As the cost of traditional energy sources rises, more and more people are looking for other viable sources of energy. What is clear is that the future of solar energy is bright.
If you are looking for a way to cut your energy costs while going green, then solar energy is a very useful option. You can see the future trends in the solar industry here.
Reducing the overall cost of solar technology
Converting solar energy into usable electricity involves complex technologies and storage systems.
While the current technology is practical, the industry is constantly working to create a more efficient and cost effective way of producing usable electricity.
The solar industry has seen an influx of funding to support projects that will reduce the cost of solar technology.
Europe, and the US will both be investing more money in solar in the future. If the funding has the desired effect, the cost of solar energy could be halved by 2030.
As more people are able to afford solar technology, more households will be able to take advantage of the benefits of solar energy.
More affordable solar panels
If you are considering going solar, the cost of solar panels will influence your decision.
While the exact cost will vary depending on your situation, most households can expect to pay around $20,000.
The cost of solar panels has dropped significantly over the last decade. As the technology behind solar energy continues to improve, solar panels should become cheaper for homeowners.
The price of solar panels and batteries will continue to fall, attracting new buyers looking to save on uncertain energy costs.
According to Deloitte, more than 96% of net new energy generation will come from solar and wind by 2023. From 2013 to 2017, solar construction costs fell by 37%.
Improving the durability of solar panels
As solar technology continues to evolve, the durability of solar panels is becoming a major concern for manufacturers.
From grid-connected solar systems to off-grid solar systems, every type of solar power system has made great strides in terms of durability and effectiveness.
In fact, the mass adoption of solar technology has prompted companies to continue to develop innovative features and work to improve overall durability so that people can use their systems for years without worry.
The increased durability of solar panels reduces the cost of purchasing a solar system in the long run.
Increased demand and solar job growth
With innovations in off-grid solar systems and grid-tied kits for various types of solar panels, there is a growing demand for integrating solar energy into other products.
Consumers can now benefit from the cost savings of using solar outdoor lights for general decoration and to power large displays in the home.
In addition, as demand for solar products increases, the industry has developed a market interest in solar chargers for electric and even solar-powered vehicles.
The growing interest in and access to solar energy has led to an increasing number of jobs in this field.
In the case of the United States, more than 10,000 companies employ more than 255,000 Americans in all 50 states as of 2021.
According to the US Bureau of Labor Statistics, more jobs are expected in the next decade. Between 2021 and 2031, the BLS expects jobs for solar PV installers to grow by 27%.
But as the country adopts this form of green energy, other job categories, such as management and sales, are likely to increase into the solar industry.
Taking advantage of tax credits and climate change issues
Federal and local governments around the world are increasingly aware of the risks of current methods of energy production.
If science has shown the world anything, it is that the world is rapidly becoming uninhabitable.
This has led to a global initiative to cut carbon emissions in any way necessary. One way to do this is to provide financial incentives for people and businesses to make the switch.
One of the best-known incentives in the US is the federal solar tax credit or investment tax credit (ITC). However, this is a time-limited tax credit.
When originally proposed, those installing solar power systems could claim up to 30% of the federal income tax costs.
However, this figure has fallen to 22% by 2023 and will not be available in 2024. Unless Congress decides to renew the bill before it expires.
Once US consumers become aware that the federal solar tax credit will expire in 2024, the number of consumers enrolled in FOMO will likely steadily increase to take advantage of all solar incentives at the federal, state and local levels.
By 2022, more businesses may also switch to renewable energy due to consumer pressure.
Initially moving from plastic bags to paper bags, consumers are now demanding more green initiatives from the companies they support.
In 2023, the shadow of the new crown epidemic remains and geopolitical tensions spark economic strife: the pressure is felt across all sectors.
Energy markets face a myriad of uncertainties in the future.However, there is a clear renewed focus by governments on ensuring energy security and policies.
This is likely to act as a catalyst for renewable technologies and energy efficiency solutions, and could accelerate deployment globally by 2023.
It is absolutely vital to work with experts who have the knowledge and resources to provide a robust decarbonisation pathway tailored to the specific needs of your business.