Oil is the primary source of energy in the world. In the global market, this commodity is one the main players that affects various economy in the world.
But with the years of struggles on oil prices, people find other ways to fill the void left by the prime commodity.
One of the answers to the persistent energy crisis is the solar energy. Is it really a good replacement to oil?
One could never deny the availability of this renewable source of energy. The sun rises every day and this provide abundant source of solar energy for the world. Compare to oil and other fossil fuels, solar energy can be more easily harnessed and is more environment friendly than the non-renewable types of energy.
What sets it apart to oil is its low price and unquestionable capacity. The burning of fossil fuels has been costly to the economy and environment. But the utilization of solar energy will require lesser cost. The prices of solar panels have been playing at $.75/watt and it has dropped dramatically in the last few years. By 2020, the Citigroup predicted that it will be reduced to $.25/watt, scratching the need of subsidies from the government.
Moreover, installations of solar panel are escalating quickly. Its rate has increased to 50% in US with 10 gigawatts of solar energy capacity installed in 2013-2014.
But the most important feature of this solar energy is its major attraction as an investment. Coal is predicted to reach its end as an American power source and solar power is considered a great substitute. Major investors are making a bold move of shifting to renewables as their investment.
Every $1 million dollar invested in solar energy produced 14 jobs. These are more jobs compare to 7 and 5 of coal and natural gas respectively.
The only disadvantage that people can point out to solar energy is the cliché that “the sun doesn’t shine all the time.”
For years it has been a constant debate in the world but it could make sense as the solar power depends much on the availability of the sun.
But the bottom line is, no type of energy source is available all the time that is why we could not just scrap solar energy because of this cliché.