Renewable energy is no longer a buzz phrase or a futuristic but a reality in the contemporary world. Some countries such as Albania, Iceland, and Paraguay get almost all of their electricity from renewable sources. In the U.S, Renewable energy enjoyed 100% growth from 2000-2018, making this the fastest-growing energy source.
A report by the World Economic Forum (WEF) says Asian countries are shaping the future of energy with innovative technology and the world’s installed renewable capacity. More property owners across the globe now focus on energy efficiency, and this means embracing renewable energy. From solar air conditioning, lighting, cooking, water heating to farming and other applications, there’s a shift towards the more eco-friendly alternatives to fossil fuels.
What’s driving this high uptake of renewable energy across the globe? Here are some of the trends behind this revolution.
Falling Cost of Renewable Energy Technology
One of the biggest concerns for governments and private power producers has been the high cost. Many great energy projects have collapsed despite their projected positive impact, and this is due to their high cost.
Such costs have also discouraged energy consumers across the world even when they want to embrace alternative energy. For instance, the high initial price of a solar powered AC unit discourages homeowners despite the cost benefits in the long run.
However, things have changed over the last decade. There’s more investment in alternative energy by both governments and tech companies. Incentives from the government have seen more investment in clean energy and this has, in turn, reduced the cost of technology and accessories.
Today, many companies have invested in clean energy technology. If you are in the market for an AC unit for your home in the Philippines, your contractor will most likely recommend a solar powered air conditioner and offer a list of the benefits.
Countries have invested heavily in clean energy. For instance, China owns over 72% of global solar photovoltaic module production due to such incentives. If you have always wanted to leverage the benefits of clean energy, there’s no better time to invest in a solar air conditioner as more brands continue launching products to the market.
The Reality of Climate Change
Climate change has been a topic in major global forums for decades, but it wasn’t until recently that the world started taking this seriously. Global warming has been associated with the negative effects of fossil fuels, including greenhouse emissions.
With more erratic weather and deadly consequences witnessed over the last few decades, governments and populations have started appreciating the importance of alternative energy sources. Between 2014 and 2018, the world experienced the warmest years ever recorded. S
Such scientific reports and the reality of global devastation has boosted investment in clean energy and increased goodwill towards alternatives to fossil fuels. Business owners, policymakers and investors are now fighting on one side in the effort to popularize renewable energy.
Positive Policies/Regulation Supporting Renewable Energy
For a long time, there was a lot of talk revolving around the relationship between global warming and fossil fuels. However, there was no action by governments or corporates and there was little environmental advocates could do.
Things have changed and today, most governments have strong policies promoting the adoption of renewable energy. In the U.S for instance, there are policies such as the Renewable Portfolio Standards (RPS) which promote the use of renewable sources of power.
The Philippines has several policies anchored in laws such as the Climate Change Act (2009), Electric Power Industry Reform Act (2001) and Biofuels Act (2006). The push for legislation that supports clean energy has seen more homeowners invest in energy-efficient systems. Solar air conditioning in Philippines is just one example of the new trend in modern homes as homeowners seek to cut power costs and reliance on the grid.
Improved Power Storage
One of the greatest challenges in the adoption of renewable energy has been storage. Solar and wind which are the most popular alternatives to fossil fuels, have experienced hitched in storage.
For these sources to be reliable, the output has to become more dispatchable and this is only possible through fast-improving storage solutions. The last two decades have seen a decrease in battery production costs, development of large-scale storage arrays.
Such developments make these alternative energy sources more viable for both residential and commercial applications. Whether you want to install a solar AC unit or water heater, you can now find a powerful battery for your unit.
Integration of Trending Technologies
New technologies such as big data, data analytics, digital technology and blockchain technology have helped improve efficiency in the production and distribution of renewable energy. Such technologies also reduce operational costs throughout the value chain.
From wind farms to large-scale solar, leveraging these new technologies gives a boost to the alternative energy industry.
Wrapping Up
The world is finally walking the talk when it comes to renewable energy. There’s more investment in alternative energy technology and the sensitization of the population. Environmentalists are now fighting on the same side with corporates and governments in a bid to reduce reliance on harmful fossil fuels. These five trends are a few driving this positive global revolution.
