Wednesday, May 1, 2019

Alternative Energy Is On Target To Changing Into The Most Electricity Supply

Today, the US, China and the rest of the developed countries, acquire more than 80 percent of its total energy from fossil fuels like oil, coal and natural gas. Eventually, these fuel sources are going to run out at some point in the future; thus it's imperative that we plan ahead and shift to new and cleaner sources of energy. Got any suggestions where to get it? Well, take a look outside and bask in the sunlight. That's right, the sun is an endless source of power, and energy industry analysts say that by 2050, solar power is going be the world's largest source of energy.

The Cost Of PV Systems Is Quickly Going Down
One of the major reasons why solar power is in vogue these days is because the price of photovoltaic off grid solar panels and systems has rapidly decreased in the last few years. Try walking around your neighborhood, and perhaps you'll notice a lot more of those shiny rectangular-shaped solar panels on the roofs of many houses already.
According to solar energy industry observers, the cost of building and installing PV solar panels went down to $3 per watt of electricity they produce, which surprisingly is nearly the same as the cost of building dirty coal-fired power plants. On average, the price of a conventional solar panel has gone down by 60 percent since the start of 2011, and the price of solar power has also gone down from a high of $76 per watt in 1977, to just 74 US cents today.

Photovoltaic Panels Will Supply A Quarter Of The Earth's Electricity Needs by 2050
In a report recently released by the International Atomic Energy Agency or IAEA, by the year 2050 photovoltaic solar panels will produce as much as 16 percent of the world's electricity, while solar thermal electricity (which is created by converting the sun's hot rays into steam, and turns a turbine) will contribute 11 percent.

As of 2013, the agency notes that the combined power of all PV panels installed globally is already producing around 137 billion watts of power. In the United States, rooftop solar panel installations are expected to grow from 0.2% today, to 10% or even more by 2022. New technologies are also making portable solar panels Australia more efficient at converting energy from the sun. At present, a conventional rooftop solar panel only has an efficiency rating of 20 percent, which means that 80 percent of solar radiation that hits the roof is squandered.

China's Big March Toward Solar Power Is Pulling Costs Down
China may be an economic powerhouse, but it's also the world's largest polluter. To clean up its act, China is making one major push towards solar power. In the past two years, the country has led the world in the number of solar panel installations, and it is on target to attain 33 gigawatts of solar power by the end of 2014. This makes China's solar power industry way above the current capacities of countries like Spain, Italy and the United Kingdom combined.

Much of the country's solar-generating capacity is situated in the rural west, and there are plans to distribute more solar panels to the cities and towns, and do away with the construction of expensive transmission lines. At this dizzying rate, China is going to install twice as much solar panels Rockhampton in buildings and factories, more than what currently exists in all of Australia.
The Corporate Giants Are Joining The Solar Bandwagon Too

Another reason for the phenomenal rise in solar power is that it's not just the Silicon Valley bigwigs who are jumping into the solar power Rockhampton bandwagon, but the major Fortune 500 companies too. Just look at Warren Buffet's electric company, MidAmerican Energy Holdings. Mr. Buffet's energy firm has just recently acquired a 579-megawatt solar development project in Southern California, for $2 billion.

The other major corporate investors in solar power include Apple, Intel and Google. Google for example, has announced that it's going to build six new solar power plants for $80 million. It's also committed as much as $1 billion for wind and solar projects that aim to generate clean energy and provide juicy financial returns too.


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