Solar Energy Sector Grows in Leaps and Bounds as Energy Demand Scales up

Published Date : Apr 05, 2016

The global market for solar energy has been under a state of constant evolution for the past few decades. It has come a long way from being a hobbyist’s chase and from super-expensive solar panels that are used on satellites. There have been some dramatic upswings in the solar energy industry, mostly due to the constantly increasing demands for energy around the world. These demands cannot be met by fossil fuels alone, as it would lead to a rapid depletion of the already short-stocked non-renewable resources. We have been trying to add renewable sources to the mix for a long time now, but these industries have only been considered feasible for large-scale use recently.

Solar Energy for Homes
One of the biggest arguments against the use of solar energy by residential and small commercial consumers is that it is too expensive to install and is not as efficient as conventional electricity. This has been largely reformatted as modern solar panels are not only highly efficient, but also light on the wallets. SolarCity, for instance, is mass-producing solar cells for residential purposes that are 22% more efficient than conventional solar cells. This is very good news for those in urban scenarios, as their lack of roof space will be made up for smaller panels with higher efficiency. In 2015, it was shown that nearly 85% of a home’s energy intake could be supplied by solar energy. This results in massive savings for not only the homeowner, but for the state’s power boards as well.

The Floating Solar Stations
One of the more recent innovations in the solar power industry is the incorporation of floating solar panels. A team of developers in the U.K. is currently finishing up on a giant floating solar power station off London, based on an artificial lake. The farm is expected to be the largest floating solar farm for the time being, while larger projects are already underway. One of the reasons that water can be used as a construction surface for solar cells is that it can significantly increase the absorption rate of solar panels without affect the ecosystem in any way.