According to the Brazilian Solar Energy Association (ABSOLAR), Brazil installed more than 2GW of new power in the first half of the year, corresponding to 330,000 household systems. The cumulative installation of residential PV increased from 12.5GW at the end of 2023 to 14.6GW by mid-2024.
Brazil's commercial and industrial PV added 1.2GW of new installations in the first half of the year, corresponding to 33,000 systems, and cumulative commercial and industrial PV installations increased from 7.4GW at the end of 2023 to 8.6GW by mid-2024.
If centralized PV is included, Brazil added a total of 7.104GW of installed PV in the first half of the year.
The share of photovoltaic power generation in Brazil's overall generating capacity increases from 16.5% at the end of 2023 to 19% by mid-2024.
There are four main reasons for the rapid growth of residential PV in Brazil in the first half of 2024:
I. PV module prices down about 40% since last year
II. Increased electricity consumption due to more extreme weather
III. Electricity rates rise in Brazil
IV. Credit liberalization has made it easier for the general public, especially low-income groups, to obtain credit for installing PV, with some financial institutions offering 0% down payment loans for installing solar equipment. According to Sicredi, Brazil's largest cooperative credit system, the total amount of PV credits in the first five months of this year increased by 86% compared to the same period in 2021.
In the Brazilian Solar Energy Association's ranking of installed capacity, the state of São Paulo leads the national ranking (May 2024) with more than 385,300 households, followed by Rio Grande do Sul (303,100 households) and Minas Gerais (291,800 households).
Eighty-nine percent of Brazilians would like to install solar energy in their homes to help combat climate change, according to a poll by consultancy Datafolha. The survey interviewed 2,457 people aged 16 or older between June 17 and 22 in 130 Brazilian cities.
The Brazilian market has seen a steady stream of positive measures recently, starting with the approval of a PV installation program for 500,000 units of affordable housing, followed by a relaxation of the review process for distributed PV installations.
Weather forecasts for the end of the year predict below-average rainfall in Brazil (approximately 50% less), which will have a negative impact on hydroelectric power generation.
Bullish on second-half growth in the Brazilian PV market.
Source: https://mp.weixin.qq.com/s/O3PJYpoONCRBjkU8vEjjzg
