Future Growth Of Renewable Solar Energy

Renewable solar energy is one of the various renewable energies that are replaced as soon as they are used, hence it is called so

. Some other important sources of renewable energy are hydropower, biomass, wind, geothermal, and biomass energy. Although renewable solar energy is not the ultimate answer to all our energy requirements, it greatly contributes in protecting the environment while still producing useful energy. It accounts for nearly 25% of the energy usage across the world, and this is expected to rise as the interest in renewable solar energy grows further.

According to a recent study by the International Energy Agency, the renewable solar energy will gain more popularity in the future. The report predicts that in the next five years, there will be about 40 percent growth worldwide in the use of renewable sources to produce energy for diverse purposes. If this is achieved, the renewable stuff in the United States would produce 1.5 times the quantity of energy that is produced currently in America.

According to Maria van der Hoeven, IEA Executive Director, the renewable solar energy is growing quickly as the technologies mature, with consumption transitioning from the support driven markets to the potentially competitive market segments in several countries. The IEA report also predicts that renewable solar energy will see the maximum growth in comparison to the other renewable energy sources. As per the U.S. Department of Energy, solar power is the most abundantly available renewable energy resource across the world.

Solar power has already exhibited signs of growth in the United States with many commercial and residential projects choosing to go solar to conserve energy and save money. According to a report published by The Wall Street Journal, the use of solar panels in housing and commercial building projects is expected to grow in the future.

To encourage more people to make use of the renewable solar energy, the government has decided to offer energy rebates to the house owners. The government tax credits have led to the drop in the price of solar panels by about 30 percent in the form of federal incentives. Additionally, the government also offers other tax credits and incentives to further lower the cost of installing renewable solar energy systems.

Thus, the price of the solar panels have also gone down so that more and more people can afford to use renewable solar energy system in their homes and offices to keep the environment green and save money. According to a recent research by the GTM Research, the price of solar panel has dropped by approximately 50 percent.

There are several reasons that contribute to the growth of renewable solar energy. This form of energy is available readily in every location as all the states in the country get abundant amount of sunlight to generate solar power for domestic use. Apart from that, other factors such as rising prices on fuels have also raised the interest in using Renewable solar energy for producing electricity, heat and diverse other purposes.

by: James Watt

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