In the last decade, the price for solar power has steadily decreased. The hopes are that this decrease will inflict a shift in how we power our buildings and vehicles shortly. The technologies associated with renewable energy are making it easier than ever to store energy and improve the efficiency of another grid machinery.
Other Countries Taking the Plunge
More foreign countries are noticing the benefits of having renewable energy to reduce costs and carbon emissions. The projection of plummeting values is making renewable energy a hot commodity all over the world, and possibly one of the cheapest forms of energy resources. Of course, when the prices dip drastically as they have over the past year, the frequency of installations skyrockets.
What to Look Out for
The history of models that have suggested that the growth of photovoltaic models would not surpass other forms of energy have been proven wrong. Wind and solar power has exceeded all expectations and are expected to continue this way through to 2040. With the prices steadily decreasing, solar companies are anticipating more commercial and residential properties, and countries to adopt renewable energy as their primary source of power.
Microgrids are offering advantages that will continue to grow as the year’s pass. With better integration through grids, software, electronics, and microelectronic developers are rising to the occasion to improve upon the process continually. The advancements are being produced faster than expected, including smart meters and inverters, battery management systems, distributed energy resource management systems, etc.
Its speculated that fuel prices will become increasingly volatile in the following years. This will potentially attract countries and companies to move toward renewable energy sources, as they provide more stable and reliable rates. Solar power technology continues to surpass the capabilities of fossil fuel, as does the decrease in price.