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More growth in the future of solar energy: no surprise

2021-05-27 17:51:59

A new study released by Bloomberg New Energy Finance shows the growth of solar energy in the next few decades, and the results indicate a large-scale expansion of renewable energy.

 

The study predicts that between now and 2040, there will be $3.7 trillion in new solar investment. In fact, in the next 25 years, one-third of new electricity will come from solar energy. With the continuous improvement of solar energy efficiency in various countries (especially developed countries), these solar energy acquisitions will have a huge impact on the energy market. Foreign affairs analysis shows that with the development of the solar energy industry, the manufacturing process of panels and other components has become more simplified. Financing also plays a key role; many solar installation companies allow consumers to rent systems for free; thus helping to drive demand.

 

As stated in an article in the "Washington Post", Bloomberg Research did not consider any new government policies. Excluding potential government actions means that the research results are based solely on economic and technological trends. Therefore, national policy choices may inhibit or promote the growth of solar energy. For example, in the United States, soft costs (costs other than the technology itself) account for two-thirds of the price of new solar systems. If U.S. regulators standardize the licensing process for entire U.S. cities, consumers will see a significant drop in costs. However, if large utility companies require regulations to impose fees on solar homeowners, then consumers can easily see a net increase.

 

Regardless of the direction, government actions will have huge consequences. Bloomberg's research shows that if no policy measures are taken, the climate will become warmer, exceeding the 2 degrees Celsius limit set by climatologists, effectively triggering widespread environmental degradation.

 

Even if there are doubts about the future of the environment, the status of solar energy as an enduring feature of the global energy market seems inevitable.

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