Recent Solar Industry News
ICYMI, there have been several significant developments in the solar energy sector in the last couple weeks.:
- US Solar Capacity Surpasses Natural Gas: In the United States, solar energy capacity additions have edged past natural gas in 2023. This shift highlights the increasing adoption and expansion of solar energy in the country’s energy mix.
- Funding for Thermal Storage Technology in California: In California, a thermal storage startup named Antora received over $4 million in grants. Antora has developed a thermal battery that stores renewable energy as heat in blocks of solid carbon. This technology enables cost-effective energy storage and can provide high-temperature industrial heat and electricity on demand, with costs competitive with fossil fuels.
- Decline in Solar Module Prices in China: There has been a noticeable decline in the prices of passivation emitter rear contact cell (PERC) solar modules in China, with a reduction ranging between 1.85% to 2.68%. This decrease in prices indicates a broader trend of solar technology becoming more affordable.
- Expected Drop in Global Solar Panel Prices: According to Tim Buckley, director of Climate Energy Finance, there is a steep downward trajectory in the prices of solar modules globally. It is estimated that the prices for photovoltaic (PV) panels will eventually drop by 40%, making solar energy even more accessible and affordable.
- Solar Energy as the Fastest Growing Energy Source in the US: Solar energy continues to be the fastest-growing energy source in the United States, surpassing other renewables such as wind, hydroelectric, and nuclear power. This trend emphasizes the significant role solar energy is playing in the transition to renewable energy sources.
These developments collectively point towards a rapidly advancing solar sector, characterized by technological innovation, increasing affordability, and significant investment, reinforcing the growing importance of solar energy in the global energy landscape.