The global interest, demand, and market for renewable energy have steadily increased across the board over the last few years, hitting record highs in 2019.
This increase in interest comes as no surprise – energy is a basic need – not just for homes but also for businesses. It powers offices, retail outlets, and fires up factories and manufacturing plants.
But with the current global environmental crisis, more and more companies are searching for viable and renewable alternatives to ensure an unbroken supply of power.
Renewable Energy 101
Renewable Energy is energy collected or generated using naturally occurring and replenishing sources like the sun, wind, water, biomass, and geothermal methods.
Solar, wind, hydroelectric, biomass (wood / other biogases) and geothermal power are all renewable sources of energy used to provide electricity for both on and off-grid (rural or far-flung provinces) locations. They also deliver power to various transportation methods as well as heating and cooling requirements in the workplace.
Renewable Energy sources are more eco-friendly than traditional fossil fuels (petroleum, natural gas, and coal). These conventional methods have been used for over 130 plus years and are still the primary source of energy in 2020. However, global supply will eventually run out, highlighting the urgency of finding viable alternatives.
Renewable Energy sources have slowly grown in popularity, mainly due to increasing awareness in the world today to the current climate change crisis.
Various natural disasters, as well as personalities like Greta Thunberg, have also brought attention to these issues, making people – and industries – want to find solutions.
There is also a worldwide movement to convince businesses to commit to using sustainable and eco-friendly energy resources for the continued existence of the planet in general.
There is also an increase in investments and overall growth for the renewable energy industry.
With this influx of capital, renewable energy is now cheaper and more accessible than ever before – from the equipment, technology, and even expertise, making it easier for businesses of all sizes to move away from conventional energy sources.
Commercial and residential electricians are able to offer renewable energy solutions, such as solar and battery power installations.
Even traditional energy companies and providers like Chevron, Exxon, and more are looking into renewable energy and “green power” solutions, committing entire research and development departments to lower the carbon footprint of their products while making them cost-effective.
The Positive Impact of Renewable Energy to Your Business
Along with an energy saving audit, installing renewable energy can significantly reduce the overall cost of your power bills.
It is also an excellent opportunity to flex your corporate social responsibility muscles – it sows goodwill amongst your new and current customers because your business is taking steps in doing the right thing.
It also adds value to your business; you are future-proofing your business and thinking long term to ensure a steady supply of viable energy.
Today’s Renewable Energy Market Status
Today’s Renewable Energy Market is currently booming and will continue to grow throughout the year and the rest of the decade.
Solar and Wind Energy have shown the most significant gains in terms of expansion, as seen in the recent rise in offshore wind farms as well as advances in power storage technology – particularly with solar power.
Solar and Wind energy are easier to set up with governments almost 100% behind their growth.
As for Geothermal and hydroelectric plants, however, the growth has not been as fast because they take more time and money to construct.
Key Renewable Energy Trends To Watch Out For in 2020
Moving forward, here are the trends you can take advantage of this year:
#1. The Continued Rise of Solar Power Energy Technology
Solar technology is currently the most accessible of all renewable energy sources. The Sun is everywhere, making solar panels easy to install quickly. Solar panels are durable, highly portable, compact, and easy to clean. There are also bifacial or double-sided solar panels already available for even faster collection of energy.
#2. Improved Energy Storage Technology
The last few years have seen a vast improvement in how you can store the renewable energy you generate. Batteries are now more efficient and no longer as cost-prohibitive as they were less than a decade ago.
#3. The Rise of Microgrids
More and more Microgrids are currently being set up all over the world, thanks to better batteries. These are smaller power grids usually connected to the leading power supplier yet can easily switch to a renewable energy source as well. Microgrids can also be powered entirely by renewable energy – and there are already offices and businesses and in some countries – entire malls – that exist using this energy source.
#4. Achieving True Grid Parity
Grid parity is the term used when the cost of alternative and renewable energy sources finally equal the cost of conventional power sources such as fossil fuels.This wasn’t easy to achieve in earlier years due to the costly technology needed to generate solar and wind power. Now with the renewable energy industry gaining more players, improving technology, and producing more products such as solar panels, wind turbines, and batteries, Grid Parity is within reach, which will make more people want to switch.
2020 and Beyond: A New Era for Renewable Energy
Renewable energy can improve your profit margins by reducing operating expenses and overhead while lowering your carbon footprint.
And for residential homes, you can decrease your electricity bills along with your carbon footprint.
The industry is experiencing massive growth, with numerous technological and equipment improvements that are now more affordable and efficient to generate and store your power.
If you are considering looking into renewable energy sources to power up your operations, now is the best time to do so.
If you are interested in discovering what renewable energy options are available for your business, Smillie Electrical Services will gladly assist you. We have over 20 years of experience in providing prompt, professional, and reliable electrical services. We can conduct an energy audit on your business before presenting a customised renewable energy solution tailor-fit for your business. Contact our customer service team today.