From my standpoint as a solar expert, this is fantastic news. There’s no better time than now to start considering solar arrays for your home as more financial resources globally are being directed towards renewable energy. The steady rise in clean energy technology investments speaks volumes about where the future of energy generation is headed, with the solar sector at the helm.
According to the international Energy Agency’s 2024 report, solar companies would likely entice more investments than every other form of electrical generation combined, by the close of the year. In fact, investment in renewable energy is projected to reach a cool $770 billion.
The considerable drop in solar panel prices makes this investment figure a considered ‘moderate’ astronomical amount. Here’s the fascinating part – while the costs are falling, capacity continues to burgeon at an impressive rate. Even with the drop, solar accounts for a whooping $500 billion of that $770 billion, far outstripping all other forms of energy generation.
But the spotlight isn’t only on solar companies. Private households are now major players in the race towards clean, renewable energy. Since 2015, household investment in energy has doubled from 9% to 18% mainly through spending on rooftop solar, building efficiency, and electric vehicles. It looks like the notion of ‘solar panels for your home’ isn’t as far-fetched as it seemed years ago.
Constantly falling prices for solar panels and energy storage hardware has helped cushion the bullet of increasing capital expenses. While manufacturers face financial challenges, the silver lining is that renewable projects are now yielding better profitability due to slashed hardware costs. More so, the plummeting prices for solar modules have led to a 5% reduction in the projected levelized cost of electricity for solar power facilities.
Let’s not forget energy storage projects that have seen significant improvements due to drops in price. All of these novel developments are creating a lucrative market for anyone considering investing in or transitioning to solar.
In conclusion, the focus on renewable energy, particularly solar, continues to strengthen globally and in the home. There’s no better time to get on board with solar companies or even install solar panels for your home. The solar array for your home doesn’t just have to be a dream — it can be a reality and a lucrative investment.
Original Articlehttps://pv-magazine-usa.com/2024/08/05/500-billion-into-solar-in-2024/
