By Kate Martin and Paul BoddingtonUpdated : January 24, 2020 07:08:26The costs of insulation materials are falling due to advances in technology, according to a report released by the Australian Institute of Electrical and Electronics Engineers.
The report found the cost of insulating against temperatures of between 0.7 and 4 degrees Celsius fell by almost two-thirds between the late 1990s and the early 2020s, with insulation costing up to $30 per square metre in 2020.
The institute, which has previously estimated insulation costs could reach $300 per square meter by 2025, said this would come despite the introduction of more powerful, low-energy solar panels and other energy-efficient technologies.
It said the cost reduction in insulation materials was driven by advances in the design and manufacture of insulation.
“This trend has been driven by significant advances in materials technology and manufacturing processes, the development of smart technologies, and advances in research,” the report said.
“These advances have enabled significant cost reductions in insulating material.”
“In recent years, we have seen significant advances on the design of insulation in many markets,” said study author Michael Giesbrecht, from the ANIEEE.
“While the technology and process improvements have been very significant, it is important to note that they are not uniform across all markets.”
The institute estimated that, by 2025 the cost savings in insulation materials could reach as much as $2.7 trillion.
“It is very important that all consumers and businesses are aware of the cost reductions that are coming,” Mr Giesbert said.
It is estimated that insulation material costs in Australia would be about $2 billion per year by 2025.
The study, released on Tuesday, said the price reduction was a “significant achievement” because of advances in design and manufacturing of insulation, but there were still significant costs to be addressed.
“The cost of insulation has decreased by more than 50 per cent in recent years,” it said.
Mr Giesbalts said a reduction in cost was due to advancements in materials science and processes that made it possible to make cheaper insulation.
In the report, the institute said it was also expecting the cost to rise over the next few years.
“As the cost efficiency of the current insulating materials approaches 100 per cent, the cost will also need to decline further, as the technologies required to meet these efficiencies become more efficient,” it stated.
The cost reduction could be driven by advancements in technology and processes.
The ANIEEE said it would be interested to hear from anyone who had a negative experience with insulating.
Topics:insulation,environment,energy-and-utilities,energy,environmental-impact,energy_and-climate-change,environment-management,environmentaustraliaFirst posted January 24, 2019 07:21:40Contact Kate Martin