It seems that fossil fuels will finally have to prepare for retirement because solar energy will soon take its place. Come 2040, rooftop solar panels will deliver nearly a quarter of the electricity in Australia. This is because the costs for these panels are beginning to decline. Besides, plenty of sunlight makes photovoltaics the most reasonable source of energy in the continent.
The rest of the world follows…
Based on the New Energy Outlook 2017 by Bloomberg New Energy Finance, nearly 20 percent of Brazil’s power will originate from housing rooftop panels, while 15 percent of Germany’s will come from small systems in 2040. In comparison, India and U.S. will only get around five percent.
Because of commercial solar gardens and massive solar farms, power retrieved from the sun is quickly augmenting since price drops continue to incite demand. The price of solar energy throughout the system’s lifespan, which is now a quarter of its rate in 2009, will decline 66 percent further by 2040. After four years, solar energy will be priced more economically compared to coal nearly everywhere.
The reliability of solar panels…
Since solar energy is generated only during the day, houses who have rooftop panels will come with batteries to collect extra supplies. Storage of small-scale batteries will beat the development of huge utility systems during the next several years. In a decade, the installation capacity of office and household systems will outdo huge utility-scale storage. From 2026 to 2030, its investments will even reach USD 16.9 billion.
Energy and solar storage will contribute to a worldwide reduction in the burning of carbon dioxide emissions and fossil fuels. The report indicated that greenhouse gas emissions will peak in 2026 and it will be four percent lesser in 2040 than in 2016.