Current State of Solar Energy Industry

Investment in the solar energy industry is increasing by leaps and bounds. More and more countries are moving towards a renewable source of power. According to some of the estimates, by the year 2050, solar energy will be the most dominant form of energy in the world.

For starters, countries do not want to rely on fossil fuels to generate energy for their citizens. That is why they are moving towards solar energy.

Most people think that solar energy is just of a single type of power. It is not true. There are two types of solar energy. These are:

Photovoltaic solar energy:

What I have on my roof!! The photovoltaic technology works with the help of solar cells. It allows you to generate electricity with the help of solar cells.

Thermal solar technology:
With the help of thermal solar technology, you can directly generate heat. You can use the heat to produce some other form of energy. Also, you can directly heat your food and water. Thus, thermal solar technology is more direct.

“Solar panel technology has moved on a lot”, claims Alistair Kay, editor at Green Business Watch

“The latest solar panel tech has the ability to save you a significant amount of money every year. What’s more, they are good for the environment and can even help to future proof your home”.

The current state of this industry is such that both of these domains are growing at an exponential pace. Most of the individuals are using solar energy for a wide variety of different applications. With increasing applications, the growth of the solar energy industry is exponential.

These days, solar energy generation farms are being set up at an industrial scale. Many of the corporates are also venturing into this field to take advantage of the growing popularity of solar energy.

Cost of solar energy equipment:

The only hindrance to the solar energy industry is the cost of equipment. However, with improving technology and increasing demand, the cost of solar energy hardware is coming down as well. The solar cells are becoming more and more affordable. It has become possible for not just companies but also individuals to invest in solar cells. As a result, many people are generating solar energy on an individual level.

The government has finally recognized the importance of solar energy. Thus, they provide you with a subsidy when you set up solar farms or solar power plants. They offer a grant on the use of renewable sources of energy.

In fact, in many countries all over the world, you can sell this power back to the grid. You can either get a rebate on your utility bills, or you can monetize the extra energy directly. It will allow you to generate solar power and use it right away.

Increasing energy storage:

Another factor which is making solar energy more and more popular is the ability to store it. Earlier, it was possible to use solar power only during the daytime. At the night time, the solar cells did not operate due to the lack of sunlight. These days, with the help of heavy duty batteries, the electricity generated during the daytime can be stored.

You can run applications during the nighttime with the help of these batteries. The usage of solar energy is now round-the-clock. In the last few years, with the advancement in the technology of batteries, this hindrance of solar energy is no longer a problem.

Future of solar energy:

The future of solar energy is when it goes mainstream. All over the world, the applications of solar energy are increasing. The ideas to generate solar power are becoming more and more innovative such as using solar panels on top of the trains as well as vehicles. With the help of solar energy generated, the trains, as well as the cars, can be powered. The reliance of the fossil fuels is going down.

while the current state of the solar energy industry might be pretty encouraging but the future will help solar energy go mainstream. When that happens, the innovative technology and the various initiatives powered by solar energy will create a new energy revolution.

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