The Latest Trends in the Solar Energy Industry

OBINNA NWOSU Written by OBINNA NWOSU · 2 min read >

Solar energy is the most accessible and affordable energy source in the world.

The solar industry is still young, with a lot of potential for growth.

There are a lot of things that are going to happen in the solar energy industry in 2022 and in the years to come.

Here are some of the top trends in the solar energy sector that we should be aware of.

Incorporation of Blockchain Technology

Blockchain technology helps to eliminate intermediaries in the energy sector. It holds many potential benefits for consumers of solar power. Smart solutions can be used to reduce the energy use of existing buildings without the help of public utilities.

Smart homes, when linked by a network, can optimize their area’s energy consumption and general load shape. A Blockchain-based smart solution reduces energy consumption and increases residents’ thermal comfort by developing efficient heating and cooling power demand.

While blockchain technology is usually associated with the financial industry, it is also a great way to share information from smart devices.

Combined with smart contract technology, it makes the information more secure, which leads to better efficiency.

Automation and Artificial Intelligence

The use of automation and AI in the solar industry will lead to improved power distribution, which helps to reduce energy wastage. To do this, the system collects data, which is analyzed by AI to make sure that power is distributed in the best way possible.

Smart meters and energy collectors are used to record changes in weather and can be combined with AI to make more efficient use of energy.

As a result, automation and AI can be used to anticipate and prevent emergencies by making the right adjustments. Automation also helps to speed up the maintenance process, which helps to reduce the cost of human labor.

Growing Influence over Democratic Elections

Globally, people are beginning to realize that climate change is a huge issue. They also realize that if the world does not do something about it, it could cause major problems for humanity in the future. Therefore, more people, especially in developed climes, now base their choice of a candidate on their stance on solar power. If a politician promises to embrace policies that support solar power, it is likely to improve their electability in certain parts of the world.

The desire for cleaner energy has already led to major policy shifts in certain regions of the world. For instance, the EU established the European Union Renewable Directive. It encourages EU leaders to take actions that prevent climate change. The director has a goal of ensuring that at least 20% of all power in the EU comes from renewable energy sources.

Lower Costs

According to a study by the Solar Energy Industries Association SEIA, the price of solar energy in Q1 2019 was the lowest it had ever been in the history of the solar industry.

The study showed that the price of a solar system fell from $40,000 in 2010 to around $18,000.

All indications are that this trend will continue.

As the price drops, the rate of uptake is going to rise. For most developing nations, the lower cost of solar energy will make it the go-to option.

It is especially so in remote areas where building grid infrastructure would come at a huge cost.

In conclusion, the solar industry is still young. However, there is a great potential for growth.

With several policies in place to support the sector, the future looks very bright for the solar energy industry.

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