Local Vancouver solar energy providers such as Terratek Energy, Inc. have a newfound friend in a recent study; the results of which further strengthen the case for increased reliance on solar power generation in the coming years. CBC News reports:
Solar and wind power are increasingly cost-competitive with conventional forms of electrical power, including coal and nuclear, even without subsidies, according to a new study.
“The economics of alternative energy have changed dramatically in the last decade,” said George Bilicic, global head of the power energy and infrastructure group at Lazard Ltd. and author of the report.
The cost for utilities to generate energy from photovoltaic technologies has fallen by nearly 20 per cent in the past year, and nearly 80 percent in the last five years, he said.
The report, published by Lazard, indicates that the cost of typical solar panels installed on residential rooftops, for example, ranged from $180-$265 as opposed to the $297-$332 range for conventional diesel generators. All figures are computed without subsidies.
Such cost-effectiveness can be attributed to tireless work being put in by researchers all over the world. While developing a 100% efficient solar panel remains little more than a concept, researchers have found ways to make solar energy conversion as effective as possible. The work culminated in a breakthrough this year, when scientists from the University of Massachusetts finally broke the so-called “electrode barrier” and developed a solar panel that not only is cost-efficient but also can use any type of metal as an electrode.
Numerous advances in the field of solar power research ensued, leading energy experts to predict that the world is on the brink of relying more on solar power. Indeed, reports from the International Energy Agency (IEA) stated that about 16% of the planet’s electricity could be entirely produced by solar panels alone by 2050.
Yet according to a study from Clean Energy Canada, the nation spent only $6.5 billion on renewable energy last year—a relatively small figure compared to the $207 billion spent globally. Speaking to CBC News, Canadian Solar Industries Association (CanSIA) President Elizabeth McDonald cites the fact that most Canadians are still unaware of the perks of solar and alternative energy in general as the foremost issue.
While issues still abound, the widespread use of efficient solar power in Vancouver and elsewhere isn’t far behind. The technology is getting better as of the moment, with skilled scientists, engineers, and other experts at the helm. Commercial and residential clients can turn to a company like Terratek Energy Inc for quality solar energy system installation.
(Source: Solar, Wind Cost-Competitive for Peak Energy, Study Finds, CBC News, September 29, 2014)