The Oil Crisis Leads to Development on the Solar Energy Front
There are numerous advantages of using solar power instead of fossil fuels, as it can be used to power up everything from power plants to households. It cuts your carbon footprint and is all together a more efficient power system compared to other sources. Yet, the world can’t seem to relinquish its dependency on oil, even though experts in the field explain that today’s oil crisis is an indication that we should look elsewhere for energy.
Some foresee a bright future for oil and gas drilling as companies expand operations to service rich oil fields. In the midst of the falling crude oil prices, oil and gas services company UnaOil opened an Iraqi strategic base in North Rumaila as a training facility for engineers and other industry professionals. Meanwhile, the Holy Grail of oil fields has been estimated to hold 100 billion barrels of oil, just a stone’s throw away from London Gatwick, and the potential for saving the UK economy and helping others recover reveals that oil as an energy source will not be replaced any time soon.
From the looks of it, petroleum still remains as the primary source for fueling vehicles and airplanes, but oil is a nonrenewable source; at some point, the world will run out of it. This period of oil’s extreme volatility is a clear cut sign that energy firms should diversify and look into other resources, such as solar energy.
As it stands, around 11 percent of the marketed energy consumption is sourced from renewable energy, which is projected to increase to 15 percent come 2040 according to EIA.gov. Global industries persistently work to increase this percentage, hoping that businesses across the sectors and even households would soon make the change to solar energy. Several solar panel manufacturers are working towards further lessening the costs of solar panel production and installation, and progress in the industry is evident as the Telegraph reveals that panels are just as affordable now as they were five years ago. The latest innovations include a new technique in producing silicon wafers. With success, the cost of solar power could decrease by at least 20 percent in the forthcoming years. In a few short years, solar energy c ould be as cheap as coal
Production costs for solar panels will lessen electricity bills for businesses as well as households and serve as incentive for them to make the move towards eco-efficient energy. Hawaii is currently at the forefront in the United States in terms of solar power usage, with 12 percent of the state’s homes having installed solar panels on their rooftops. But with further developments in renewable sources, other households in the US (and possibly in other countries) will catch up to Hawaii and invest in a power system that benefits the homeowner and the environment.The Oil Crisis Leads to Development on the Solar Energy Front by Energy Informative