The World Economic Forum (WEF) issued a report showing the plummeting cost of solar.  With new cutting edge technology, the WEF predicts huge increases in efficiency and the continued reduction in procurement costs and solar panel maintenance costs.

Solar’s Journey

At the beginning of this decade, the global consumption of solar energy was very small with cost, space and market knowledge being barriers to entry. Consumers were encouraged to be first adopters via subsidy programs in some countries e.g. Germany, Italy and South Africa.

Fast-forward to January 2020 and globally the consumer has installed 115 gigawatts (GW) of solar.  That figure is impressive as it represents more than the total of all other generation technologies put together.

The aforementioned plummeting costs are lower in sunnier regions and it has already been measured there as the cheapest source of new electricity generation.  In the increasing number of eco-villages or eco-estates, solar power surplus power is being sold back to the main grid turn it into a profit earning installation.

Solar’s Future       

A speculative prediction is that by 2030, solar will hailed as the chief source of electrical energy for the majority of the world. The environmental benefits from this will be profound and will have a positive impact for generations to come.  One of the factors that this is based on is that carbon dioxide NEVER leaves the atmosphere. We are still experiencing the impact of the carbon dioxide from the Industrial Revolution.  Methane breaks down in 10 years and nitrous oxide breaks down in 100’s to 1000’s of year.  Carbon dioxide just increases and increases.

This graph is from the WEF report and is sourced by them from IRENA (www.irena.org), the International Renewable Energy Agency.

The cost-reduction predictions are looking at a halving of the costs by 2030. The increased efficiency of modules to 150% better efficiency will further drive down costs.  The technology that is currently being tested for that greater efficiency is called tandem silicon cells. The further development of this technology is going to revolutionize the market.

Component material costs, for example, silver and silicon, are also expected to drop due to production innovations. Innovation research continues to push for, not only, science innovation by industrial design innovation. This is seen in new solutions such as the production of bifacial modules i.e. 2 face modules which, as the name suggests, present solar cells on both sides of a panel.

End-user application innovations will look at better integration of solar into our homes, offices and power systems. A facet of this would be appliances and equipment that is designed to be compliant with solar. 

This graph is from the WEF report and is sourced by them from IRENA (www.irena.org), the International Renewable Energy Agency.

Solar is going to become unbeatable compared to fossil fuels. It is uncomplicated, simple to install and is flexible. It can power a mobile phone or every street light in a city.  The growth of solar power is fantastic news for our struggling planet. In addition to installation, solar panel maintenance will also ensure longevity which is a vital part of being environmentally friendly.

Be a part of the brilliantly bright future, call Bellingers Electrical Contracting for affordable installations, testing, cleaning and maintenance of solar panels in Queensland With many years of converting locations to solar, we’ve got the solar panel expertise you need.  Your expectations will be exceeded rather than your budget.

Get in touch with one of our solar specialists for a free quote today.

Related Tag: Solar Panel Contractors

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