As the concern for climate change is growing, so is the need to find alternative sources that have less impact on the environment. Solar energy is one of those renewable sources of energy which is not just the cleanest source of energy but is also a never-ending source.
An hour and a half of the sunlight that strikes the surface of the earth is sufficient enough to manage the entire energy consumption of the world for a year, predicts a study by the U.S. Department of Energy. The solar industry energy generation methods are expected to contribute the least in global warming and pollution than any other source of power and energy generation.
There are many new uses for solar power, as it continues to grow cost-effectively and broadly. As the third-party ownership model is on the rise it is a good sign of development for residential photovoltaics in the U.S. Residential solar would expand more rapidly if the ownership of third parties were allowed in more countries. Silicon has received the maximum amount of subsidies than thin-film PV, a massive amount of investment financed the original development of photovoltaic silicon from the semiconductor industry, the main aim of which, was to make the modern computer.
PV displaces those conventional generators with the highest variable costs in wholesale electricity markets. This reduces the cost of electricity generation and also the greenhouse gas emission level. Besides, since fossil units generally displace the generation, it also reduces CO2 emissions. A study by Solar Energy Industries Association demonstrates that addition of 1,000 MW of solar PV will reduce average wholesale energy cost to $0.6 per MWh, 2,500 MW of solar PV by $1.5/MWh and 5,000 MW by $2.9/MWh.
The solar energy researchers found in their study that while emerging lightweight and flexible thin-film solar technologies may not be cost-effective than conventional silicon, but their light weight and great resilience characteristics will bring their prices high and thus, help to upgrade the logistics industry. The continued evolution of cheaper and more ubiquitous solar power will lead to its use in technologies that have not previously been economical.