Tuesday, 07 July, 2020

THE FUTURE OF SOLAR ENERGY IN THE NEXT 5 YEARS


THE FUTURE OF SOLAR ENERGY IN THE NEXT 5 YEARS

Future of Solar Energy WILL SOLAR ENERGY COST DECREASE OR INCREASE

Solar energy is energy from the future the sun is simply amazing energy which source of power is unlimited. The sun emits a large amount of power every passing second to satisfy the other energies in the earth’s biosphere. The future of Solar energy is an attractive and readily available source of energy that the earth needs as a source of survival.

Solar energy as a greatly needed energy has increasingly been a source of some technology advancement and the reliance of these technologies on solar power has decreased the cost of this solar energy; this is for the augmentation and embellishment of solar usage. A decrease in the cost wouldn’t affect the efficiency and reliability of solar cell, rather it will catapult its efficiency to a more reliable standard.

Over the few decades gone, the expenses that are attached to solar cells, the modelling capacity of converting the solar energy into electricity, have been on the decreasing side. Solar cells have become less expensive when the cost that comes with its labour and purchase of material falls on the dropping side.

THE FUTURE OF SOLAR ENERGY IN THE NEXT 5 YEARS

Talking about the future of solar energy, in order to go ahead of the current modelling and functionality of the current solar system, a new model and design will surely be needed to outpace the current energy system. The prospective solar system should be capable of capturing more light, transform light energy more efficiently within a minimal period of time and also be less expensive to create than the current model. The spread in the usage of solar energy has a lot to do with its efficiency, but it also has a whole lot to do with its decrease in price.

Currently, there are measures that are in place that will possibly add momentum to the decrease in solar energy cost. Though there are little challenges in the approach and methodology of designing electronics that are able to track the position of the sun perfectly and accurately, trials and innovative ideas are still ongoing.

Alternatively, to improve the efficiency of the solar cells and make it cheaper and affordable in the near future, the use of thinner solar cells might be considered for the decease of material cost. Just like the usual cells that have multiple layers, these thin solar cells might be tedious in the production of these cells, albeit, the research for improvement and modification is still ongoing.

In the next 5 years, silicon cells which are used in solar energy system are most likely to decrease continuously in cost which might cause an increase in installation. In the space of 5 years, we’ll be able to enjoy a more efficient and less expensive solar energy installation, as researchers are working tirelessly to make come through that dream. In the nearest future, alternative silicon that would help to modify the solar system will be put in place. This modification will come with a decrease in price and cleaner renewable resource of energy

The increase or decrease of solar energy has a lot to do with two phenomena; the hardware cost and the software cost.

HARDWARE COST

When the word solar system comes to your mind, you might assume that the hardware is the core part they make up most of the expense trigger: the inverters, the wiring, the racking, and all parts of the solar panels.

As a matter of fact, the hardware makes up only 36% of the cost of a domestic solar system.

Solar hardware spans through an enormous range of technology, from a single individual feature of a solar panel or solar power plant to manufactured inverters that allow solar panels to send needed energy back into the grid of the electricity, to the application structures that are installed on the top of the building roofs and utility-scale solar installations.

The designers create a particular concept, develop it from being just a mere concept into a prototype, test its capacity and ability to function in real-life arrangement, and set out a path to the public marketplace so the hardware can play a well-defined and critical role in the reduction of solar energy cost.

SOFTWARE COST

The software plays a very important role in the cost of the solar system. Soft costs are the specific part of installing the solar which include all facets except the hardware. This involves labour, marketing and the sales, industry overhead, gain, and also the manual labour involved in requesting or demanding for permits interconnection applications with the utility company.

Factually, soft costs cover over 64% of the total cost of a home solar energy installation. The software takes a lot percentage in the procedures of installing a solar system. Covering a very large range, the software cost accounts more than the hardware, as it involves all the tedious and rigorous aspect of the installation procedure.

The Department of Energy break down the cost of the software cost in this order:

  • Installer profit: 9%
  • Indirect corporate costs: 9%
  • Customer acquisition: 9%
  • Installation labor: 11%
  • Supply chain costs: 12%
  • Permit fees: 2%
  • Permitting and interconnection work: 2%
  • Sales tax: 5%
  • Transaction costs: 6%

Looking at these explanations and roles that come with the installation of a solar system, in the next 5year, the cost of a solar system will be on the decreasing side.

Cost of the solar system will likely continue to drop; it will keep dropping a little more than the current price of the wind energy. This might bring solar energy into grid equality with new coal, new hydropower projects, and the nuclear projects if every aspect of marked deformity that affects every aspect of energy were stripped off entirely.

Most importantly, the use of solar energy will spread more than it is currently, this will give rise to the decrease in cost. Also, considering safety and health, the use of solar might be the only reliable source of energy in the nearest future, for our world to be safe and secured, it might be a requirement for every home, firm and industries.

By comparing solar energy and other coal using form if energy, it is clear that the use of coal will cause more epidemic problems. Therefore, the future is solar energy, and it will certainly drop in its cost in the next 5 years for affordability and accessibility.

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