According to the World Economic Forum, the future is “looking bright” for solar power technology. Installation costs have fallen dramatically, and new technologies are making the energy gathering process more efficient. Solar power is quickly overtaking fossil fuels as an energy source. Globally, there will be more than 115 gigawatts of solar power installed this year. This is more than all other world energy generation technologies put together. Installing solar or rooftop solar helps in energy storage and this is enhancing the energy technologies.
Solar power technology in 2030
After doing the energy research, The World Economic Forum also predicts that, by 2030, solar power plants will have become the most important electricity production source in large parts of the world. This will have very positive knock-on effects on issues like climate change and environmental sustainability. This shouldn’t come as too much of a surprise. After all, the sun provides our planet’s surface with more than enough energy to power our lives and our operations indefinitely.
As technology improves, it solves the challenge of collecting enough solar power to make the technology viable for widespread use. The photovoltaic cells used in solar panels have traditionally been expensive to produce. Now, they are moving out of the luxury goods bracket and becoming far more mainstream. This is because the technology behind them has evolved enough to make production far more straightforward. At the same time, devices that run on electricity are becoming more efficient at being powered by solar energy.
The business case for solar power technology
Even with today’s costs of solar panels, there are already good cost savings to be made from switching away from the National Grid. As solar power technology improves, there will be more benefits for businesses, including an increase in savings. For instance, work is ongoing to manufacture bifacial modules. These capture solar energy on both sides of the panel at once. So you get double the output for roughly the same installation costs. That’s not a bad investment at all.
More businesses are joining the solar power technology revolution. They are discovering new ways to integrate it into their power systems and lower operational costs. In addition, solar power technology is reaching new places in the world where they have previously relied on fossil fuels. Solar panels are now much easy to install. The technology is more flexible, too, which means it can be used for many applications. This could be a game-changer for businesses and homes in developing communities.
Solar storage and real estate
Meanwhile, other businesses are realising the potential for solar power storage solutions. Tesla’s Powerwall is a home battery that stores solar power generated by photovoltaic panels or photovoltaic pv. It reduces a home or business’s reliance on the National Grid massively. Every Tesla solar power order includes one of these batteries. You can also add more units to increase storage capacity.
Having more solar power storage helps protect a home or business from power outages. It also contributes to reducing carbon footprints. The Powerwall from Tesla automatically detects power outages and recharges itself using sunlight. It comes with an app so you can control it remotely and receive updates in real-time.
Another business innovation connected with solar power is the predicted rise in demand for real estate. Landowners in many areas are being encouraged to lease out real estate for solar farms. This will make land values increase. It will also boost demand for cabling and infrastructure to connect the farms to the National Grid. Thus, solar farms will increase job opportunities all the way along the supply chain. Finally, research is happening into creating ‘floating’ solar panels to be located off the coast to harness the sunlight that falls on open water.
Sustainable solar power technology
A large aspect of the future of solar power technology evolves around making the technology itself sustainable and recyclable. If the apparatus required contributes too negatively to climate change, any advantages that solar power creates are cancelled out. So, efforts are in progress to make the technology itself sustainable. Initiatives include collecting and recycling old photovoltaic modules and panels.
As a result of this focus, many solar companies are working to achieve eco accreditation. They are working to make their resources recyclable, durable and as environmentally friendly as possible. They are working towards delivering ‘zero-carbon’ electricity to help further reduce the effects of climate change. The world’s focus is turning more and more towards sustainable living. So, this seems like the perfect time to work towards this admirable goal.