As the oil and gas industry is witnessing turbulent times with the drastic rise and fall of crude oil prices, solar power seems to be attracting more interest everyday. Recent small breakthroughs in the manufacturing process of photovoltaic cells keep reducing the price of solar modules and the latest solar energy news continue to indicate further future price reductions.
Apart from the falling costs of manufacturing photovoltaic cells, government subsidies have helped firms in the solar industry to survive and grow into major players in the energy market. Solar prices are currently less than a hundredth of what they cost in the 1970s and another thing that is very good about solar is that it is not a fuel, rather the solar industry develops technology to convert energy from light to electricity.
Photo source: Pinterest
Just like every other type of technology, solar prices therefore will continue to fall and this is one reason why it has such a bright future. Also, the prices of batteries are falling, although their rate of decrease is currently not as fast as many would hope for.
Industrial investments in Solar production continue to rise as many companies continue to invest many hundreds of millions of dollars and some even billions. Recently in the latest solar energy news, A Hong-Kong based firm, CLP holdings plans to invest $1 billion in India through its Indian subsidiary, CLP India. This investment will add 1 GW of solar power over the course of 3-5 years.
Residential investments, according to the latest solar energy news are also on the rise. More and more firms are willing to lend money to homeowners today for solar installation than they were previously. This makes it possible for more consumers to buy the solar installation in their homes, instead of leasing it.
Worldwide electricity generated from solar energy till date is around 200 TeraWattHours. This is expected to increase as more generating capacity is being installed. Overall, the major obstacle to solar energy is the price of storage, which is primarily lead acid batteries. It has been declared that once the price of battery breaks below $100 for 1 Kwh storage, then solar power would have won. We will keep checking out the latest solar energy news to know when that will happen.