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Solar Energy Future – Developments and Forecasts for the Next Decade

  • Continued Reduction in Costs
  • Increased Solar Adoption 
  • Increase in Energy Storage Technologies
  • Integration with Smart Grids
  • Advances in Solar Panel Technology
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March 08, 2023

Solar Energy Future – Developments and Forecasts for the Next Decade

Solar energy has been rapidly growing in popularity over the past decade, as the world has become more focused on reducing greenhouse gas emissions and transitioning to cleaner energy sources. As we move into the next decade, the future of solar energy looks bright. In this blog, we’ll explore some of the key predictions and trends for solar energy over the next 10 years.

Continued Reduction in Costs

The tremendous drop in price of solar energy over the past ten years has been one of the industry’s most important trends. Since 2010, the price of solar panels has reduced by about 70% due to advancements in solar technology and manufacturing techniques. This pattern is anticipated to continue, with some experts speculating that solar energy will soon be priced on par with fossil fuels. However, after plummeting by 70% over the previous decade, the cost of solar modules has increased by 18% since the year’s beginning.

Increased Solar Adoption 

Countries that use renewable energy sources can reduce their energy costs, become more resilient to price fluctuations, and slow down global warming. This is particularly important right now since rising fossil fuel prices, brought on by the conflict in Ukraine. Large-scale renewable energy projects not only reduce carbon emissions but also offer investors, governments, and most importantly customers who require dependable, affordable electricity, clear economic advantages. In many parts of the world, solar energy is already cheaper than traditional fossil fuels, and as costs continue to decrease, we can expect to see even more widespread adoption across the globe.

Increase in Energy Storage Technologies

One of the main drawbacks of solar energy has been its intermittency – solar panels can only generate energy when the sun is shining. However, advances in energy storage technology are changing that. Development in the field is being driven by improvements in energy storage, particularly novel battery types and longer-lasting batteries. The residential, commercial, and industrial sectors are shifting to storage for electricity reliability and resilience, and old power plants are being converted into storage locations. Over the next decade, we can expect to see more widespread adoption of solar energy storage solutions, such as batteries and pumped hydro storage, which will allow solar energy to be used around the clock.

Integration with Smart Grids

We may anticipate a gradual increase in the integration of solar energy into smart networks as the world becomes more interconnected. Smart grids provide for better distribution management and can ensure that solar energy is utilised properly and efficiently. We may anticipate further investment in smart grid technology over the coming ten years, which will open the door for a larger uptake of solar power.

Advances in Solar Panel Technology

Lastly, throughout the coming ten years, we can anticipate further advancements in solar panel technology. This will result in enhancements to flexibility, durability, and efficiency. For instance, research is already being done on flexible solar panels that can be incorporated into garments or other materials and have a variety of uses.

To wrap it up….

In conclusion, the future of solar energy looks bright. Over the next decade, we can expect to see continued reduction in costs, increased adoption in developing countries, growth in energy storage solutions, integration with smart grids, and advances in solar panel technology. As the world becomes more focused on reducing greenhouse gas emissions and transitioning to cleaner energy sources, solar energy will continue to play an increasingly important role in our energy mix. Arise Solar – one of the largest solar companies in Australia offers All New 415W Monocrystalline solar panels along with smart wifi inverter, that helps you monitor the production of your solar PV system from anywhere in the world through smart devices. Speak to our team at 1300274737 to learn more about the flexible payment plans and unlock the offer in your postcode. 

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