The cost of electricity is on a steady rise as demand increases and fuel costs rise. However, you may be able to lower your electricity bill with a little innovation and research. Recent breakthroughs in solar cell technology have made it possible to efficiently convert sunlight into electricity, which has led to a major reduction in the cost of solar power. This article will go over how solar energy research has led to a breakthrough that halves the cost of electricity.
The Rise In Cost Of Electricity
For decades, electricity was relatively cheap and stable, which made it a great alternative to fossil fuels for energy generation. However, over the past few years, the cost of electricity has been steadily climbing as demand increases and fuel costs rise. In 2019 alone, according to the U.S. Energy Information Administration, the cost of electricity increased by 3.2%, and this is expected to climb even more as fossil fuels become more expensive.
One of the reasons for this is that electricity generation still makes up a relatively small portion of the total energy market. In 2019, the U.S. Energy Information Administration projects that electricity generation will account for about 10.3% of the total energy market, and this is expected to increase to about 11.5% by 2025.
Why Batteries Aren’t Enough
Although they are incredibly useful and can store lots of energy, batteries are a relatively poor choice for generating electricity. These devices require a lot of energy to generate, and in many cases, this would be a relatively high-priced option. In addition, the lifetime of a battery is relatively short, and this can be a major disadvantage if you need the electricity produced by these devices for long periods of time. This is why batteries aren’t always the best choice for powering things such as homes or businesses.
The Growth Of Solar Energy
In recent years, the cost of solar power has been decreasing at a rapid rate, which makes it a great choice for powering homes and businesses. Solar power generates electricity simply by converting sunlight into electricity using photovoltaic cells, which are usually made from silicon or cadmium telluride. These devices don’t require any outside energy sources such as fossil fuels or nuclear fuels, which makes them clean and green.
One of the major reasons the cost of solar power has dropped so much over the past few years is the development of more efficient solar cell technology. In addition, the cost of solar power equipment such as solar panels has decreased dramatically thanks to technological improvements and greater production volumes. This trend is expected to continue as efficiency improves and production volumes rise. Today, the cost of a residential solar system is around $16,000, which covers the cost of the equipment as well as installation, and this is expected to drop to about $10,000 in the near future.
Allowing More People To Go Solar
The cost of solar power is decreasing so much that it is now possible for more and more people to have solar panels on their roofs. This reduces their electricity bills, and it also allows them to generate their own electricity and be completely reliant on nothing other than the sun for energy. In the past, only large corporations and wealthy individuals could afford to install solar panels due to the high cost of installation and solar equipment, but times have changed.
In the near future, more and more people are expected to go solar, which will further decline the cost of electricity. The growth of onsite solar power has been around for a while now, and this article will discuss some of the major benefits that this renewable energy source provides.
Freedom From The Grid
For those living in areas where the sun doesn’t provide enough energy for a household, having the ability to generate your own electricity is incredibly valuable. In some cases, residents of these areas get their electricity from a utility company, but in others, they get it directly from a solar panel array installed on their roof.
This provides them with freedom from the grid, which is especially useful if they live in a place where the electrical infrastructure isn’t reliable or safe. In these situations, having a device that provides them with power when the utility company isn’t providing it and that is totally self-sufficient is preferable. In addition, not having any outside dependencies provides greater security and stability, which are both valuable in a world that still suffers from climate change and natural disasters.
Energy Independence
If you’ve ever tried to find an alternative energy source to fuel your home or business, you may have discovered that getting it to run can be difficult. In most cases, you’ll need an expert to get the equipment installed and configured properly to generate electricity, and even then, it won’t always work right away. In the meantime, you’ll be forced to use expensive electricity from your regular source.
With solar power, however, this is no longer the case. Not only do you not need to run costly outside equipment in order to get power, but you can also generate electricity at any time, which you can store in a battery or use immediately. As a result, you’ll be able to reduce your electricity bills and become more energy independent.
Reducing Pollution
The environment is a valuable asset that we all need, and solar energy is no exception. We already know that producing electricity using fossil fuels produces toxic gases that are extremely harmful to the planet. In many cases, these gases contribute to climate change, and this is why clean power sources like solar power are preferred. In addition, photovoltaic cells don’t produce any toxic gases, and they also consume relatively little energy compared to fossil fuels which they replace.
This is one of the major reasons why the cost of electricity is expected to decline over the next few years, as more and more people switch to solar energy and fewer people opt to use fossil fuels for power generation. In the future, it is expected that solar power will be completely pollution-free, and this will undoubtedly be a major reason behind it becoming the dominate form of energy instead of coal or fossil fuels.
Cost-Effective
One of the primary reasons that the cost of electricity is declining is due to the efficiency of solar cells and the falling costs of solar power equipment and installation. In the past, fossil fuels were relatively inexpensive due to the fact that they were easy to find, and this enabled energy users to afford them. However, as the price of oil and natural gas continues to rise, more and more people are finding it difficult to afford them.
This is why, for many, solar energy is becoming the obvious choice as a cost-effective solution to generate energy.
Allowing For Remote Areas
In some cases, electrical energy is simply impractical to generate and store away at a distance due to difficult terrain or bad weather conditions. If you’re living in an area where the terrain is rough or the weather conditions are poor, having a solar power system allows you to generate electricity whenever you need it, even when the sun isn’t shining or the wind isn’t blowing. This may be a viable option for those who have a large area that they need to cover, and since it doesn’t require any outside equipment or manpower, it’s ideal for use in places where the infrastructure is difficult to establish or maintain.
More Options For Homes And Businesses
If you live in a place where the sun shines brightly and the wind is constantly blowing, you may not need additional energy sources. However, if you live somewhere more sheltered, where the sun doesn’t provide enough energy for your home or business, the options become limited. This is where having a solar power system becomes indispensable as it provides you with more alternative options than you had before.
Depending on your needs and the amount of energy you need to generate, you can choose from a wide range of systems that provide various amounts of energy and capacities. When shopping for a home or business solar power system, you should be sure to consider your energy needs and how much money you’re willing to spend. With more and more people turning to solar power, manufacturers are responding by creating more options for home and business owners who want to generate their own power and be independent of the electricity company.