As recorded on IHS Technology, the global market for solar energy resource is expected to reach a new high during the first half of 2016 due to high demand in US and China. The reason for such huge demand is due to the favorable policies in the US and China, which provide enormous incentives. The demand for panels is expected to grow as the cost of installing and making drops due to advancements in technology. The solar energy resource is becoming more attractive to customers as an alternative to other forms of energy.
The Importance of Solar Energy
Solar power is garnering such huge demand because of its shrinking production costs and rising photovoltaic efficiency. As per Kyung Ah-Park, Managing director of environmental markets at Goldman Sachs, more renewable energy was installed throughout the world than conventional resources in the last year. It is because solar power is clean energy. It is also drawing interest from all the investors since it is proving to be commercially viable and carries little risk.
Furthermore, according to the report from Deloitte, Solar power is growing to be the fastest portion of the energy market with 43 percent growth rate annually from 2004 to 2014. Texas is one of the fastest growing solar markets due to its right conditions to go solar. It has abundant sunlight and increased demand. Commercial users like Apple and Toyota are signing long-term contracts for solar power. They are looking to hedge against higher natural gas prices by locking in guaranteed price for electricity over the next 20 years with solar energy.
Applications of Solar Energy
Solar energy in Houston has reduced the need for alternate resources which are expensive and environmentally damaging. Solar energy has various applications and is used extensively by individual homes and business establishments. Solar power is not only lighting homes and streets but also helps industries meet their energy needs.
Hybrid solar lighting has been used to provide interior illumination. They are utilized by collecting sunlight using focusing mirrors that track the sun which uses optical fibers to transmit the power. They carry about 50% of direct sunlight received in single-story applications. When daylight features are implemented effectively, they can reduce energy requirements by nearly 25%.
Solar energy resource is also used for water heating, cooking, and ventilation. Solar vehicles are being researched with the solar powered car as an engineering goal from the early 1980's. The technology came a long way which resulted in a solar powered car averaging 90.87 kilometers per hour by 2007 in the World Solar Challenge car race.
Houston Solar is making significant strides by investing heavily in solar panels. Houston stands second next to Dallas as the city using the most renewable energy. The switch to solar power will make a significant difference in the quality of our lives and the lives of our children. It is also environmentally friendly improving the health of our planet by switching to 100 percent clean energy.
The author is an expert energy adviser to business establishments and has been at the forefront in guiding businesses to adopt energy efficient policies and switch over to renewable sources of energy. You can read about his views on solar energy Houston here.