Duke Energy, a large utility company based in North Carolina, recently implemented a new way of providing power to their customers. Rather than depending on traditional energy sources, such as coal and nuclear power plants, they bet on solar energy. What is more, they designed their system to generate more electricity than is needed for regular residential use, and have enough surplus to sell to neighboring utilities.
This is possible because Duke Energy integrated the renewable energy source, solar, with battery storage, which allows them to sell back any excess electricity generated. This helps to reduce the emissions that are typically produced by power plants, and it gives them a hedge against future energy price fluctuations. In addition, they receive credit for powering their homes with clean energy.
Clean Power Solutions
The traditional sources of energy, such as coal and nuclear power plants, cause air pollution that is dangerous to humans. In recent years, cleaner power sources, such as solar and wind energy, have become more attractive to utilities as the costs have come down. In addition, many regional utilities have bought power plants that provide renewable energy and are less dependent on fossil fuels, such as coal and natural gas.
Duke Energy is not the only one to realize the benefits of renewable energy. California-based SunPower, one of the world’s largest solar power companies, saw its share price double after it went public. The company supplies solar power solutions to utilities, such as PG&E, and offers solar lease plans to homeowners. SunPower’s strategy is to develop large-scale solar farms that generate clean, renewable energy for use by utilities and other large customers. These projects produce more energy than is needed for use by residents, and the company leases the additional energy to utilities.
What is more, as solar technology has advanced, so has the size of the solar farms. Today, large solar farms can generate enough electricity to power a large city. The scale of these projects makes them ideal for utilities looking to reduce their carbon footprint and dependency on fossil fuels. In addition, the large customer base of a utility company gives them the ability to buy supplies at cheaper rates than other companies.
The Future Of Energy
Renewable energy sources, such as solar, are a safer and more sustainable option for powering our homes and businesses than fossil fuels. The technology is constantly evolving, and many large solar farms generate more energy than is needed for regular use. In addition, most residential solar installations now come with energy storage, which further reduces the load on traditional power plants at certain times of day. This makes them more reliable and increases the amount of electricity they can provide.
The future of energy will rely more on solar power and less on fossil fuels. This trend is likely to continue as the costs of solar power decline, and as energy demand becomes more flexible and fluctuating. The world’s largest economies, China and India, have huge populations and are among the worlds’ largest consumers of energy. The economies of these countries are booming, and they will need power to fuel their growth. In the near future, we will see more and more utilities adopt this strategy.