Solar Energy is Cheaper than Fossil Fuels
Posted by Becky Johanson in Industry News.
The moment many environmentalists have been waiting for so long finally came: installing solar-powered facilities is now more financially viable than investing into similar fossil fuel based facilities. Green technology fans - rejoice!
In over thirty countries, including the USA, solar and wind energies attained the same price, or lower than that produced by fossil fuels. In fact, the price of solar energy is on a steep decline, proving to be a logical and money-saving option for any new business venture. Soon there will be plenty more industrial solar lighting and other major projects in the renewable energy sector.
As a renewable energy source, solar is grouped with wind, water, geothermal and biomass energies as renewable energy sources. As such, they represent the minority in the energy sector, strongly dominated by the fossil fuels giants. These renewable energy sources are subsidized by the government to incentivize their use. Research has shown that with the dropping prices, in a few years not even the subsidies will be needed to make solar power a suitable investment option. .
Investors have recognized the growing influence of solar and are diverting from fossil fuels to invest in this enterprise. In 2016, almost 10 gigawatts have been commissioned for electricity production in the USA, making solar the energy source with the highest growth of the year. For a sense of scale, 125 solar panels were added every second in 2016 to get obtain 10 gigawatts of energy. In the time you are finished with this article, the number of new solar panels will measure in the thousands!
If we take into account many private citizens and businesses, who have also adopted this new trend, then almost about 11 GW of energy was added overall. The private energy sector added another 10 percent of the national grid capacity. Various uses of solar energy, ranging from lighting your driveway to industrial solar lighting, are now a considerable part of the national energy growth.
Yet, tensions surrounding solar still exist. While many problems regarding solar energy exist within domain of politics and big business rather than technology, the progress toward the fossil fuel-free world will be tough and full of obstacles. Even though we are no longer apart of the Paris treaty, we can take responsibility as corporations, municipalities, and citizens to reduce our footprint. Install at least one solar light in your home or your parking spot. Businesses can install industrial solar lighting, saving the planet all the while saving money on electricity as well. Nations all over the world vowed to spend 1 trillion dollars on renewable energy. No step is too small if it is in the right direction. Every citizen and every business can do something towards the creation of a better world.
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