Record-breaking commercial solar power installations facilitated by fintech Smart Ease
Against a challenging economic backdrop, many Australian businesses chose to invest in energy resilience in 2024 with a record-breaking 1GW of solar power installed on commercial buildings.
According to solar market analyst SunWiz, this marks the first time the 1GW threshold has been surpassed for commercial solar installed in a single year, bringing the total commercial solar capacity installed since 2011 to 7GW.
This comes as residential solar market contracted by 1.6% in 2024, only the second contraction since 2015. This contraction was more than offset by the growth in commercial systems in the 15–100kW range, which grew by 16% to record levels.
“Australia’s solar PV revolution has long been driven by residential installations, but we’re finally seeing the commercial sector take up the mantle,” said Warwick Johnston, Managing Director of SunWiz.
“Businesses – from local grocers to multi-site manufacturers – are recognising the immense value of solar, particularly with regard to energy-bill savings and ESG benefits.”
Deploying commercial funding for energy-efficiency equipment has gained momentum, enabling cash-mindful SMEs to invest in solar and begin their energy transition – while simultaneously cutting costs.
According to Guy Olian, CEO of Smart Ease, a leading specialist funder, installing solar – especially when supported by commercial funding – is increasingly viewed by businesses as an effective lever to improve cash flow.
“Financing solar makes clear commercial sense,” Olian explained. “It enables businesses to install a solar system with no upfront cost, and use energy-bill savings to cover repayments. Savings typically exceed the repayments, leaving extra cash to reinvest in profit-generating activities.”
This was the case for Penrose Glass, a glass manufacturing and repair business in NSW, which invested in a 31.9kW solar system using a Smart Ease Payment Plan in mid-2024. The system is estimated to generate 39.1MW per year, saving the company approximately $12,900 annually and putting them in a cash-flow positive position.
Smart Ease’s agricultural customer, Brinsmeade Farms, saw similar results when they installed a 50kW solar system integrated with three batteries. The system is estimated to reduce their energy bill by 82 per cent, equating to over $29,000 in annual savings – well exceeding their annual system repayments.
“Solar power has proven popular for businesses of all shapes and sizes,” Johnston said. “A record volume of commercial solar was deployed on small businesses in 2024, and plenty of large businesses are rolling out solar power across their stores nationwide.”
Larger corporations see even greater solar savings. Japanese multinational Komatsu Mining, for example, is estimated to enjoy over $147,000 in annual savings from their 289kW solar install at their site Parkhurst, Queensland site. For Komatsu, now subject to mandatory climate reporting, solar-powered operations will prevent an estimated 185,892 kg of coal combustion annually.
