In early 2022, the entire world will be watching Israel as the country becomes the center of a technology revolution. That is because solar power is about to change the way we generate electricity across the globe. This evolution in how we generate energy has never been more important. With climate change and resource depletion becoming major issues, we will see an increase in individuals and organizations pushing for alternative energy solutions.
It is well established that climate change caused by fossil fuel combustion is one of the major forces behind global warming. The truth is that we cannot rely on oil and gas companies to solve the climate crisis. We need to take matters into our own hands. That is one of the key ideas behind the development of solar power. When the Sun shines, it can provide unlimited clean energy. We just need to make sure that it is properly harnessed.
Why Solar Power?
Throughout human history, whenever energy has been in short supply, it has been followed by major changes in society. That is certainly the case today as solar power takes the world by storm. While other energy sources are being deregulated, wind and solar power are enjoying boom years. That represents a major shift in how we generate energy and have relied on fossil fuels for centuries.
With fossil fuels slowly making their way towards extinction, it is clear that we need to search for energy solutions that do not rely on them. That is one of the reasons behind the recent boom in solar power. As the cost of solar panels continues to decline due to competition and innovation, more and more people are choosing to go green and generate their own electricity using the Sun’s abundant energy.
The global solar market was valued at US$16.9 billion in 2021 and is predicted to rise to $26.4 billion by 2027. In 2022, global power sales are expected to hit 25 gigawatts (GW), up from 22.9 GW in 2021. This figures represents a 15% increase year-on-year.
This trend is likely to continue as more and more businesses and countries realize how much cheaper and more effective solar power is compared to traditional energy sources. That is not to mention the environmental benefits.
Let us take a closer look at how solar power works and how much it costs in comparison to traditional sources.
How Does Solar Power Work?
Just like any other energy source, solar power can be used to generate electricity. The difference is that solar panels are completely dependent on outside influences for energy. That means that the Sun sends both solar and solar panels a signal to generate electricity. For that reason, solar power is often referred to as “solar dependent energy.”
When sunlight shines on a solar panel, the panel absorbs that energy and converts it into direct current (DC) electricity. It cannot use heat energy, so it is important that the Sun is shining for the panel to work. The amount of electricity generated by a solar panel is dependent on the strength of the signal, the size of the panel, and the amount of sunlight. As a general rule, the smaller the solar panel, the higher the efficiency. You will also find that more expensive solar panels are typically more efficient.
There are a few different ways for a solar panel to generate electricity. The most basic system consists of an inverter, a battery, and a load. The inverter takes the direct current and turns it into alternating current, which can be used by your home appliances. The battery allows the inverter to store energy for later use. When you run your appliances during off-peak hours, the load can help maximize the generation of electricity from the energy stored in the battery. This is called “load following” or “power harvesting” and allows you to generate electricity even when the Sun isn’t shining. The system is completely dependent on the environment, so it cannot be disrupted by clouds or bad weather.
A more efficient and cost-effective way of generating electricity is called “power trading.” Here, instead of generating power locally, you trade energy with other traders in a market place. That way, you can benefit from economies of scale while also ensuring that the power is available when you need it. The system is less vulnerable to fluctuations in supply, which can cause major problems for utilities that rely on fossil fuels for their power.
Cost Of Solar Power
The cost of solar power is constantly declining, which makes it more affordable. The cost of solar energy has decreased by 81% in the last five years alone. In 2019, the cost of a solar panel system was $0.80/watt, which declined to $0.16/watt in 2024. The cost decline is largely due to the fact that solar power is less dependent on fossil fuels and can be produced at a much faster rate. We are now entering an era where wind and solar power are becoming highly competitive with fossil fuels.
The cost of electricity from solar panels continues to decline, primarily due to the fact that more and more people are opting to generate their own power through the Sun. That is especially true in places like Australia and Israel, where the Sun provides almost 24 hours of continuous daylight. As a result, more and more people are turning to solar power to provide for their families’ energy needs.
These are just some of the major issues facing the world today. Whether climate change, pollution, or resource depletion, we need to find new and innovative ways to overcome these challenges. That is why Israel is at the forefront of developing new and better ways to generate electricity. They know that this is an issue that affects not only the planet but also their own country’s economy. That is why they are embracing alternative energy solutions and making the solar industry one of the largest in the world.