Renewable energy’s moment has come. Indian parliamentarian Piyush Goyal observes “With transparency in renewables, the prices of renewables are coming down drastically.” Goyal’s passions and observations led him to be able to provide over 18,000 Indian villages with electricity for the first time.
This led to Goyal being honored with the 4th Annual Carnot Prize in 2018.
This leads us to wonder – what other factors are shaping the renewable energy market?
- Interest Is Growing
The renewable energy market is no longer a niche interest. Investors are now taking renewable energy seriously. This means they’re finally investing in infrastructure.
This could be shaped by consumer demand as much as ideals and ethics like stopping climate change.
The rising interest in renewable energy is also due to other renewable energy trends. The availability of green hydrogen is a major factor in the increasing prevalence of renewable energy.
Either way, this means we’re going to see a lot more sustainable homes and home renewable energy in the very near future.
- New Solar Technology
Green Hydrogen isn’t the only renewable energy source that’s become more affordable. The price of solar photovoltaic (PV) systems has fallen by 85% in the last decade. This rising affordability is paving the way for innovation.
The falling cost of solar technology means that people can finally invest in renewable energy solutions for a reasonable amount of money and then pocket extra savings themselves.
Public solar technology projects are some of the most exciting and promising renewable energy trends on the horizon. 22 states, including Washington D.C., have put policies into place in support of community solar projects and installations.
It will be interesting and exciting to watch what new developments these new projects will bring!
- Improved Infrastructure
The availability of efficient and cost-effective means of transmitting renewable energy is going to be a game-changer.
Presently, about 844 GW of renewable energy is queued in energy transmission infrastructure. This is one of the main reasons that over 76% of companies dealing with renewable energy will be investing in infrastructure.
Densely populated urban environments will finally be able to access clean and renewable energy. Once the infrastructure’s improved, renewable energy can be harvested in less populated, more remote areas. It will then be made available in cities. Everything from offshore wind power to solar energy from the desert will be available to everybody, at that point!
These are exciting times for anyone interested in the future of technology and sustainability. One thing is for certain, whatever the future may have in store, renewable energy’s going to play a huge part.
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