We live in an era where the need for fuel is becoming greater than food. Since traditional energy and fuel options are based on fossil fuel and fossil fuel is a limited resource, the world is looking for better and sustainable alternatives to traditional fuel and that is where the increasing demand for solar power comes from. In this article, you will learn about solar power and why solar power to triple during next five years.
Just like its name suggests solar power is a power based on the sun’s energy. This power uses the sun’s energy directly as thermal energy or it uses photovoltaic cells in solar panels to convert the sun’s energy into usable electrical energy.
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What are the Advantages and Disadvantages of Solar Power?
To understand why solar power to triple during next five years, you should first understand the advantages and disadvantages of solar power.
- Solar power doesn’t emit greenhouse gases and it’s pollution-free.
- It reduces your dependence on fossil fuels and foreign oils.
- It’s a renewable and clean power that is available every day. Even if the sky is cloudy, you will still get some solar power.
- Unlike paying utility bills, solar power is a return on investment.
- Usually, solar panels don’t need maintenance for over 30 years.
- It helps the economy by creating job opportunities for solar panel manufacturers, solar installers, etc.
- It allows you to live grid-free.
- You can store extra solar power using batteries and then use this power at night.
- Solar power can be used to power cars, homes, buildings, etc, and it’s also safer than traditional electric current.
- As efficiency is increasing day by day, solar power will become more efficient than it is today.
- Solar power is becoming more versatile and aesthetic with time.
- It doesn’t require any trenching cost.
- Initially, solar power costs high for all that installation and material. Moreover, it has a long ROI.
- It doesn’t have 100% efficiency yet and it also needs a lot of space.
- You need large battery storage as solar power isn’t available at night.
- Some people don’t find solar panels attractive.
- Cloudy days don’t produce as much energy.
- In winter months, solar production is low.
After this, let’s learn why- solar power to triple during next five years.
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Why Solar Power to Triple During Next Five Years?
It is forecasted that solar capacity would triple from 78 GW capacity at the end of 2014 to over 500 GW by 2020. In general terms, the demand for solar power will only increase in the coming years and these reasons explain why-
- The global capacity of solar power will only increase in the coming years.
- In the past years, the cost of solar panels has dropped.
- Solar power is less expensive than all other alternatives in many areas.
- Solar can be installed at the location of use rather than hundred of miles away like grids.
- With solar lease or power purchase agreements, utilities, industry, and homeowners can lock in rates of solar for 20+ years. On the other hand, it’s hard to predict the cost of gas, coal, and nuclear power.
- Solar power helps many utilities to meet renewable portfolio standards (RPS) and other regulatory goals.
- Renewable energies like solar energy are becoming famous in countries having carbon pricing.
- With time smaller and lower-cost solar systems will also be able to meet the energy needs of buildings and homes.