Optimism persists for the solar sector in 2021 and coming years, as key factors support its growth and sustainability.
The solar industry has undergone a phenomenal transformation over the past decade, leaving behind its humble beginnings as a niche market dependent on subsidies in countries like Germany, Italy, and the UK. Now, the solar revolution is in full swing, setting its sights on shattering records and taking the energy production world by storm. 💥
In 2019, global grid-connected solar capacity skyrocketed to 580.1 GW, and off-grid PV reached 3.4 GW, according to the International Renewable Energy Agency. The United States solidified its position as a solar powerhouse, installing over 2 million solar PV systems, generating more than 100 TWh of electricity, and boasting about 71,300 MW of solar capacity. 🇺🇸
Despite the ambitious price targets and rapid technological advancements needed to meet expectations, the solar industry has thrived. IHS Markit predicted a whopping 14% growth in 2020 compared to the total solar capacity installed in 2019, with an additional 142GW set to be installed during the year – seven times the solar capacity installed in 2010. 🚀 However, the Covid-19 pandemic snuck in, casting a shadow over the industry. Yet, even in these uncertain times, the solar industry has shown remarkable resilience and is expected to achieve record installations in 2020. 🌞
The Cost of Going Solar 💰
The cost of solar energy has plummeted over the past decade, with new technological improvements promising to increase efficiency and lower costs, especially in sunny regions where solar has already become the cheapest form of new electricity generation. By 2030, it's possible that solar could become the world's primary source of electricity, offering a clean, cheap, and renewable energy solution for a global population increasingly alarmed by climate change. 🌏
The solar industry has a clear roadmap to reduce costs, aiming to slash them in half by 2030. Silicon solar cells, which will continue to decrease in cost and be installed in large numbers, are expected to boost solar power output by at least 700% by 2050 in the United States alone! 🌞
The Future of Solar Cells 🔮
The race is on to develop solar cells that are more efficient, less expensive, and easier to manufacture. Researchers are working tirelessly to create higher efficiency modules, such as tandem silicon cells, that can generate 1.5 times more power than traditional modules. To compete with current solar cells, a new design must be capable of capturing more light, transforming light energy to electricity more efficiently, and being less costly to build.
- The solar revolution is transforming the energy landscape, aiming to take global electricity production by storm with the help of renewable energy and solar power.
- In 2019, solar energy made significant strides, with over 580 GW of solar installation capacity connected to the grid worldwide, and off-grid PV reaching 3.4 GW.
- The United States has become a solar powerhouse, with more than 2 million solar PV systems installed, generating over 100 TWh of electricity, and boasting about 71,300 MW of solar capacity.
- Despite the challenges posed by the Covid-19 pandemic, the solar industry is projected to achieve record installations in 2020, with a predicted 14% growth compared to 2019.
- By 2030, solar energy could become the world's primary source of electricity, offering a clean, cheap, and renewable energy solution for a global population concerned about climate change.
- The solar industry is aiming to reduce costs by half by 2030, with silicon solar cells expected to boost solar power output by at least 700% in the United States by 2050.
- Researchers are working to develop solar cells that are more efficient, less expensive, and easier to manufacture, aiming to create higher efficiency modules capable of capturing more light and transforming it into electricity more efficiently.
