The Exponential Growth of Solar Power

Solar power has come a long way since its early demonstrations. For instance, solar panels are expected to supply about 6% of all electricity this year – more than triple the amount of electricity consumed in the US in 1954.

The most astonishing aspect of solar power’s growth is its exponential nature. Solar capacity has doubled every approximately three years and this rate of expansion is rarely witnessed in major industries. This rapid growth can be challenging to comprehend. Ten years ago, solar power was still considered marginal despite its fast expansion.

In mid-2030s, solar power will likely be supplying more electricity globally than any other source combined. And by the 2040s it could become larger than all other energy sources put together. The cost of solar energy will soon be below half that for all other types, which makes it critical for mitigating climate change. This could revolutionize energy access, particularly in regions like Africa, where millions of people still live without basic electricity.

Image Source:The Economist

The economics of solar power play a crucial role in its expansion. Costs decrease as production increases leading to increased demand, which further raises production. Solar power has an advantage over traditional energy sources in that extraction costs for the latter are increasing while silicon, sunlight and human innovation are abundant for solar power. As production becomes more efficient, solar energy will continue to become more affordable and widespread.

However, solar power also faces some challenges. Since sunlight is not constant, solar energy needs to be stored for use during non-daylight hours. This problem is expected to be dealt with by progress in battery technology. Presently, China is producing most of the world’s solar panels and purified silicon thus raising concerns on supply chain reliability. Although this concentration has enabled fast growth, it also poses geopolitical risks.

There are several benefits of moving towards solar power like cheaper energy with greater reliability. This shift can lead to increased productivity because reduced energy expenses bring down the costs associated with almost all goods and services.

As solar energy becomes more accessible, it will inspire new technologies and applications, leading to economic growth and improved quality of life globally. This transformative potential highlights the importance of further increasing the production and use of solar energy, as a way toward a future where all mankind can benefit from the sun’s energy.

Resource: The Economist

Ornate Solar is a leading solar company with 8+ years of experience in the industry and the mission to reimagine the way solar is installed worldwide.

By not only partnering with the best-in-class solar brands but also developing our high-quality solutions, (panels, inverters, accessories, InRoof), we develop and deliver solutions that are modern, reliable, and effective.

If you are looking for high-quality solar solutions, reach out to us at 011 43536666 to discuss your options.