Fast read
The solar energy sector has experienced enormous growth and is now among the least expensive ways to generate electricity in some nations.
Solar and battery system costs are expected to drop in the future due to advancements in technology and increased production.
More people are expected to want solar panels and batteries for their homes as electric cars become more popular. This way, they can use the solar energy to charge their car batteries.
In many regions of the world, solar energy output is anticipated to overtake other energy sources by the end of 2030. Solar power is expected to become cheaper than fossil fuels, leading to more installations worldwide.
Advised to work with a qualified local supplier or installation to get the most out of the market.
How will the Future of Renewable Energy look?
The popularity of solar power has rapidly grown in recent years and will continue to do so in the foreseeable future. As we move towards a more renewable world, more and more solar & battery installations will occur daily. However, many people have questions such as what the future of renewable energy is.
On the other hand, foes are questioning whether transitioning from renewable energy sources is worth it. So, what will create a significant boom in solar power & battery systems in the years to come – to truly change the world?
Lower prices of solar system parts
Solar energy isn’t as popular as it should be because it initially can cost more than some households can afford but the solar industry is finding ways to make it cheaper. By 2030, they aim to reduce solar costs by 50% through increased production and new research and development efforts.
As solar costs decrease yearly, poorer countries will install more solar systems. Developing countries have a large population, so the number of installations will skyrocket. In 2016, Bangladesh already had over 3.5 million solar power systems in rural areas.
New ideas will also help reduce the need for expensive materials like silver and silicon in solar panels. By avoiding mining certain materials, the cost of solar will go down even more. Once the high costs are gone, the use of renewable energy will explode even more.
Higher cost of electricity
Electricity prices in Australia have surged by over 300% since 2000, making it tougher for households to make ends meet. Many people are turning to solar and battery systems to save money. But for those living in apartments or rental homes, getting solar power is not easy.
Even though solar energy can help people save money and use renewable energy, many Australians living in apartments or rental homes can’t install it. This means they miss out on the chance to reduce their energy bills.
As more people become aware of this issue, there’s growing pressure on politicians to make changes. They need to create new rules and incentives to help everyone access solar power electricity, even if they live in apartments or rental homes. By making solar energy available to everyone, the government can help people save money and make our communities more sustainable in the long run.
Technological advancements
The future of renewable energy and solar technology is advancing rapidly, bringing significant improvements in energy production. Today, solar panels of the same size can generate 1.5 to 2 times more power, unlocking greater potential for electricity generation from rooftops.
Researchers at the University of New South Wales developed a new solar cell. This photovoltaic cell can convert 43% of sunlight into electricity. This beats the previous record of 40.7%. This breakthrough demonstrates the remarkable progress in solar technology and its potential to revolutionise energy generation.
As solar technology continues to evolve, its advantages become increasingly apparent. With ongoing research and innovation, solar power offers a promising solution for meeting energy needs sustainably and efficiently.
Using solar energy can reduce our dependence on fossil fuels. It can also help combat climate change. Additionally, it can create a cleaner and brighter future for future generations.
Environmental awareness
As the popularity of solar has increased, so have environmental concerns. Installing a solar panel system is a beneficial way to reduce your carbon footprint and personally contribute to a more sustainable future. This is because solar reduces greenhouse gas emissions and water usage.
With increasing concerns about climate change and the environment, the future of renewable energy means more people are choosing to invest in solar power systems to reduce their carbon footprint and contribute to a more sustainable future. Solar power is a clean, renewable energy that produces no greenhouse gas emissions or air pollution. The more solar installations there are, the more sustainable our future can be.
Government policies
Another reason solar is going to boom is government support. Government policies and incentives are key drivers of change, particularly in the realm of solar and batteries. The Australian government started a program called SRES to promote solar energy. This led to more solar panels being installed in Australia over the last 20 years.
Governments can also introduce regulations that require the use of solar. This strategy has been used in South Australia, where the state government has implemented that all new homes must have solar installed. More policies incentivising and regulating solar use will fast-track solar’s popularity.
The adoption of EVs is a game changer for the future of renewable energy
The future of renewable energy also looks at EVs and if they are powered by a home solar and battery system, meaning extremely low running costs.
Many people who own an electric car or a house are thinking about getting solar panels and batteries too. This is because having an electric car and a home can double the need for solar power in a house.
If someone already has solar panels but gets an electric car later, they might want to upgrade their solar system. If there’s enough space on the roof, adding solar panels can help power both the electric car and the home’s battery. This means they can get more benefits from their solar investment and save money on electricity bills.
Using solar energy to charge an electric car and store extra power at home is a smart move. It helps reduce pollution and makes it easier to manage energy use. Plus, with better technology, solar panels and batteries are more affordable than ever.
In short, combining an electric car, solar panels, and batteries is a great way for homeowners to be more eco-friendly and save money on energy in the long run. A win-win for both the environment and their wallets.
What does this mean for the future of renewable energy?
These changes mean the future of renewable energy and the solar industry will be able to reach a low cost and high efficiency – that it will be beating fossil fuels hands down. Solar and battery systems are easy to install and flexible. The number of installations worldwide is expected to grow quickly in the next few years.
To understand further how far solar has come in the past years and where it is believed to be going, feel free to enjoy our interview with Jeff Stapleton, a famous solar hall of fame industry veteran, who has been in the solar industry for over two decades.
