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Is there a future for solar energy?
Today, more than a quarter of the world’s electricity is generated from renewable energy sources (RES). Solar energy has become the most common form of renewable energy.
Every year, solar photovoltaic panels with a total capacity of over 100 GW are installed worldwide. They are also small but steady steps in Europe’s efforts to become the first climate-neutral part of the world by 2050.
As technology improves, the prevalence increases
Until relatively recently, the usefulness of solar energy technologies was assessed with skepticism. High costs, limited use, insufficient area of solar photovoltaic panels to be installed, long payback period – these and other factors hindered the spread of solar photovoltaic panels. New energy efficient solutions have been found in recent years. Technology costs have fallen, they have become more affordable, making it possible to increase the profitability of solar panels. Assessing all the direct benefits, both individual households and businesses are increasingly taking advantage of solar energy.
A quarter of the electricity produced is green
According to the Renewables 2020 Global Status Report of REN21, in 2019, 27.3% of the world’s electricity was generated from renewable energy sources.
Until 2016, the world’s fastest increase in the installed capacity of RES technologies was attributable to wind farms, while since 2016, the annual installed capacity of solar photovoltaic panels has increased significantly, far ahead of other RES technologies. In 2017, an additional 102 GW of solar photovoltaic panel capacities were installed worldwide, in 2018 – 103 GW, in 2019 – 115 GW. Last year, the world’s installed capacity of solar photovoltaic panels accounted for 57% of the total installed renewable energy technology capacity.
In 2019, wind farms with a capacity of 60 GW (30% of the RES capacity installed in 2019), hydropower plants – 16 GW (8%), biomass and other renewable resource technologies – 9 GW (5%) were installed. According to REN21, 2019 was the fifth year in a row that the capacity of the additional installed RES technologies significantly exceeded the capacity of the newly installed fossil fuel and nuclear power plants, reaching 75% of the annual additional installed generating capacity. In 2019, the total installed capacity of solar photovoltaic panels in the world reached 627 GW, however, they produce a relatively small part of the globally required electricity. In 2019, solar photovoltaic panels produced only 2.8% of the world’s electricity, wind energy accounted for 5.9% and hydropower for 15.9%. China is still the leading country in the installation of solar photovoltaic panels, which in 2019 installed an additional 30 GW of capacity. This is about a quarter of the world’s total solar photovoltaic panel capacity installed in 2019. So far, the leading countries in the use of this technology, in addition to China, are the United States, Japan, Germany and India.
Its popularity is also growing in Latvia
The use of solar photovoltaic panels has also increased and continues to increase in Latvia in recent years. According to the information published by the Ministry of Economics (EM), in 2019, 311 permits were issued in Latvia for the installation of solar photovoltaic panels with a total capacity of 13.61 MW. Over the last three years, there has been a steady increase in permits issued by the MoE for the installation of solar photovoltaic panels. Although the share of electricity and heat from renewable energy sources continues to increase every year both in Latvia and in the world, additional mechanisms are needed to stimulate the global energy transition. There are various ways to stimulate the use of solar and other renewable energy sources. There are countries that offer ‘carrots’ – support mechanisms in the form of subsidies or tax rebates, and there are countries that use the ‘whip’ method, placing an additional financial burden on fossil energy producers and users.
It’s not just the sun that works
The solar panel industry has not only contributed to the transition to RES generation, but has also created almost 4.5 million new jobs. According to REN21, the RES industry provides around 11 million jobs. Almost half of them – in companies whose chosen technologies are related to the use of solar energy. The industry is expected to provide an additional four million jobs over the next five years.
When will be the right time to invest in solar photovoltaic panels?
According to the Solar Energy Industries Association, the price of solar panels has fallen by 70% in the last 10 years, but there has been little price volatility in the last four years. As solar cell technology becomes more popular, increasing competition has forced manufacturers to fight for their market share, resulting in a stabilization in the price of the technology. At the same time, the increase in panel efficiency can be measured in the range of around 10%. The challenge for the future is energy storage technologies. Demand for batteries is expected to increase in the coming years. The global crisis caused by the COVID-19 pandemic, the unpredictable weather conditions and their consequences are increasingly prompting us to think about how dependent we are on electricity supply. Experts predict that in 2025, one in four users of solar panels will also install batteries in their homes to protect against unexpected power outages.
Experience stories are convincing
In the Baltic region, solar panels have already been installed by several hundred household users. At the webinar “Solar Mowing in Latvia” organized by Elektrum, which took place on May 27, three customers shared their experience stories, who installed solar photovoltaic panels in the beginning of 2019. All three in one voice confirmed that the purchase had been carefully considered. In Latvia, the sale and installation of solar photovoltaic panels is provided by several companies, therefore customers carefully considered several options. One of the most important aspects in choosing a seller was the guarantees provided by the company so that the customer could feel secure about the funds invested. Solar panels are a long-term investment that pays off after several years, so it is important to carefully evaluate the electricity consumption and habits of household members before installing them. With the help of specialists, all three customers had chosen the most suitable kit for their needs, in order to consume as much of the electricity produced by all solar photovoltaic panels as possible and thus shorten their payback time. They recommend installing solar photovoltaic panels for anyone who wants to reduce their electricity costs and take care of the environment, regardless of consumption.
We need to change our thinking
Solar generation will be one of the key factors in Europe’s and the world’s struggle to limit climate change and reduce environmental pollution. There is a need for long-term thinking and policies that support and promote environmentally friendly solutions. Today’s actions must be considered so that the future will satisfy the choices we have made.
The article was prepared by:
Toms Lācis, Project Manager, Energy Efficiency Division, Latvenergo AS
Rūta Liepniece, JSC “Latvenergo” Energy Efficiency Department Project Manager
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