Solar energy isn’t a new concept throughout the world. Consistently developing over the past 40 years, the amount of energy that solar has replaced is insurmountable. According to the Energy Information Administration, with a combined one terawatt of power contributed from wind and solar power collectively, solar is expecting its time in the spotlight by surpassing one terawatt exclusively.
Although the policy changes in China have put a hold on the solar power industry on an international scale, the cost of installing solar energy into residential and commercial properties has dramatically decreased which have, in turn, raised the demand within other countries, mainly throughout Europe.
Before the government decided to impose these changes, the forecast, researched by BusinessGreen, for China’s solar industry included an estimate of 206 gigawatts from now to 2023. Post-decision that number has lowered to 141 gigawatts inflicting severe ramifications for the universal market. Although this change is surprising because of the high demand for renewable energy in the country, the solar manufacturers couldn’t manage the subsidy costs snowballing.
Because of the dip in solar demand, the stock market took a significant hit and so did the prices in response to overproduction. Although the effects of that will most likely consequent in outside countries reaping the benefits, it will give other companies a competitive edge that wasn’t as apparent beforehand. At the rate that solar power installation is growing with the inexpensive costs, the capacity of global solar energy is expected to reach over one terawatt by 2023 regardless of China now producing 20 GW less than their usual annual output.
The industry of photovoltaics is already on track to reach the three-terawatt threshold from installations made through 2030. With the cost of installing solar power decreasing rapidly and grid, incorporation could increase the terawatt production. According to recent data, another terawatt of wind and solar power should be prevalent by 2023 and cost almost half of its current price.
Yarotek & Solar Power
Focusing on integrating solar power into the Caribbean and United States is an excellent place for Yarotek to thrive but we’re not stopping there. Noticing these changes within the market and the opportunities that arise allow companies like ourselves to reap the benefits and grab ahold of the industry by shifting the focus onto the Caribbean.