The Slow Growth of Solar Power Industry Explained

Sixty years ago, the only practical use of solar panels is in space on the US Vanguard 1 satellite. It is because solar panels cost a hefty price of $1,910 per watt. Now that it costs less than $0.80 per watt, the solar panel manufacturing industry proliferated especially in Europe, China, the US, and India. As a result, many solar-powered commodities were created including cars, mobile phones, and electricity. With government rebates, subsidies, and tax breaks, Vegas solar panels have become even more desirable for homes and commercial properties alike.

Various Forecasts on Solar Power Industry

Oxford University’s journal on Research Policy recently made public a study that showed how the decreasing manufacturing costs drastically increase solar power’s share in the global electricity market. Its growth is predicted to be 20% by 2027 from a mere 1.5% today.

The International Energy Agency’s prognosis, however, is rather bleak. They are guessing solar cells will only take 16% of the global supply by 2050.

The Cause of Slow Growth

The variability of solar and wind energy hinders the advancement of solar power. In fact, there was a project in the Sahara desert that was aimed at providing 15% of Europe’s electricity by 2050. It fell short, however, as transmission costs remain high compared to the costs of solar panels.

Modern Solutions

Because solar batteries and other resources are now more affordable, solar energy is still a viable option. The International Renewable Energy Agency (Irena) Innovation and Technology Centre, through is Director, Dolf Gielen, stated that that solar energy is capable of supplying 10% of the world’s electricity requirements by 2050. Additionally, Tesla and other energy storage companies are positive that they can provide affordable storage solutions to users of solar panels Vegas.

A better solution, however, is now being used in various parts of the world like Costa Rica and the UK. They are combining solar with hydro, wind, tidal, and geothermal energy.

Vegas Solar Panels are Now More Practical than Fossil Fuel

With continued research and technological advancement, solar energy is now a more practical choice than conventional fuels. According to ZME Science, even if you take out government subsidies out of the equation, solar energy is still cheaper. It could reduce your electrical bill by up to 65%.

So why would you keep issuing checks for high electricity bills every month when you can avoid fluctuating energy prices through a simple solar panel installation Vegas? Get your free in-home energy evaluation by calling Go Solar Las Vegas now!