Currently, Global warming is one of the major issues faced by the people on this planet. The issue is rising at a fast pace, people have started preferring renewable sources over non-renewable sources of energy, which is considered to be the prime reason behind Global Warming since the 1850s. Renewable energy sources generate their power from natural sources like the sun, water, wind, etc. They emit less or no harmful gases, thereby it will gradually help in reducing global warming to a great extent.
“Use of solar energy is near a solution”, The statement was printed as a headline in The New York Times in the year 1931. This became an apprehension and since then electricity reached millions of houses in the world naturally through Solar Power.
Solar Energy is one of the major forms of renewable energy, which is obtained from the sun’s radiation and later can be converted into electricity or heat. With the advancement in technology, the moment a system is ready to harness the solar source and convert it into energy, the fuel is free. Solar energy creates no harmful impact on the environment in comparison to other energy resources. Being a renewable form of energy, it releases no harmful pollutants or gases and thereby causes no pollution and it is completely a noise-free source of energy. It is one of the best alternatives to replace the usage of fossil fuels which contaminate the environment.
According to the research made by the US Department of Energy, the amount of sunlight Earth receives in one and half hours in a single day is capable to manage the entire energy consumption of the world for a period of one full year. Unlike nuclear power plants, it does not require a huge amount of water for its maintenance. Consumption of solar energy enables you to generate your own electricity, and as a result, you will be using less energy from the utility supplier. Consumption of solar energy will save you a huge amount of money on electric bills and also you in a way can make money by selling the unused or extra electricity generated by you, back to the grid. The demand for energy reaches its peak from 11:00 a.m. to 4:00 p.m., and naturally, the electricity prices remain high at this point in time. The solar energy reaches its maximum production capacity during these hours, thanks to the ample amount of sun’s rays.
According to Allied Market Research, the global solar energy market which was valued at $52.5 billion in 2018 is said to reach $223.3 billion by 2026 as it is growing at a CAGR of 20.5% from 2019-2026. The main reason behind the sudden growth of the solar energy market is probably due to the rise in environmental pollution and also due to the decrement in water footprints associated with solar energy systems in the power sectors. Thereby, Solar Energy is considered to be economically competitive with the conventional energy sources of various places including California, Texas, etc.
