The popularity of solar energy is quickly growing. When people use photovoltaic panels, they can convert energy from the sun into electricity. It can then be used to power businesses, homes and more. It is quickly becoming serious competition for fossil fuel as an energy source as it continues to grow. There are still some important things many people don’t know about solar energy.
1. Demand For Solar Energy Increasing
In the United States, the current levels of demand for solar energy are at an all-time high. Installations of solar power have grown over 22 percent during the past eight years. According to Solar Energy Industries, it is now over 24 gigawatts (GW). This is enough energy to provide power for over five million homes in the United States. The third-largest market in the world for solar power is the United States, and it appears it could soon be second. This is because the prices associated with having solar energy continue to decrease. It is quickly turning into the primary energy choice for businesses and homeowners. Some of the major hurdles facing solar energy’s expansion continue to be the many soft costs associated with it. This involves connecting a solar system to a local power grid, permits as well as zoning regulations and more. It is estimated that currently, the inspection and permitting process could increase the total price of having a solar energy system installed by more than $2,000. This also could increase the time involved to complete an installation project by more than five months.
2. There Are Many Manufacturers And A Short Break-Even Point
Today, there are many different manufacturers of solar panels who offer products with more than 20 percent efficiency. As the cost of solar systems is decreasing, the efficiency of solar panels is steadily increasing. The reason for this is the efforts of the scientific community’s work to develop the necessary solar energy technology. A few years ago, the most efficient solar panels that could be purchased had approximately 17 percent efficiency. Currently, there are solar panels available that have an efficiency rating of 23 percent. The increased efficiency ratings have resulted in many homeowners in the United States being able to obtain a break-even point with their solar installation in three years or less. As the costs associated with having solar energy continue to decrease, the costs of electricity from the grid continues to steadily increase. Being able to reach a break-even point quickly with solar energy has caused it to become very attractive to businesses and homeowners. Many estimates of solar energy have it able to save businesses and homeowners as much as $20,000 from going off-grid and using solar. In places where utility costs are very high, a business or homeowner could see a break-even point within four years.
3.Cheap And Abundant
Around the world, solar is being recognized as one of the most abundant and cheapest sources of energy. A significant turning point for the economics of solar power when compared to fossil fuels occurred in 2016 in Dubai. This is when a solar company was able to provide electricity for less than $0.030 cents per kilowatt-hour. This set a world record as the cheapest type of energy source in the world. Solar power has proven itself to be one of the most abundant sources of power on the planet. Just in the United States, there have been more than 2 million solar systems installed. In 2019 the number of installations exceeded 2 million. This occurred just three years after the solar industry made its millionth installation. It is a feat that was over four decades in the making. The solar industry projects it will have over four million installations by the year 2023. This is an example of why solar is the top expanding energy source in the world.
Solar energy is a renewable energy source that is 100 percent clean. It can help to decrease society’s dependence on natural gas, oil, and coal for the production of electricity. Unlike fossil fuels, solar energy creates no air pollution. The abundant power of the sun provides a source of energy that is unlimited and doesn’t cause harm to the earth or the ozone layer