Outlook 2024

In 2023 the solar energy sector of renewable energy was once again the fastest growing sector. 

Energy demand remains high and will continue to increase due to population growth, higher living standards and technological advances.

The rising use of EV’s are one of the factors driving energy consumption. EV adoption may have dropped off in the USA, but there is still a net increase overall. Emerging markets throughout Asia are embracing EV’s, demand driven by increased fuel prices. The average EV user in Lao charging at home has seen their monthly vehicle expenditure drop by up to 90%.

A key factor in the currency crisis and the soaring inflation rates has been the reliance on oil imports, these imports have to be paid with from ever decreasing foreign currency reserves. With the country having a wealth of electrical energy, the GOL see the mass adoption of EV’s as a strategic move in reducing the trade deficit and helping to bring the country back from the brink of economic collapse.

Lao Residential rates are one on the lowest in the region and commercial rates are equally low compared to neighbouring countries. Rates however are expected to rise throughout 2024 but still remain relatively low in comparison. 

The increase in electricity prices and the lower cost of solar products along with advancements in ES systems added to that the strong possibility of net metering becoming a reality throughout the country this year, mean that the cost effectiveness of solar in residential and commercial settings has never been better.

Prices of our solar systems start at 55 cent per watt. At todays electricity prices systems have on average a pay back period of under 6 years. Leaving you with almost two decades of FREE energy.