficient energy management. The launch of WEG Smart Home promises to revolutionize energy management in homes, integrating solar systems, electric vehicle chargers, and home automation devices. “The cheapest energy is the energy not consumed,” highlighted Rubim, underscoring the importance of energy efficiency.
Expectations For 2024
The outlook for 2024 is optimistic. The drop in interest rates and the increase in demand for solar energy are expected to further boost the market. “I am optimistic for 2024,” said Schmelzer Neto, believing in the continued growth of the sector.
The interview concluded with a look towards the future, emphasizing the importance of energy management and the trend of smart homes. “We are prepared for this trend,” said Schmelzer Neto, highlighting WEG’s commitment to innovation and sustainability.
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