If there is one sector that has continued to grow despite the economic turmoil brought about by the global pandemic, it is the solar industry. Yes, solar has gone from strength to strength, thanks to the steadfast innovation in the application of solar technology—and, of course, reducing costs. But what can we expect in the future?
As with most technologies, the cost of developing — and then purchasing — solar solutions has decreased as more people use them. This tendency is exponential and cyclical, with widespread adoption of solar technology driving down prices, prompting more enterprises to embrace solar technology, and so on. And as the demand for solar energy soars, so will the need for investment in its research and development.
For the foreseeable future, market variables such as provider competition will play a considerable role in the cost of solar. What’s more, solar will continue to give tax benefits in the United States, further driving down the cost.
Governments throughout the world are becoming increasingly aware of the environmental risk that our legacy energy production systems offer, and with continuous vows to reduce carbon emissions, subsidies for solar power are likely to be around for a long time.
As the urge to go green grows, more firms and consumers will try to take advantage of government-sponsored programs, tax cuts, and other subsidies.
Another factor of the growing market demand and the subsequent development it fuels is the technology's dependability. Earlier, solar technologies used to be largely unreliable. But today, it’s a completely different story. Solar tech, over the years, has become smarter and hence quite reliable. Such a trend will only continue, making solar a more appealing prospect.
This can be hugely beneficial for larger enterprises, where the cost of maintenance alone sometimes runs higher than entire installations. And, of course, any rise in sales as a result of these enhancements will further reinforce the preceding point about sales growth leading to cheaper costs, which leads to more sales.
Solar technology does not exist in isolation. While it is true that there are solar products that the average consumer can buy and use without expert knowledge, not everything about solar is simple and straightforward. Solar installations, for instance, can be incredibly complex for a layman to undertake. This is one instance where you could use the guidance of a professional.
As the demand for solar grows, so does the need for professionals who can install, repair, and maintain solar systems.
Solar technology is finding its way into a wider range of products as it becomes more reliable and robust. Solar lighting is the first thing that comes to mind. From decorative outdoor lights to full-fledged commercial solar lighting systems, they have come a long way. But that’s not all. New and standalone solar systems such as solar electric vehicle chargers are increasingly being introduced to the market, further widening the scope of its application.
In the coming years, the demand for new solar products will continue to rise, resulting in the emergence of even more products and systems that incorporate solar in a way that operates independently of any larger solar energy installation.
Increased Infrastructural Use of Solar
As the cost of solar technology continues to fall, the advantages of larger infrastructure become clearer. Solar lighting, for example, is now a far more efficient and cost-effective way to light large areas such as parking lots and industrial complexes than the traditional method of burying electrical wires.
As these options expand and costs fall, we will see more solar being used in large infrastructure projects, thus lowering operating costs and reducing the need for disruptive installation processes.
Solar energy has advanced by leaps and bounds in recent years, and the trends we are likely to see in the coming year do not appear to be slowing down anytime soon. And, as solar technologies improve in durability and cost, larger projects—projects that are expected to take several years to complete, but have the potential to change the way we think about energy production—will begin to materialize.
One thing is certain: whether you are environmentally conscious or simply looking for cost-cutting solutions to balance the books, the pull of solar will be difficult to ignore in the coming years.