Why is there optimism about the future of photovoltaics in an era where the pandemic has had enormous economic consequences, and with an energy crisis looming?
Key Points of the Article:
-The pandemic may have slowed growth, but it remains at high levels.
-The energy crisis and rising bills are driving more people towards photovoltaics.
-Technological progress makes them more efficient and, therefore, cheaper each year.
The period we are currently experiencing is very difficult, and ordinary people find themselves worrying once again about the present and the current challenges that do not even allow them to think about the future.
The impacts of COVID-19 are enormous. Apart from the primary concern—health—additional problems arising from the pandemic are beginning to appear. The dire economic situation due to the two lockdowns, coupled with inflation that, in turn, leads to a major energy crisis, are some of these.
The amount of money people will need to pay for energy is substantial, and we keep reading about the rising prices.
Amidst all this, however, the photovoltaic sector remains optimistic, and its future is predicted to be brighter than the… sun.
Stagnation due to COVID, growth projected
The COVID-19 pandemic may have slowed the rapid growth of photovoltaics, but this slowdown is considered temporary and certainly did not completely halt growth.
The only thing that happened was a reduction in growth rates, which, however, remained high.
The global photovoltaic market in 2018, according to a study by Allied Market Research, was around €50 billion. Estimates from the same research indicate that by 2026, it will exceed €223 billion.
Already, nearly four years after the study, the global market has surpassed €180 billion. It continues at very good rates despite the pandemic and its effects.
For those wondering how this could be happening, the answer lies purely in the effectiveness of photovoltaics. Every household and business that installs a net metering photovoltaic system benefits from day one.
Those who already have photovoltaics benefit; it’s not too late even now for others
Those who have installed photovoltaics in homes and businesses will be among the big winners during the energy crisis period. Households and businesses without photovoltaics are anticipating the next inflated electricity bills.
The energy crisis, combined with the increase in all goods essential for our daily lives, will lead to high household budgets. Even a slight increase in income may not be enough to save the situation, just to alleviate it.
However, the same will not apply to those who already have net metering photovoltaic systems installed. They are already energy self-producers, so they consume what they produce. If their consumption happens to exceed their production, they will pay the difference, which in this case is quite manageable. However, if their production exceeds consumption, the surplus will be stored in the grid for three years.
As it becomes immediately apparent, households with photovoltaic systems will be able to withstand the energy crisis, while businesses will keep their prices steady. At the same time, their competitors will be forced to raise theirs, as it will be challenging to absorb the high energy costs.
Nevertheless, even today, it is not too late for interested parties to install photovoltaics. Certainly, inflation has also "touched" this sector. Photovoltaic prices are now higher compared to a year ago. However, the benefits in light of an uncertain future and current conditions still make photovoltaics the ideal solution to tackle the energy crisis.
The future of photovoltaics: As technology advances, photovoltaics become the best solution
We are now living in an age of automation and artificial intelligence, enjoying all the conveniences that technology offers. We seek mobile phones with as long battery life as possible. We seek computers with even better performance and much more. In short, we seek more and more energy.
Sunlight is an inexhaustible energy source. So the sun represents the best solution for the ever-growing energy demand.
Many people comment that photovoltaics are just large glass panels placed on a roof or terrace. They are not wrong. Even today, this is true, but this glass surface has made tremendous strides in development over the last 13 years.
The panels are becoming thinner and more efficient. Manufacturers sell wattage, and customers make (or save) money from kWh. With efficiencies now exceeding 20% in the most efficient/high-quality panels, every step forward in technology also advances photovoltaics, increasing the benefits for those who use them.
The future of photovoltaics: Economic benefits grow year by year
What interests a prospective buyer the most, of course, is the economic benefits. At first glance, these are evident with the advancements in photovoltaics over the past 13 years.
We have presented numerous examples in our articles regarding the annual benefits of a net metering photovoltaic system. Both in residences and businesses. Here, we would like to focus on another point.
In 2011, a 10kW residential photovoltaic system from our company, ΙΩΝΙΚΗ Renewables, was priced at around €30,000.
Last year, a 10kW residential photovoltaic system from our company was priced at around €9,500. Over the years, the cost of installing a photovoltaic system has drastically decreased. At the same time, technology made each photovoltaic system increasingly efficient. Imagine the multiple economic benefits this combination provided.
These benefits, therefore, continue to be provided even today, although there will be an observed increase in the prices of photovoltaic systems compared to a year ago due to the inflation shaking the global economy.
Nevertheless, the new prices (from €9,500 to about €10,500) will still be significantly lower compared to 10 years ago, and efficiency remains very high.
Conclusion: The future of photovoltaics looks bright and promising
Solar energy is currently the present, and as shown by the numbers and experience over recent years, it will also be the future.
Since almost every country in the world has set targets for renewable energy sources to be achieved over the years, it is clear that photovoltaics will remain a hot topic for the coming years.
If you are wondering when is the right time for someone to install a photovoltaic system, we answer the same to all our potential customers at any time. Now.
Are you interested in photovoltaics? Click the button below, fill out the form, and a specialized engineer from our company will contact you to answer all your questions and guide you in making the right decision.
The Future of Photovoltaics is Brighter than... the Sun
George Kotakis
Electrical Engineer |
ΙΩΝΙΚΗ Autonomous
Why is there optimism about the future of photovoltaics in an era where the pandemic has had enormous economic consequences, and with an energy crisis looming?
Key Points of the Article:
-The pandemic may have slowed growth, but it remains at high levels.
-The energy crisis and rising bills are driving more people towards photovoltaics.
-Technological progress makes them more efficient and, therefore, cheaper each year.
The period we are currently experiencing is very difficult, and ordinary people find themselves worrying once again about the present and the current challenges that do not even allow them to think about the future.
The impacts of COVID-19 are enormous. Apart from the primary concern—health—additional problems arising from the pandemic are beginning to appear. The dire economic situation due to the two lockdowns, coupled with inflation that, in turn, leads to a major energy crisis, are some of these.
The amount of money people will need to pay for energy is substantial, and we keep reading about the rising prices.
Amidst all this, however, the photovoltaic sector remains optimistic, and its future is predicted to be brighter than the… sun.
Stagnation due to COVID, growth projected
The COVID-19 pandemic may have slowed the rapid growth of photovoltaics, but this slowdown is considered temporary and certainly did not completely halt growth.
The only thing that happened was a reduction in growth rates, which, however, remained high.
The global photovoltaic market in 2018, according to a study by Allied Market Research, was around €50 billion. Estimates from the same research indicate that by 2026, it will exceed €223 billion.
Already, nearly four years after the study, the global market has surpassed €180 billion. It continues at very good rates despite the pandemic and its effects.
For those wondering how this could be happening, the answer lies purely in the effectiveness of photovoltaics. Every household and business that installs a net metering photovoltaic system benefits from day one.
Those who already have photovoltaics benefit; it’s not too late even now for others
Those who have installed photovoltaics in homes and businesses will be among the big winners during the energy crisis period. Households and businesses without photovoltaics are anticipating the next inflated electricity bills.
The energy crisis, combined with the increase in all goods essential for our daily lives, will lead to high household budgets. Even a slight increase in income may not be enough to save the situation, just to alleviate it.
However, the same will not apply to those who already have net metering photovoltaic systems installed. They are already energy self-producers, so they consume what they produce. If their consumption happens to exceed their production, they will pay the difference, which in this case is quite manageable. However, if their production exceeds consumption, the surplus will be stored in the grid for three years.
As it becomes immediately apparent, households with photovoltaic systems will be able to withstand the energy crisis, while businesses will keep their prices steady. At the same time, their competitors will be forced to raise theirs, as it will be challenging to absorb the high energy costs.
Nevertheless, even today, it is not too late for interested parties to install photovoltaics. Certainly, inflation has also "touched" this sector. Photovoltaic prices are now higher compared to a year ago. However, the benefits in light of an uncertain future and current conditions still make photovoltaics the ideal solution to tackle the energy crisis.
The future of photovoltaics: As technology advances, photovoltaics become the best solution
We are now living in an age of automation and artificial intelligence, enjoying all the conveniences that technology offers. We seek mobile phones with as long battery life as possible. We seek computers with even better performance and much more. In short, we seek more and more energy.
Sunlight is an inexhaustible energy source. So the sun represents the best solution for the ever-growing energy demand.
Many people comment that photovoltaics are just large glass panels placed on a roof or terrace. They are not wrong. Even today, this is true, but this glass surface has made tremendous strides in development over the last 13 years.
The panels are becoming thinner and more efficient. Manufacturers sell wattage, and customers make (or save) money from kWh. With efficiencies now exceeding 20% in the most efficient/high-quality panels, every step forward in technology also advances photovoltaics, increasing the benefits for those who use them.
The future of photovoltaics: Economic benefits grow year by year
What interests a prospective buyer the most, of course, is the economic benefits. At first glance, these are evident with the advancements in photovoltaics over the past 13 years.
We have presented numerous examples in our articles regarding the annual benefits of a net metering photovoltaic system. Both in residences and businesses. Here, we would like to focus on another point.
In 2011, a household photovoltaic 10kW from our company, ΙΩΝΙΚΗ Renewables, had a selling price of approximately €30.000.
Last year, a 10kW residential photovoltaic system from our company was priced at around €9,500. Over the years, the cost of installing a photovoltaic system has drastically decreased. At the same time, technology made each photovoltaic system increasingly efficient. Imagine the multiple economic benefits this combination provided.
These benefits, therefore, continue to be provided even today, although there will be an observed increase in the prices of photovoltaic systems compared to a year ago due to the inflation shaking the global economy.
Nevertheless, the new prices (from €9,500 to about €10,500) will still be significantly lower compared to 10 years ago, and efficiency remains very high.
Conclusion: The future of photovoltaics looks bright and promising
Solar energy is currently the present, and as shown by the numbers and experience over recent years, it will also be the future.
Since almost every country in the world has set targets for renewable energy sources to be achieved over the years, it is clear that photovoltaics will remain a hot topic for the coming years.
If you are wondering when is the right time for someone to install a photovoltaic system, we answer the same to all our potential customers at any time. Now.
Are you interested in photovoltaics? Click the button below, fill out the form, and a specialized engineer from our company will contact you to answer all your questions and guide you in making the right decision.
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