Eight Predictions for the Future of Renewable Energy

Tuesday, January 26, 2021 — Starion Energy

The International Energy Agency predicts that by 2024, renewable energy will take up 30% of the world’s energy. In recent years, wind and solar energy sources have experienced unprecedented growth.

In 2019, solar energy made up 60% of new installations total energy capacity. Along with this global shift to greener power, there will be new patterns in storage, installation, and utilization.

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Eight Predictions of Renewable Energy

What is the future of renewable energy? The use of renewable energy could increase by 50% between 2019 and 2024. Here are eight predictions you need to know.

1. Market Expansion

By 2024, renewable energy will make up 36% of global energy use, possibly more. This forecast implies that solar and wind energy will penetrate markets other than residential and commercial.

The use of solar panels for cars, for example, is beginning to gain momentum. You could see motor homes with mini solar panels on the hood. The ease of access to renewable energy might soon disrupt the auto industry.

2. Affordable Energy Storage

Capturing solar and wind energy may be convenient, but storing it for later use is expensive. On average, the cost of electricity is only about $0.10 per kWh, but the battery cost is $0.30 per kWh. It is more expensive to store energy than to process it. Yet as the demand for cleaner energy increases, affordable and more efficient energy storage solutions are expected to increase as well.

3. Energy Access

Access to power is still a problem in impoverished areas, even at present. With affordable renewable energy and easy-to-install panels on the rise, more homes will light up.

4. Pocket-Sized Solar Panels

The cost of installation for solar panels is high. In the United States, the average-sized solar panel system costs around $11,000 to $15,000 after tax credits. With the rising demand for renewable energy, pocket-sized but equally powerful panels will be made available in the future.

5. Distributed Energy

Energy often runs from a central source and is then distributed to residential and commercial consumers. The cost of distribution passed on to consumers is higher when the area is remote. An ongoing practice used nowadays is the strategy called distributed energy or on-site generation.

Power is generated at the site or at least near the place of the end-user. The conversion is immediate, and the distribution is cost-efficient, which works well for manufacturers, hospitals, and other industries with heavy power consumption. As renewable energy becomes widely available, so will decentralized distribution.

6. Multiple-Source Reservoir

Plants commonly generate electricity from one source. It is rare to find two to three energy sources converged in one reservoir.

In the future, there are predictions that there will be storage solutions for multiple energy sources. Such a single portfolio is convenient, as it allows diverse energy sources to leverage each other’s limitations.

7. Incentives

You can presently claim investment tax credits, about 22% to 30%, for installing solar panels. Energy companies also allow you to claim rebates for unused solar energy reverted to the mother grid.

These incentives are expected to get better in the future to encourage more people to shift to solar energy or other renewable energy. At the same time, these incentives allow businesses to foster customer loyalty.

8. Government-Mandated Shift

Many countries will join countries like Norway and Iceland in using renewable energy to power communities. Installing solar panels will no longer be an option, but instead the norm. Governments will be seen supporting the growth of renewable energy utilization in their respective territories as global warming increases.

How These Predictions Can Benefit Communities

The future of renewable energy is promising. At Starion Energy, we are committed to using our knowledge to enrich the lives of the people, businesses, and communities by providing cleaner energy choices.

It is our mission to convert positive energy that can impact the lives of our customers.

Starion Energy is a leading provider of renewable energy. We supply both residential homes and businesses, and we offer reliable plans that fit your energy needs. Contact our team today to discuss the best options for your home or business.