Innovation in Solar Power Sector is Increasingly Addressing Cost Issues

Published By : 29 Jan 2016 | Published By : QYRESEARCH

Solar energy is a source of clean, renewable energy. The adoption of solar power is rising rapidly around the world. In the past few decades, the solar power sector has grown by leaps and bounds and this has been possible because of innovation. Let us look at the major disadvantages of solar energy and how these cons associated with solar energy are increasingly being addressing by technological advancement.

Disadvantages of Solar Energy and Technological Transformation

  • High Initial Cost: The initial cost of setting up a solar system is still fairly high. Although several governments have introduced favorable policies such as feed-in tariff, consumers are still feeling the pinch of buying a solar system. Hence, manufacturers around the world are focusing on offering solar products that are more cost-effective and come with a higher life.
  • Efficiency Depends on Weather: Another issue with solar energy is that it is most efficient during the day and on a clear sunny day. However, many innovators in the global solar power market have come up with solar panels that can harness energy during the night. These panels work on the basis of UV light and thermal energy.
  • Expensive Solar Batteries: Another issue is with storing solar energy. The cost of solar batteries is still quite high. Nevertheless, rising competition in the market has led to companies such as Tesla setting up large manufacturing factories that are projected to bring down the cost solar batteries by a great degree.
  • Space: Another key issue is that to produce electricity using solar panels, space is required. Hence, many consumers are installing rooftop solar or even solar curtains or walls. Although countries are trying to use space such a deserts to harness solar energy, homeowners are still constrained by this issue. Nevertheless, with the rising innovation, the efficiency of solar panels is rising too. This will ensure that one doesn’t need to install too many solar panels in order to harness sufficient energy.

One of the challenges restraining the global solar energy market is that the manufacturing of solar panels is associated with some amount of pollution. Although this pollution is significantly lower as compared to other major sources of pollution, it is still posing a challenge for the market. Certain toxic materials and hazardous products are used when solar PVs are manufactured, which can indirectly impact the environment. Rising R&D in nanomaterials is projected to help produce PVs that are safer and more effective.

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