Solar Industry Change in Just 20 Years

Since the advent of more efficient, affordable, and broadly used solar technology two decades ago, the solar business has seen considerable changes. Some of the significant adjustments include the following:

The Evolution of Solar Technology

The tremendous drop in solar panel prices over the past 20 years has been among the most considerable advances in the solar sector. Solar panels used to cost roughly $4 per watt in 2000, but today they cost less than $0.30 per watt, a reduction of almost 90%. Due to the cost decrease, solar energy is now more accessible to both households and companies, which has increased adoption.

Technological Progress

 Throughout the past 20 years, the solar industry has also experienced considerable technological improvements. Thin-film solar cells and perovskite cells, two new materials, are more effective and less expensive to manufacture than conventional silicon solar cells. Moreover, new storage innovations, such as lithium-ion batteries, have been created, enabling the storage and utilization of solar energy during periods of diminished sunlight.

 Powering Up

The most effective solar panels had an efficiency of 15% or less in 2000, but they now have efficiencies of above 23%. Solar panels can now produce more electricity with the same amount of sunlight because of their increased efficiency, making them more affordable and valuable.

Solar Power Surge

• Installed Power
• By the end of 2020, the world’s installed solar PV capacity will have reached 773 GW, according to the International Energy Agency (IEA). It is a rise from 2009, when the installed capacity was only 23 GW, by a factor of more than ten.
• Higher Adoption
• The use of solar energy has significantly elevated with about 700 GW of installed solar capacity worldwide. Compared to the 1 GW installed capacity in 2000, this is a more than 700-fold growth thanks to contributions from utilities, governments, and commercial and household users.
• Geographical Spread
• Solar energy use is limited around the world. With 253 GW of installed capacity, China has been the world’s largest market for solar energy, followed by the US (97 GW), Japan (72 GW), and Germany (72 GW) (53 GW).
• Government Regulations
• Feed-in tariffs, net metering, and tax credits are just a few of the policies several countries have implemented to encourage the use of solar energy. By making solar energy more accessible and competitive with other forms of energy, these regulations have accelerated the expansion of the solar sector.
• Costs
• Solar energy is becoming more accessible thanks to a sharp drop in solar panel prices. Since 2010, the cost of solar PV electricity has decreased by about 90%, and in some places, solar energy is now the least expensive form of electricity.

Current Challenges

As solar energy depends on sunshine to produce electricity, it is sporadic.

To solve this problem, energy storage devices like batteries are being developed.

More investment in solar energy infrastructure is needed to ensure that the industry can expand and satisfy future energy demands.

Grid infrastructure upgrades are required to integrate solar energy into current electrical networks.

Conclusion

The intermittent nature of solar energy and the requirement for more investment in solar infrastructure are two issues that must be resolved. Notwithstanding these difficulties, the solar business has a promising future since it will continue to be a vital component of the shift to a more sustainable energy future