Solar energy has surpassed all expectations in recent years. The growth of this industry has led to the lowering of the manufacturing costs to an extent that setting up a solar energy generation plant works out to be much cheaper now. Also, solar energy leaves a low carbon footprint – which is great news, going by the adverse impacts of climate change we have been witnessing for several years now.
Besides, all the past data on solar energy is obsolete. Yes, the industry landscape has undergone changes, relating to costs and performance, and calls for fresher analyses.
Those who cannot fathom this change and continue to rely on fossil fuels for generating electricity will not yield the results of this transformative technology. Around the world, people are investing in solar energy plants, which are much cheaper as compared to some years ago. In turn, countries such as India and the Arab world have started to look at solar energy as a long-term solution.
Nowadays, solar energy is really cheap, so much so that in sunny areas, the costs are lower than they’ve ever been.
Investment in solar energy is a worthwhile investment, yielding above-average returns. More so, electricity charges are only going to drop further going forward.
Similar to the telecommunications industry that underwent a revolution in the past, the solar energy industry is heading the same way.
Earlier, calling somebody was charged depending on how much time the conversation lasted. And, in today’s times, telecommunication prices are offered at flat rates. Owing to great strides in the technology world, the advent of the internet has made things way much cheaper.
Similarly, we will end up paying flat rates for electricity shortly, notwithstanding how much we consume.
A decade back, solar energy accounted for less than 1% of global energy and has grown exponentially to touch 9% presently.https://ourworldindata.org/energy
Periodically, solar plants win power auctions having bids that touch 4 cents per kilowatt-hour; at such prices, solar energy becomes cheaper than coal.
The United States Congress is ill-advised if they are planning to wage war on solar energy. Instead, they must release funds for mounting solar roofs on houses throughout the country when they introduce the subsequent relief bill post the pandemic. Doing so can earn profits in the medium and long term while generating jobs and a strong economic bedrock.
Surely, solar energy does not pose as a solution for everything. The sun’s rays do not fall during night-time; nevertheless, the batteries that are required for storing energy, which the panels generate during the daytime, are highly affordable.
However, in several places (like the European countries), the sun barely shines during the winter months, when the demand for energy peaks. As such, some countries may consider combining solar energy with hydropower, wind power, and storage solutions for having self-sufficient systems.
On the other hand, in the case of countries like Spain where the sun shines brightly, they could adopt technologies to suit the needs of their country and may consider decarbonizing industries that depend on fossil fuels that the country now imports. In the process, they will be able to offer energy at economical rates to their countrymen and business houses.
They only should make the right choices when the time comes.Last modified: July 17, 2020