The Three Main Trends Driving The Solar Industry

Two decades ago, if you had claim that solar is going to be the next big thing, people probably would have laughed you off. Amidst people undergoing a drastic lifestyle change, climate control is getting out of hand. The world’s brightest and smartest are fighting hard to tackle this problem and solar power is at the center of this  revolution.

Few energy sources have promised a clean future for humanity and solar energy is definitely topping the chart, which is being pioneered by both government and the private sector.

As the prices of solar energy is dropping drastically market has now started to focus on what is next in the line of solar innovation. Our 10 year experience in the industry, we see a few key trends driving this industry.

Solar energy companies are making it easy to access solar energy. Government is trying to push solar energy in the market. Solar companies and firms will push the existing customer to smart home tools and other means of saving energy. Currently we are somewhere between first and second step.

A decade ago, solar was a difficult product for homeowners to understand. They believed that solar was something only large scale industries could afford. But with new technological accomplishments, it literally came down to just managing the financial expenses. Every homeowner have at least witnessed one neighborhood family installing solar panels on their rooftop and how it helped them to save electricity expenditures.

While the progress is rapid, we still need to pace up since we are facing a legitimate threat from climate change. Both the industrial and political pressure is rising  across the world. Developed and developing countries are together fighting to mitigate the negative effects of climate change. More needs to be done to increase solar usage and cut energy usage. These are the three key driving factors driving the solar industry.

Breaking Down the Cost

Costs have been the biggest barrier in the solar adaption. Even though there is a rise in consumer awareness about climate change, people first thing about the financial options before making an investment. By far, the reduced costs have been the most important driving factor in solar innovation. It is more accessible and affordable to small homeowners and businesses now than ever before. Few years ago, solar energy was rejected by large scale population by deeming it to be expensive and complicated. Recent developments have made solar energy one of the cheapest forms of energy in the world. A boost from generous investors in the private sector and clever regulators in the public domain have made this technology accessible to those were deeply unfamiliar with it.      

Solar energy has already surpassed its renewable competitor in terms of its cheapness and availability, with solar now being the most affordable method of energy production in at least 60 countries. That figure is more likely to go up, since many countries are realising the importance of sustainable energy sources. China, India and the USA being one of the top emitters of carbon di-oxide in the world, is heavily investing in solar solutions since they realized that fossil fuels cannot sustain their growth forever.

Of all the trends driving solar innovations, affordability is perhaps the most notable, as it puts down solar energy into the hands of everyday people to run domestic appliances who once relied on unsafe methods to generate energy. With more people getting access to this technology, it is sure a driving force behind innovation.

Battery Storage Is Promising A Safe Future

Batteries and other solar inverter technologies extend the benefit of solar energy by storing it 24 hours a day. Once people can access solar energy past sundown, the utility power grid will start serving as a backup option.  This option allows solar energy to be saved for night purposes. Another invention which is grabbing industrial attention is the invention of hybrid solar panels. These allow solar panels to conduct energy even in monsoon season. The project is still in the adolescent stage but once successful can revolutionize the solar industry.

Talking about battery, the innovation is happening quickly here when compared to hybrid solar panels. While we are not quite there yet, solar battery capacity and cost is within a few years of being truly competitive.    

Public Opinion Is Changing Towards Solar Energy

For the past five decades, proponents of solar energy face one huge obstacle in their quest – public simply wasn’t that interested in solar energy. These days, the rising threat of global warming and vastly different market conditions have led the common man to change the opinions. There are some concrete proof of how citizens all over the world are looking for an alternative to fossil fuels.   

This notable shift in public opinion cannot be ignored, especially in one of the countries with the largest population in the world and hold an influence over global solar market. For countless years, the proponents of green energy were left alone to fight the battle of climate change. But these days, it is the fossil fuel companies who repeatedly find themselves the target of public eye rather than solar energy providers who are now welcomed with open arms.   

Beside the growing awareness of climate change, the lowered cost of producing solar energy has resulted in this shift of opinion. Who doesn’t love cheap energy, and after all there is no cheaper source of energy than our beloved sun. Regardless of what spurred it, the increased public support for solar energy is one of the most important trends driving innovation right now.

We don’t know what the future holds or how we grapple the dangers of climate change soon enough to ensure a sustainable future. But it is increasingly obvious that solar is becoming the new standard of energy across the world. The most important takeaway is that solar is here to stay.  Thanks to solar, people will soon have many more options for what kind of energy they buy and where they buy it. As such, solar stands as a shining example of our free market at work and perfectly demonstrates how disruptive technology can spur innovation.

AmitBajpayee–

Amit Bajpayee is a Solar Energy Adviser and nature lover, currently working with Agni Solar. He is a passionate writer and love to write on topics related to renewable energy and solar industry to help people improve their solar energy knowledge and stay update continues.