EnGoPlanet products are built to meet new demands. The era of expensive solar energy is over. The solar power industry has been enjoying its time in the sun due to increased growth over the past few years. Thanks to many strong government incentives and falling manufacturing costs, accessibility to solar power has grown exponentially.
The sun is literally everywhere, so it’s no surprise that it is fast becoming the favored form of clean energy. And this point is foundation of EnGoPlanet business and life philosophy.
Fueled by increased public support for green energy, which has led to tax incentives and grants to encourage investments in solar power, it’s affordability is surpassing that of oil, gas, hydro and wind, and is even expected to become cheaper than coal.
If the current trend continues, the solar industry is expected to be able to gradually lower its dependence on government assistance over the next few years.
After a record-breaking year in 2016 for solar PV, the IEA overhauled its forecast for the next five years, significantly raising the projected growth profile for renewable energy.
In its new report,Renewables 2017,the IEA argued that it now sees renewable energy as a serious global force, increasingly taking market share away from coal and natural gas. The Paris-based energy agency cited 2016 as a watershed moment, a year in which 164 gigawatts of new renewable energy capacity came online around the world, more than triple the amount of new gas-fired power plants, and more than twice the volume of coal.
Disrupting Fuel
A new report from the Carbon Tracker Initiative in London lays down the outlines of the case that the energy industry’s business-as-usual has already been demolished. The Carbon Tracker report suggests coal demand could peak in 2020 and fall to half the 2012 level by 2050. Oil demand could be flat from 2020 to 2030 and then fall steadily. Most major oil and gas companies do not expect peak coal before 2030 and none see oil peaking before 2040.
Electric vehicles (EVs) alone could reduce demand for oil by 2 million barrels of oil per day (mbd) by 2025, the report said, about the same amount that caused the price of oil to collapse in 2014 and 2015. By 2040, electric vehicles could displace 16 mbd of oil and 25 mbd by 2050. The oil industry generally sees continued growth in demand.
Conclusion
While critics cite that solar is growing from a small base, and still remains only a tiny fraction of global electricity consumption, the crucial fact is what happens going forward—and 2016 offers a clue.
Last year, solar was the largest source of new additions and combined with wind, the “renewables” category blew away the competition. That dynamic is expected to continue with costs continuing to fall.
In other words, renewables will dominate new capacity additions, which will necessarily mean taking market share away from coal, gas and nuclear energy.
Moreover, the pace at which renewables will come online is breathtaking. “We see renewables growing by about 1,000 GW (gigawatts) by 2022, which equals about half of the current global capacity in coal power, which took 80 years to build,” Birol said in a statement.
We at EnGoPlanet are increasing our efforts to provide reliable and high-quality products that will support solar industry rapid growth.
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