Over time, renewable energy has become increasingly efficient and reliable thanks to the development of new technologies. Although renewable energy sources were often viewed as inferior in the past, this mindset is slowly becoming obsolete. Switching to these renewable energy sources is essential if we want to protect our environment and preserve the planet for future generations. To showcase the fantastic potential of renewable energy, here are the top 5 trends to watch out for in the renewable energy industry.
Investment and subsidies
In 2023 and beyond, we can expect to see a huge increase in renewable energy investment from both governments and the private sector. As the threat of climate change becomes clearer and clearer, government investment and subsidies will increase to encourage the switch to renewable energy, and businesses will flock to these investment opportunities.
To create more security within the renewable energy industry, energy buyers and sellers are signing power purchase agreements (PPAs) for long-term energy contracts. This will ensure the consistent use and development of renewable energy for the foreseeable future. If you want to investigate this topic further, take a look at this renewable energy deal tracker.
Investment in long-term storage technologies
In the past, one of the major issues preventing the widespread use of renewable energy was the difficulty in storing this energy after generation. This was especially an issue for technologies such as solar and wind energy as these assets cannot produce energy all the time (e.g. during the night or in non-windy conditions), which means that energy needs to be stored to cover these periods when new energy can’t be generated.
Currently, this issue is still being explored in the renewable energy sector, but the development of new long-term storage solutions (such as advanced batteries) will certainly make it easier to use renewable energy on its own. Battery storage systems are one of the major areas of investment in this sector, as shown in this article.
Solar panel improvements
Overall, solar power is becoming increasingly viable as a standalone energy solution. With the development of advanced batteries for storage, solar panels will be able to provide power at all times, even through the night when no new energy is being generated.
Another reason why solar panels are becoming more popular is that there’s been a huge cost reduction, making this energy solution more accessible. In fact, solar photovoltaic (PV) systems have experienced a cost decline of 85% over the past 10 years, which means we can expect to see more investment in this technology in the future.
The UK government has announced a ban on the sale of new cars powered solely by petrol or diesel from 2030. As a result, we can expect to see a shift away from fossil fuels and toward greener technology. The car industry is one of the biggest polluters, so this change will have a huge impact on the environment.
Unfortunately, one side effect of all of this innovation and development is that more waste will be produced in the renewable energy industry. Old solar panels and batteries could be very problematic and produce a large amount of waste.
Recycling will be essential to combat this issue. Although this is one negative impact of renewable energy, the benefits of clean power will be essential if we want to combat the dangers of climate change. Greater investment in this industry is key.
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