“I’d put my money on the sun and solar energy. What a source of power! I hope we don’t have to wait until oil and coal run out before we tackle that.” Thomas Edison, 1931
Well, 80 years later, Solar photovoltaic (PV) energy became widely recognized as a crucial component in addressing our worldwide need for secure, affordable and renewable energy, hence quickly becoming the energy option of choice worldwide. The advantages of using solar power for us, our businesses and the environment are compelling and easy to understand.
With the enormous benefits of using the Solar Power, it was just logical for President Obama to introduce many programs to encourage Americans to utilize the Solar Energy in their homes and businesses.
California has also been on the forefront of promoting the use of the Solar Power by its famous “Million Solar Roofs Program.” In this program, California has set a goal to create 3,000 megawatts of new, solar-produced electricity by 2017. The idea is to move the state toward a cleaner energy future and to help lower the cost of solar systems for consumers. In 2018, Governor Brown of California signed a memorandum to make California a 100% Green Energy State by 2040.
The rapidly increasing cost-competitiveness of solar energy is creating attractive opportunities for capital providers interested in infrastructure investment.
With many countries reliant on costly energy imports and unsustainable fossil fuels, investment in renewables is now double that of coal and gas combined. Solar PV global capacity continues to rise exponentially and has made staggering progress in the last two decades. In recent years, investment in renewables has often outperformed traditional energy stocks, and this is set to continue as PV, alongside onshore wind, are “winning the cost race” and becoming our cheapest energy option by 2020 (Bloomberg New Energy Finance, Global Trends in Renewable Energy Investment. 2016).
THE RATE IN WHICH THE COST OF SOLAR PHOTOVOLTAICS FALLING DOWN HAVE MADE SOLAR MORE AFFORDABLE THAN EVER. THE AVERAGE PRICE OF A COMPLETED PV SYSTEM HAS DROPPED BY 59 PERCENT OVER THE LAST DECADE.