For many decades now, all states worldwide have had their eyes fixated on oil costs, oil is a valuable commodity. Even though it still is currently, a new player in the area appears to be quietly and rapidly taking responsibility for the energy industry- power.
Backed by new technological improvements and cheaper prices, this new player is progressively becoming a dominant force to be reckoned with over the years. It’s even called by the U.S. Energy Information Administration that the use of solar power is very likely to grow quicker in comparison to other energy resources (renewable and non-renewable) in a year’s time. To get more info about Heat Pump, Hot Water Tank, Solar Collector, Solar Cell, Boiler you can browse online websites.
Over one-third of the whole new electrical capacity from the year, 2014 was solar, according to power Energy Industries Association. These rates indicate that in roughly every 3 minutes, a new panel has been installed.
Here are a few reasons why solar energy is taking over the energy market.
- More technology, fewer prices
The reason solar is booming today is completely due to economics. Apart from it being a cleaner, renewable source of energy compared to fossil-fuel energy resources, electric power is more economical for both consumers and energy companies.
Over the last few decades, there has been a substantial drop in the price of solar installations, which continues to decrease. The quotes of the International Energy Agency show that solar energy could possibly feature half of the whole energy resources by the year 2050.
Additionally, a recent report by Deutsche Bank estimated that within the next four to five decades, the price of solar panels will continue decreasing with a proportion of around 40. It follows that the greater the number of solar panels installed, the lower the prices, and the lower the prices, the cheaper electric power becomes compared to other sources of electricity.
Unlike other energy resources, electric power is a technology; hence it’s only going to continue to control the energy sector as it continues to become more efficient and economical with time.