10 Reasons to Love Solar Energy in 2024

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10 Reasons to Love Solar Energy in 2024

Solar power continues to prove popular around the world and it just keeps getting better, here’s why.

Solar power is not just the cleanest; it’s the most abundant energy source on our planet. It’s estimated that the entire United States could be powered with about 22,000 square miles of solar panels—that’s roughly the size of Lake Michigan. With solar technology’s rapid growth and increasing efficiency, it’s no wonder that more and more people, businesses and utilities are adding in solar faster than ever before.

Here are 10 things about solar energy to help you understand it and why you should consider adopting it as your prime energy source.

What is solar energy, and how does it work?

The sun rays are a form of energy, an important natural resource that we can harness in different ways to produce clean energy. One of the most common methods today is with solar photovoltaic (PV) systems, which directly convert sunlight into electricity. Another way is through solar thermal technologies that use the sun’s heat to store and use its thermal energy as solar hot water or in a concentrated solar system, for instance.

Solar PV systems use PV cells to directly convert the sun into electricity. These cells are generally made of silicon and produce electric current when exposed to light. Solar PV is dynamic and solar panels are ideal for installation on rooftops and the ground, and even on open waters. But it can also be integrated into structural materials like windows or building panels.

Solar thermal systems use glasses or lenses to concentrate the sun’s rays onto a receiver to heat it. The receiver usually heats a fluid, which is used in several ways. Concentrated as high-pressure and high-temperature steam, it can drive a turbine to produce electricity. In a less-concentrated format it can also provide hot water, heating and cooling in structures, or heat for melting metal into ore.

Why use solar energy?

The sun generates more energy in one hour than the world consumes in a year. It’s renewable and unlimited, offering an abundant source of energy as long as the sun shines.
Solar energy is clean and environmentally friendly. When harnessed, unlike fossil fuels, solar doesn’t release dangerous emissions that contribute to climate change, or air and water pollution.
It’s cost-effective and dependable. The cost of solar energy has significantly dropped in the past decade, making it more affordable and competitive.
Solar energy improves the reliability of the power grid. By adding in distributed and decentralized generation, solar power minimizes transmission losses and helps with blackouts, offering a stable and reliable energy source.

10 great things about solar power for 2024

Solar energy is the most promising and fastest-growing source of clean energy. It already is powering homes and businesses across the US and the world, and could even power entire countries in future.

1. Solar is the fastest-growing source of electric power in the U.S.

The U.S. Energy Information Administration (EIA) forecasts that solar energy is contributing significantly more to the U.S. electric power sector every year. It’s anticipated that solar power will provide 5.6% of the country’s energy in 2024 and 7% in 2025. This is significant growth from the 4% it provided in 2023.

2. Solar is cheaper than ever before:

The cost of solar power has seen a dramatic drop over the past decade. In 2010, the cost to produce electricity from solar photovoltaics was about $0.381 per kilowatt-hour. By 2020, this price had fallen by 85% to just $0.057 per kilowatt-hour. This cost reduction has made solar power more competitive with traditional energy sources. For comparison, in 2022, solar power was 29% cheaper than coal-powered electric generation.

3. Solar is creating millions of jobs worldwide:

Solar energy not only provides clean power but also supports millions of jobs and drives profitable growth across the world. According to the IRENA, the solar industry employed 11.5 million people across the world in 2020, a 4.8% increase from the previous year, and it’s anticipated that it will continue to add jobs in the future.

Source: NREL

4. Solar power continues to get more efficient and cheaper:

Companies and labs are at the forefront of solar technology, improving solar technology efficiency and developing new technologies to capture the sun’s power. For example, perovskite solar cells saw a dramatic increase in efficiency, soaring from 7% efficiency to over 30% in just a few years. Multi-junction solar cells have also made significant strides, with some converting more than 47% of the sun’s energy into electricity.

Also, advancements in energy storage systems are making it less expensive to store solar energy. That’s making it easier to use solar power at home or put it on the electric grid when needed and store it when it isn’t needed.

5. Solar power's modularity makes it easy to install

Solar energy doesn’t just serve as a centralized electricity source, like a coal or nuclear energy plant. Its modularity makes it perfect as a decentralized and dispersed energy supply. With microgrid generation and peer-to-peer electricity buying and selling platforms, people and groups around the world now have access to electric power where there wasn’t infrastructure like an electric grid to tap into.

6. Solar power is imperative to reducing greenhouse gasses:

Embracing solar electricity is pivotal for accomplishing the Paris Climate Agreement goals nations agreed to. By replacing fossil fuel power with solar it can lessen greenhouse gas emissions and combat climate change. “Among all low-carbon technology options, accelerated deployment of solar PV alone can lead to significant emission reductions of 4.9 gigatonnes of carbon dioxide (Gt CO2) in 2050, representing 21% of the total emission mitigation potential in the energy sector,” according to the International Renewable Energy Agency.

7. Solar is dominating new energy growth internationally

In 2023, solar electricity was the fastest-developing energy source around the world. Of the 507 gigawatts of new renewable energy added in 2023, 375 GWs was solar. Wind power was the second largest source of new renewable energy installed but only accounted for 107 GWs of new power. This boom in solar and wind power occurred across 130 nations as solar continues to be more cost effective than generating power with fossil fuels and the trend is expected to continue for at least the next five years.

8. Wind power is solar power

It’s true, wind energy is also a type of solar energy. The sun’s uneven heating of the planet and its gyration drive this renewable energy source, the movement of air around the Earth’s surface. Turbines can capture these wind patterns and convert them into electricity, making wind power an environmentally friendly and circular use of solar energy.

9. Solar and wind are powering more of nation’s electric grids:

Countries are relying on solar and other renewables to provide more of their electric power. For instance Germany generated 50.7% of its electricity from the sun and wind in March 2020.

10. Solar is increasingly attractive to investors:

Solar power is increasingly popular for investors and financiers thanks to its stable, long-term return on investment, and its environmental appeal. In 2023, the global investment in solar energy reached a new high, with a total of $239 billion invested in solar power in the first half of the year alone. This investment accounted for two-thirds of all renewable energy investments, marking a significant 43% increase compared to the first half of 2022.

Conclusion:

Solar energy continues to revolutionize the way the world produces and uses energy. It’s generating power that is sustainable and affordable and continues to get better. Thanks to ongoing innovations the costs of solar continue to go down while the efficiency goes up. Solar energy also provides countless benefits to individuals, communities, and the environment as it helps democratize energy use around the world.

To learn how you can harness the power of the sun to provide your electric needs, talk with the professionals at SolarSME.

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