The World Is Moving Forward to Solar Energy

June 8, 2016

By Thy

Solar power has rapidly become central to the world’s solution for energy amid the fast-moving climate change. Germany proves to be a leader in adopting renewable energy with 80% of its energy coming from renewable sources. In Australia, a company called Solastor, owned by an economist and one-time leader of the federal Liberal Party, has just announced its plan to produce the lowest-price 24/7 solar power in the world.

As good as it gets, solar energy has also become a topic in heavy discussions among the financial crowd. Sentifi is able to provide a quick glance at which topics related to solar energy that the crowd is most discussing.

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Chile

Chile is the largest renewable energy producer in Latin America. The rapid growth in solar energy production has driven the electricity prices in Chile down to zero in some regions on 113 days so far this year. The problem boils down to the disconnection between central and northern grids which has led to the excess energy in the north.

The aggressive growth of the solar power in Chile also makes traditional energy companies struggle and might not survive in the market in the future. Chile’s solar energy capacity has quadrupled to 770 megawatts since 2013.

Coal

Coal appears to be the most affected commodity on the rise of solar energy installations. For the first time in the United Kingdom, solar produced more electricity than coal did over the period of a week in May.

Coal miners are making loss due to low wholesale prices and carbon tax increase. Coal only accounts for less than 10% of the U.K.’s electricity in 2016 and is expected to be discontinued by 2025.

In the U.S., Texas also predicts to replace nearly all coal with solar energy in the next 15 years and increases solar capacity by between 14 and 27 gigawatts.

India

India has emerged as one of the most talked-about nations in relation to solar energy over the past few days.

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The world’s second most populous country has also seen a fast growth in solar energy with installations soaring over the first 5 months of 2016.

Prime Minister Narendra Modi has emphasized that solar power is the “ultimate solution to India’s energy problem” as nearly 23% of Indian households do not have access to electricity. The government aims to install 175 gigawatts of renewable power by 2022, most of which will come from solar energy. Solar energy will also be utilized to power the Versova-Andheri-Ghatkopar Metro in Mumbai.

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United States

Although the United States only generates 0.65% of its electricity from solar power in 2015, the country is also heavily discussed since many states are showing aggression in installing solar energy. California is leading the way with 3,700 megawatts in capacity to power nearly 607,000 homes.

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