Is Solar Power a Cost-Competitive Alternative to Fossil Fuels?
From an economical and environmental point of view, the possibility of a better future lies ahead because reports are showing how green companies are making large investments in the field of renewable energy. In fact, the sector is experiencing a fast growth, especially now that the capacities of alternative power are showing great contributions.
In particular, solar energy is currently posing a big challenge to fossil fuels, especially in terms of price competitiveness. The fight is actually very close, with alternative sources achieving significant expense parity with its counterpart. For instance, if photovoltaic modules are acquired in bulk, the costs can go as low as £0.64. Moreover, this environmentally friendly option is already more economically viable in some parts of the world.
Of course, the road to low energy costs is no walk in the park. Researchers, for instance, did exhaustive reviews of earlier studies, from which they figured what factors made installation and maintenance difficult and inconvenient. Aside from that, total electricity generation, longevity, and financing related to solar-powered systems were found to be inaccurate. Additionally, previous research also failed to consider the huge positive economic impact of such devices to the reduction of carbon emissions and air pollution.
Another faulty finding that was clarified by more recent studies is the previous assumption that solar panel productivity drops at a rate of 1 percent or more every year. It appears that this finding is actually a huge overestimate because the decline in the yield of a top-of-the-line photovoltaic module only ranges from 0.1 to 0.2 percent annually. With prices for acquisition and installation decreasing by more than 70 percent since 2009, it is likely that this alternative energy source will one day become a major player in the global market.
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11.08.2009