Expected to become the most important source of energy for electricity production, by 2030, the ever-evolving solar power is at the brink of mass adoption. In the future, solar costs are expected to halve by 2030, courtesy of cost reduction roadmaps of the solar industry.
The International Energy Agency states renewable energy capacity is expected to expand by 50% over 5 years between 2019 and 2024, and solar PV alone accounts for 60% of this projected growth.
Solar energy is widely recognised as a cost-competitive and reliable source of energy for a decade now. The revolution however began in 2008 when there were 6.7 GW worth new installations from 2.5 GW the year before. Back in 2007, the global market was highly dependent on subsidy regimes as solar energy harvesting was very expensive and highly inefficient but is now comparatively increasingly low cost. According to the World Economic Forum, by 2020, there will be more than 115 GW of solar installed world over.
Installed renewable power generation capacity has increased at a rapid pace in India, making it rank 4th in wind power, 5th in solar power, and 5th in renewable power installed capacity as of 2018 surveys. A total of 31,696 MW of grid-connected solar power generation capacity was set up in the country by October 2019.
Advancements in Technology
The wonders of technology cannot be hidden, and it seems that it has caught up with solar energy as well, in terms of cost and efficiency. In the coming years, technological advancements are said to ensure that solar becomes even cheaper.
Expected to become the most important source of energy for electricity production, by 2030, the ever-evolving solar power is at the brink of mass adoption. In the future, solar costs are expected to halve by 2030, courtesy of cost reduction roadmaps of the solar industry.
Bifacial PV modules and the rapid application of single-axis trackers are facilitating the growth of solar energy.
Solar Energy on the Rise
A report by climate think-tank Ember states electricity generated globally from solar energy grew by 22% year-on-year in 2019.
The widespread rise in the use of solar power is due to a couple of reasons counting global warming, scarcity of renewable sources of energy, and global policy changes. Effects of global warming are recorded around the world in everything from droughts to mega-hurricanes. The implementation of solar power is thus, a significant feature of global policy and economics. Recently, the cost of solar energy production has reached a record low, leaving the market with no choice but to explore solar for-profit motive alone.
Why Rooftop Solar Is Still Untapped for Residential Customers?
Residential consumers face the following constraints in rooftop solar installation:
Roofless Apartments
Due to migration, there is a boost in the culture of societies and apartments, facilitating a switch from large roof space to roofless accommodations. In addition, with changing lifestyles, power consumption is also snowballing. However, limited roof area or no roof at all constrains the capacity of solar PV plants installation.
Expensive Rooftop Solar
The cost of solar PV plants are triggering second thoughts for its adoption. Though the prices have dropped by huge margins recently, it remains expensive for many. Companies need to focus on affordability as a constraint to increase installation of rooftop solar plants.
Power Storage and Charging
Currently, the charging time ranges between 8 to 9 hours which is too high as people require instant charging. However, lithium-ion battery has advantages that far outweigh the shortcomings, which is why they are known as the future of the solar universe.
Grid-Connected PV System
A grid-connected PV system currently is dominated by string inverters that require solar panels to be wired in series. Meaning, if one solar panel\’s output is affected, the entire series of solar panels will bear the brunt. Nevertheless, microinverters will continue to play a major role in the future of residential solar as they are reliable and can lead to low costs.
The integration of micro-inverter operations into the phone is anticipated in the future. Meaning, people will be able to repair the system through their smartphones from home, doing away with physical intervention that is time-consuming, and also an expensive service.
Floating Solar Farms
Generally the location of a typical solar installation is a rooftop or a field converted into a solar farm. But, have you ever considered a bunch of solar panels floating in an ocean? Well, it’s possible! This would protect the existing land-based agricultural and terrestrial ecosystems from any kind of re-development.
What Does The Future Hold?
Tesla is currently working on a newer form of solar energy production called the solar roof. This technology provides the added benefit of solar energy generation while looking like any other panel. This is a prime example of how solar energy can become a “built-in” feature. The ongoing pace and advancements makes it evident that the vast majority of our surfaces may soon be generating electricity.
To Conclude
A research conducted by BloombergNEF states wind and solar energy are now the least expensive forms of power in a major part of the world and technological innovations are pushing it towards an even brighter future. The future promises solar energy as one of the best alternatives to fossil fuels. Clean energy will soon become a reality.
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