Renewable Energy
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2018). Companies that supply solar and wind energy equipment, of course,
support more development of renewable energy, but many utility companies
are also increasingly realizing the need to adapt to the times. For example,
Xcel Energy has a goal to reach 80% zero- carbon emissions by 2030 and 100%
zero- carbon by 2050 (Roselund and Weaver, 2018).
5.2 Solar Energy
Photovoltaic (PV) technology that produces electricity using solar panels has
progressed rapidly and is now competitive with other generating methods in
many parts of the world. Accordingly, there is significant installation of solar
generating capacity in many countries. At the end of 2017, solar PV global
capacity was about 402 GW, and 98 GW were added in 2017. At the end of
2018, solar PV global capacity was clearly in excess of 500 GW (Mulvaney,
2019); this made solar PVs the top source of new power in 2017 (Sawin
et al., 2018). China has been one of the more aggressive countries in terms of
installing solar power capacity, with about 154 GW of installed solar generating capacity as of June 2018 (Hill, 2018). China is not an isolated case, however – China had 33%, the USA had 13%, Japan had 12%, and India had 5%
of the solar power capacity as of 2017 (Seetharaman, 2018). Globally, more
solar PVs were installed in 2017 than all of the net additions of fossil fuels
and nuclear power combined (Zervos, 2018).
A key factor in this growing capacity is cost. The price of solar- generated
electricity continues to decrease in most locations in the world. In the USA,
solar power is very competitive, and a significant fraction of new generating capacity was solar in 2016 and 2017 (30% in 2017; Perea et al, 2018). In
fact, electric power generation from solar, wind, and natural gas were the
lowest- cost technologies in 2018 (Rhodes et al., 2018; Lazard, 2018; Solar,
2018). Electricity- generation costs are in the range of $0.036 to $0.044/ kWh
in the USA for utility- size solar installations (Lazard, 2018). Residential costs
are higher in most cases but, because of government incentives, there are
many rooftop solar installations that are also economically advantageous.
When homeowners put solar panels on their homes and have the benefit of
free labor, for example, they often save on their electricity costs compared
to the cost of purchasing electricity from the utility. These savings and costs
associated with solar- generated electricity, naturally, will vary depending on
global location, and will be best where there is excellent solar radiation, such
as in Arizona, India, and Africa (Labordena, 2018).
One of the expectations is that the cost of solar- generated electricity will
continue to decrease. The cost of solar panels in dollars per watt ($/ W) has
followed Swanson’s Law, which predicts that the cost of solar power capacity
in $/ W will decrease by 20% for every doubling of the cumulative shipped
volume of solar panels (Solar, 2018). In practical terms, this means that the
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53
2018). Companies that supply solar and wind energy equipment, of course,
support more development of renewable energy, but many utility companies
are also increasingly realizing the need to adapt to the times. For example,
Xcel Energy has a goal to reach 80% zero- carbon emissions by 2030 and 100%
zero- carbon by 2050 (Roselund and Weaver, 2018).
5.2 Solar Energy
Photovoltaic (PV) technology that produces electricity using solar panels has
progressed rapidly and is now competitive with other generating methods in
many parts of the world. Accordingly, there is significant installation of solar
generating capacity in many countries. At the end of 2017, solar PV global
capacity was about 402 GW, and 98 GW were added in 2017. At the end of
2018, solar PV global capacity was clearly in excess of 500 GW (Mulvaney,
2019); this made solar PVs the top source of new power in 2017 (Sawin
et al., 2018). China has been one of the more aggressive countries in terms of
installing solar power capacity, with about 154 GW of installed solar generating capacity as of June 2018 (Hill, 2018). China is not an isolated case, however – China had 33%, the USA had 13%, Japan had 12%, and India had 5%
of the solar power capacity as of 2017 (Seetharaman, 2018). Globally, more
solar PVs were installed in 2017 than all of the net additions of fossil fuels
and nuclear power combined (Zervos, 2018).
A key factor in this growing capacity is cost. The price of solar- generated
electricity continues to decrease in most locations in the world. In the USA,
solar power is very competitive, and a significant fraction of new generating capacity was solar in 2016 and 2017 (30% in 2017; Perea et al, 2018). In
fact, electric power generation from solar, wind, and natural gas were the
lowest- cost technologies in 2018 (Rhodes et al., 2018; Lazard, 2018; Solar,
2018). Electricity- generation costs are in the range of $0.036 to $0.044/ kWh
in the USA for utility- size solar installations (Lazard, 2018). Residential costs
are higher in most cases but, because of government incentives, there are
many rooftop solar installations that are also economically advantageous.
When homeowners put solar panels on their homes and have the benefit of
free labor, for example, they often save on their electricity costs compared
to the cost of purchasing electricity from the utility. These savings and costs
associated with solar- generated electricity, naturally, will vary depending on
global location, and will be best where there is excellent solar radiation, such
as in Arizona, India, and Africa (Labordena, 2018).
One of the expectations is that the cost of solar- generated electricity will
continue to decrease. The cost of solar panels in dollars per watt ($/ W) has
followed Swanson’s Law, which predicts that the cost of solar power capacity
in $/ W will decrease by 20% for every doubling of the cumulative shipped
volume of solar panels (Solar, 2018). In practical terms, this means that the