Introduction
The growing need for renewable technology is a critical component. When meeting any effort to battle climate change and provide energy security. And the current US government is vigorously promoting it as such. Solar photovoltaic (PV) technology is one of the most promising renewable energy sources. Solar energy is widely available in the United States. And solar power generation emits fewer greenhouse gas emissions than fossil-fuel energy sources. In 2012 “customer-cited rooftop solar PV has the technical potential to supply. Of roughly 20% of annual electricity demand in the United States.”
Solar Power and CSP
Solar power is now more economical, accessible, and widespread in the United States than it has ever been. In the United States, the capacity for solar power has increased from 0.34 GW in 2008 to an estimated 97.2 GW currently. This is sufficient to power the equivalent of 18 million typical American homes. Solar energy now accounts for more than 3% of US electricity generation, in the form of solar photovoltaics (PV) and concentrating solar-thermal power (CSP). The average cost of solar PV panels has decreased by about 70% since 2014. Solar energy markets are fast expanding across the country. As solar electricity is now economically competitive with conventional energy sources in the majority of states.
Quantity and Potential of Renewable Technology
The quantity and potential of solar in the United States are astounding. PV panels are on only 22,000 square miles of the country’s total geographical area – roughly the size of Lake Michigan. This could provide enough electricity to power the whole country. On rooftops solar panels are placed with little to no influence on land usage. So we can expect that more than one in every seven households in the United States will have a rooftop solar PV system by 2030. CSP is another way of gathering solar energy, with around 1.8 GW of capacity in the United States.
Between 2010 and 2020, By more than half of the cost of energy generation is able to reduce. If cost-cutting aims for CSP are satisfied then it can promise more power generation in the coming year. Thus estimation suggests that technology might offer up to 158 GW of power to the United States by 2050.
Benefits of Solar Business in Renewable Technology
Furthermore, the solar business has a demonstrated track record of employment creation across the country. Over the last decade, American solar jobs have expanded to 167%. This is five times faster than the general job growth rate in the US economy. In the United States, about 250,000 solar employees are working in industries including as manufacture, installation, project development, commerce, distribution, and more (Solar Energy in the United States).
The United States government’s initiatives targeted at expanding power output from renewable technology include four major ideas. First, who suffers the short-run costs of programs to support renewable energy generation vary according to the organization of the electric power business. And this variance may be a key contribution to such programs’ political appeal in U.S. states. Second, while feed-in tariff methods are more popular across the world, renewable portfolio standard (RPS) programs may pose a less long-term societal risk.
Third, unlike the European Union’s strategy to decrease carbon dioxide emissions, its renewables technology program is nearly to guarantee, not to reduce the cost of attaining its objectives. Fourth, even though most employ market processes, state RPS plans in the United States are nearly to assure to cost more than required. To back up this latter point, I present a very extensive explanation of current markets for renewable energy credits, as well as their inadequacies.
Conclusion
However, a little economic study of renewable energy has been conducted. Renewable energy economics presents a big challenge due to its erratic nature. The wind does not constantly blow, nor does the sun always shine. This has not been effectively to address yet in the discussions of their potential.
Without new storage technologies that can overcome this intermittent issue. Much of the economy’s decarburization will have to come from nuclear, carbon capture and storage, and energy efficiency, with geothermal and biofuels contributing just a little. Nuclear power and carbon capture and storage are not without issues. New energy storage technologies might significantly boost the role of renewables, but none are present in the works.