Lower costs, lack of pollutant wastes and new technology are some of the factors making solar energy increasingly significant and its importance has in recent years greatly accelerated.
Starting now going through 2016, solar power usage is projected to increase at faster rate than for any other energy source. This applies to both non-renewable and renewable forms according to information from U.S Energy Information Administration.
More than one third of total new electric capacity comprised of solar energy in 2014, the Solar Energy Industries Association reports. A new panel gets installed roughly every three minutes, going by this rate, with the one-millionth one expected to get installed this year.
This is impressive news from the job-opening and ever-expanding U.S. solar industry. It also marks great news for investors utilizing new opportunities such as Solar Bonds of Solar City in order to be part of the growth process.
LESS COST WITH BETTER TECHNOLOGY
Solar is not booming just because it presents a more renewable or cleaner option compared to energy sourced from fossil fuels. Sheer economics are driving solar growth at present, making it cheaper for both regular customers and energy companies to operate. The philosophical consideration that power usage once was has now mainly turned to be a financial decision. Cost of installing solar has undergone significant drops during the last few years and keeps falling. International Energy Agency provides estimates that solar could constitute half of all sources of energy by year 2050.
Deutsche Bank estimates that solar-panel cost will continue falling by up to 40 percent across the next phase of between four and five years. Prices drop as more solar panels get installed.
Solar will get more economical as cost drops even more, compared to other sources of energy. Going by projections of a recent article from Bloomberg, solar-power generation is meant to dominate at increasing rate. Efficiency will thus increase and prices fall with time.
Oil prices have recently decreased lately, but Deutsche Bank projects that solar power will have the same or less cost compared to conventional sources within 80 percent of the global market by 2017.
Prices of oil have no significant impact on demand for solar power, as per the bank's analysis presented by Vishal Shah. Renewable sources of energy have experienced great benefits from subsidies from government as have fossil fuels. However, analyses done recently show that alternative strategies may oftentimes compete with traditional sources, even in the absence of such subsidies. This report comes from the New York Times.
COMFORTABLE WITH SOLAR POWER
A significant proportion of growth has originated from residential installations and even more homeowners are utilizing the benefit of lower solar costs to cut down energy billing. Residential installations of solar increased in 2014 third quarter by 58 percent more than the previous year, as per Solar Energy Industries Association.
The largest solar installer in America, SolarCity is offering to undertake home installation of solar panels with homeowners paying little upfront cost or even none at all. Customers in return sign up for agreements for the long term, undertaking to make monthly payments at lower rates for electricity than those charged by their local utilities.
SolarCity's Financial Products vice president Tim Newell acknowledged their motivation to save customers some cash in the objective of bringing solar to businesses and homes all across the U.S.
SolarCity in addition, recently started directly offering Solar Bonds to investors. Payments for interest on bonds are sourced from SolarCity along with payments for solar made by numerous clients of the company around the country.
Newell stated that customers get empowered to make cash savings by installing solar systems, indicating they were allowing investors opportunity of earning cash from solar too. Beginning with 1,000, investors may earn a maximum of 4 percent through online investment via SolarCity's website, without getting charged any fees for investment.
SOLAR EVERYWHERE
Equally, businesses are witnessing the gains of solar. Certain of the largest firms in America have begun installation of solar panels, especially because this action will earn them some cash savings. Professional sports are going solar too, with Indianapolis Motor Speedway that is home of Indy 500, installing 39.312 solar modules just in recent time.
As well, military installations are experiencing the gains, with one of the initiatives by SolarCity, SolarStrong project placing solar panels on U.S. military bases. It recently announced having placed solar panels on approximately 6,000 Marine Corps and Navy housing units all across San Diego County in California.
The military is pressing on with its effort of moving away from use of fossil fuels towards renewable sources. Solar will likely play a key role within this shift, according to U.S Congressman Scott Peters whose district representation includes San Diego.
