Renewables are likely to continue in the driver’s seat in energy markets as utilities, customers, and regulators increasingly choose them to save costs and address climate change concerns.
FREMONT, CA: Renewable energy had a record-breaking year in 2019, as installed power capacity grew more than 200 gigawatts. This was the biggest increase ever, with capacity installations and investment continued to spread across the world. Distributed renewable energy systems provided more households in developing and emerging countries with access to electricity. The development has been truly astonishing and is largely due to renewable energy’s unparalleled pace of cost reduction. Here are some of the major renewable energy trends too watch for in the coming years.
With renewable energy gaining more and more market share, the grid balancing and storage problem of them is increasingly apparent. As more and more renewable energy is added, there is a risk that the grid will be flooded with energy on windy or clear days – but much of that energy will be wasted if it is not stored for later use. Fortunately, battery prices are dropping rapidly, and other energy storage technologies are looking equally promising.
• Increased Affordability
The innovation of bifacial solar panels is decreasing solar projects’ levelized cost of energy even further. Bifacial solar panels produce solar power from both sides of the panel, resulting in a considerably increased power output. Bifacial solar panels cost marginally more than conventional solar panels, so obviously, they can further reduce the costs of energy projects.
• Corporate Demand
Leading players in the energy industry are ready to step in when national governments fail to increase their ambitions of slowing down climate change. From private consumers to corporations, states and cities are seeing an increased demand for renewable energy. The private market will continue to push on independently in the coming years, and cost reductions of renewable energy generation will only lead to an increase in demand.
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