So I've been a big supporter of renewable energy for a while now, as my last post a few months back pointed to our own experience in the first year adopting solar. But I had a few people reach out to me to point to potential issues in the space and have questions about the sustainability of it all, so I thought I’d do a really basic breakdown of growth trends and ways the industry is getting better every day.
In 2020 alone, the global solar power capacity reached 589 GW, and it's projected to reach 1,230 GW by 2026. It's amazing to see how far solar technology has come in recent years, and it's clear that it's going to play a big role in our transition to a more sustainable energy system.
But, as with anything, there are always going to be concerns and challenges. For example, the production of solar panels requires a significant amount of energy and materials, and some of the chemicals and materials used in the manufacturing process can be harmful to the environment. However, according to the National Renewable Energy Laboratory, the energy payback time (EPBT) for a solar panel is typically around 1-2 years, which means that after that period, the solar panel will have generated more energy than was required to produce it. Additionally, the disposal of solar panels at the end of their lifetime can also be problematic. To address this, recycling technologies are being developed to recycle the materials, and the recycling rate of solar panels is expected to reach 30% by 2030.
The benefits of solar energy far outweigh any potential downsides currently mapped. Not only does it help reduce our dependence on fossil fuels, but it also saves us money on our electricity bills. According to the International Energy Agency, the average cost of solar energy has dropped by 85% since 2010, making it more cost-competitive with traditional sources of energy. It's a win-win for both our wallets and the planet.
As always, whether or not solar makes sense for you as an individual is something that is highly specific to your individual situation. But just looking at the big, industry-level picture here, the momentum (along with regulatory/policy help) is trending toward making solar, and renewables in general an affordable and more sustainable way to meet our increasing energy demands.