In 2016, solar energy became cheaper than fossil fuels

Solar victory - industrial solar lightingThe moment many environmentalists have been waiting for so long finally came in late 2016; installing solar-powered facilities is now more financially viable than investing into similar fossil fuel based facilities. Green technology fans – rejoice!

In over thirty countries, including the USA, solar and wind energies attained the same price, or lower than that produced by fossil fuels. What’s more, the price of solar energy is on a steep decline, and soon enough it will become not only an option to consider, but a logical and money-saving option for any new business venture. Soon there will be plenty more industrial solar lighting and other major projects in the renewable energy sector.

Current status

Solar energy is grouped together with wind, water, geothermal and biomass energies as renewable energy sources. As such, they represent the minority in the energy sector, strongly dominated by the fossil fuels giants, as well as nuclear. As alternative sources, these renewable energy sources are subsidized by the government, but research has shown that with the dropping prices, in a few years not even the subsidies will be needed to make solar power a suitable investment option. Furthermore, the fact that the sun is always present and cannot be regulated by anyone means that the investment is going to be fairly safe from inflation or shortages of any kind.

Progress

Don’t think that this trend has passed unseen by the investors. In 2016 alone almost 10 gigawatts have been commissioned for electricity production in the USA. This makes solar the energy source with the highest growth of the year. This sounds increasingly promising, since we are building more renewable energy facilities than those running on fossil fuels. To get a sense of scale just how much 10 GW of electricity is, we needed to add 125 solar panels every second in 2016 to get that much energy. In the time you are finished with this article, the number of new solar panels will measure in the thousands!

Private sector

All of the statistics above came from the government and their efforts. However, if we take into account many private citizens and businesses, who have also adopted this new trend, the numbers become seriously impressive. They push the figure up to over 11 GW. That means that the private energy sector added another 10 percent of the national grid capacity. Various uses of solar energy, ranging from lighting your driveway to industrial solar lighting are now a considerable part of the national energy growth.

So, we have a bright future?

All of this sounds incredibly promising and awe inspiring. However, we are still falling short of the goals set by the Paris treaty on global warming. All over the world, the nations vowed to spend 1 trillion dollars on renewable energy. However, only a fraction of that sum was actually invested, just short of $300 million. The problems are, sadly, in the domain of politics and big business, rather than technology. Until that changes, the progress toward the fossil fuel-free world will be tough and full of obstacles.

What can we do?

Every citizen and every business can do something towards the creation of a better world. Install at least one solar light in your home or your parking spot. No step is too small if it is in the right direction. Businesses can install industrial solar lighting, saving the planet all the while saving money on electricity as well.

Greenshine specializes in solar LED lighting for a multitude of purposes.  If you contact today you can learn more on how to install industrial solar lighting for your business and what benefits you can expect in the long run.