2023 saw further consolidation for Boston Renewables as a developer and installer of solar PV arrays. Boston Renewables has a focus on supplying its services to the SME market and we are looking to expand our reach in this sector during 2024. 2023 saw a reduction in the installed cost of solar PV arrays by approximately 30%. An oversupply of solar PV panels was caused by the Chinese Government pulling away from its plans to install very large-scale solar plants. This led to a steady and sustained fall in equipment prices over the year, and we were able to pass significant savings to our customers.
2024 starts with what is widely considered to be a low point in hardware prices, and tremendous value exists for businesses wishing to invest in the self-generation of electricity from solar PV. Returns for those companies offsetting the import of grid-supplied power are typically IRO of 25%. This return is approximately double what it was during the years of subsidised solar. R&D investment in solar continues to be strong, and advances continue to be made that make solar arrays ever more financially attractive and durable in the long term.
Another positive step forward for self-generation is starting to unfold through export limitation. Distribution Network Operators are increasingly allowing larger systems to be connected with export limitations, and for industrial users of electricity, this is proving to be of enormous benefit.
Boston Renewables wishes to thank all those businesses that put their trust in us last year, and we look forward to expanding our client base and returning to existing clients over the coming year.
