As the cost-of-living crisis intensifies, so does the urgency for an alternative to the volatile prices of fossil fuels. The lessons of recent years have emphasized the need to accelerate the transition to renewable energy, and at the forefront of this positive change is solar power. With falling costs and a growing focus on energy security, solar energy is not only expanding but is set to surpass other energy sources by 2027, according to the International Energy Agency (IEA).
The Bright Future of Solar
Amidst gloomy headlines, the IEA’s latest research brings a beacon of hope. Global renewable power capacity is projected to grow by a staggering 2,400GW between 2022 and 2027, equivalent to the entire power capacity of China today. Notably, global solar energy capacity is expected to triple by 2027, overtaking coal and becoming the world’s largest power source. However, to achieve net zero by 2050, a five-fold increase in solar capacity is needed annually until 2030.
Five Reasons Why Solar is the Smart Choice
- Solar Works with Nature
Large-scale, ground-mounted solar projects can coexist with agriculture, benefitting both farmers and the environment. Livestock can graze freely among photovoltaic panels, promoting soil health, preventing invasive plant species, and providing an additional income source for farmers. This coexistence between solar plants and agriculture is known as agrivoltaics.
- Solar Works with Wind
Solar and wind can share the same space effectively. Wind turbines and solar panels can coexist, capitalizing on two renewable energy sources simultaneously. This dual approach not only maximizes land use but also creates a more resilient energy grid by balancing energy production throughout the year.
- Solar is Cheaper
In addition to being environmentally friendly, solar power is economically advantageous. The IEA’s research reveals that the costs of long-term wind and solar PV projects were 77% lower than wholesale gas market prices from December 2021 to October 2022. As fossil fuels become scarcer, the cost-effectiveness of solar energy is likely to increase.
- Solar is Scalable
Solar energy is not only abundant but also scalable. Ground-mounted solar farms can be deployed quickly and efficiently, even in low-value spaces such as poor-quality soil or deserts. With vast expanses available, scaling up solar generation capacities to meet global energy demands is both feasible and efficient.
- Solar is Homegrown
As energy security becomes a growing concern, investing in homegrown, renewable energy like solar power offers a solution. Large-scale solar projects provide countries with a diverse energy mix, reducing dependence on international markets and shielding against the price fluctuations caused by geopolitical crises.
In the face of a tumultuous energy market, the advantages of solar power become increasingly evident. Europe’s recent energy crisis, triggered by natural gas shortages following geopolitical events, underscores the importance of investing in domestic energy generation. By embracing solar power, nations can not only secure a reliable and diverse energy mix but also insulate themselves from international energy market volatility.
A Sustainable Future
As we look forward into 2024, governments and business leaders are recognizing the pivotal role solar power plays in shaping a sustainable future. To meet the ambitious targets set by the IEA and address the pressing global need for a carbon-neutral energy system, it is imperative that individuals join this solar revolution. By embracing solar energy on a personal level, we contribute to the collective effort needed to make solar power a dominant force in our energy landscape.
Join the Solar Revolution
At NATiVE, we strive to guide Texans on their clean energy journey. By becoming part of the worldwide energy transition, you not only benefit the planet, but your community and family as well. Increased grid resilience, energy security, and little to no electricity costs are just some of the many benefits solar can bring you. To get started today, get a free preliminary quote. From there, our experts will answer any questions you may have and begin designing a solar array perfect for suiting your individual energy needs.