04 May Our Future with Solar Energy!
A renewable future is ahead of us, with an increase of homes ditching old-school fossil fuels to power their homes and switching over to solar energy, plus an increase of support from large businesses and international governments, there is a rapid change in the way we generate energy. A green future is rather near than far.
What does this future look like exactly?
- Growth Projections
Today renewable energy sources make up 26% of the world’s electricity, however, this is projected to reach 30% in the next 3 years, according to the IEA. And in the United States alone it will reach the total electricity capacity in 2024.
- High Efficiency at a very low cost.
The higher the efficiency rating, the more sunlight your solar system can turn into electricity to power your home. There is currently a move in place in technologies increasing efficiency 1.5 times more and cutting costs for consumers further. As technology progresses further and more methods to increase maximum efficiency are found, consumer benefits will be exceptional.
- Massive Gains in Private Equity investments.
Private Equity investments in renewables hit an all-time high last year of $23.7 billion. Renewable energy companies with private equity can expect to go from a million-dollar company to a billion-dollar company. Investors can expect to receive massive gains.
- Greater economic growth
As the need for solar power increases and as the cost of solar continues to fall, that’s good news for the economy and the environment. Not only does solar power reduce completely consumers utility bill, but there are also government incentives to switch over to renewable sources of energy. Another benefit to the economy comes in cases of emergencies, such as natural disasters. In many of these circumstances, there are power outages and it can put many living factors at risk, however, with solar systems powering homes and businesses, this is no longer a problem.
Another increasing benefit is the creation of jobs, solar jobs are increasing at a constant rate yearly. In 2018 alone the solar industry hired over 242,000 people that paid above minimum wage!
- Healthier environment
Negatively affected ecosystems have a chance at finally recovering and restoring with the increase of renewable energy sources. Solar energy specifically, benefits the ecosystem and environment by not needing to harm habitats to produce energy, also not releasing dangerous chemicals into our atmosphere.
Unlike other types of renewable energy sources, solar systems need less land, which is a contribution to land use. Solar systems can be installed on rooftops or in remote areas where nothing grows or is needed. As technology advances, there will be increasingly better solar systems that can help with land usage. Your local environment can benefit from the minimal land use solar systems require.
The future of solar is indeed bright! And we are excited to see what other advancements to our world come along as technology advances.