Friday, April 24, 2015

Solar energy is good for both today and the future

Solar energy was for many years regarded as too expensive and too inefficient, an energy source that perhaps is expected to show some promise in years to come, but definitely not today. However, if we look at the current situation on global energy map we can see that solar energy is now good for both today and the future.

What has happened in the last decade or so for solar energy sector that is now rapidly growing and turning solar energy industry into one of the fastest growing industries in the world?

Solar energy has become cost-competitive with fossil fuels. OK, the fossil fuels still have the gap in prices but this gap is shrinking and solar is becoming more and more viable with each new year. According to the U.S. Department of Energy, solar energy generation today costs around 13 cents per kilowatt-hour, and the downward trend in prices is expected to further continue in years to come.

Solar panels are becoming cheaper and more efficient. The researchers from all around the world test new materials and new methods that would make solar panels even more commercially viable.

The fact that solar panels are now cheaper and more efficient is not the only factor contributing to huge sales of solar equipment worldwide. The other factor which has contributed to rapid decline in prices is increase in supply-mostly because of Chinese solar panel producers.

Many states and countries offer favorable tax incentives for new solar energy installations. There is also the feeling that installing solar panels means doing your share in global fight against climate change and pollution. Installing solar panels is now not only the tool to support green cause, it also gives you the chance for hefty profits, depending on the country you live in.

Global solar energy output is expected to grow by more than quarter in 2015. Solar is good today, in years to come it could become the best energy option of them all.