Fremont, CA: The appetite for green energy has been on the rise for many years. Solar energy, in particular, is becoming one of the most debated subjects due to its efficiency and affordability. The market for solar energy is expected to grow by 20.5 percent from 2019-2026, with a CAGR of $223.3 billion by the end of 2026.
While climate change is the primary reason solar energy is gaining prominence, five trends will propel the sector in 2021. Let's check.
Artificial Intelligence and Automation
Artificial intelligence allows energy suppliers and customers to regulate and reduce pollution by gathering data and leveraging energy consumption. Despite the management of consumption, AI can also mitigate accidents and provide disaster management. Advanced devices such as smart meters and energy collectors are designed to monitor weather conditions and temperature. It facilitates anticipation of emergencies and can change its settings automatically.
Automation of equipment speeds up maintenance processes and eliminates the need for human labor power.
Blockchain infrastructure is designed to eliminate the middleman that benefits consumers of solar energy. Not only does it make green energy affordable and more accessible, but it will also allow individual households to regulate their energy consumption without overpaying public services.
Blockchain technology is associated with the financial market, enhancing information sharing and smart device utilization and making it more reliable, contributing to better building management systems (BMS).
Increased parity of grid
Solar energy accessibility improves grid parity, and if more private households install private energy generators, it will become cheaper. Price shifts will be significant from 2021, ensuring that solar and other renewable energy options will become more affordable than traditional energy sources, such as coal or gas.
Technologies such as AI, IoT, and blockchain have a lot to do with making solar energy more "user-friendly" and bringing energy generation and use to a more individual level.
Accessibility for private households
New generation distributed energy resources, such as solar panels or wind generators, can be used in private households to enable people to have greater control over energy use. These devices can be installed in households and also in apartment buildings. Users can therefore produce as much energy as they want and sell residual energy to energy vendors.