The solar industry in recent years has been characterized by double-digit installation growth and moderate revenue expansion, especially in the largest markets — namely Japan, China, and the United States.
With the ongoing cost reduction of solar power, forward-thinking organizations are reevaluating their energy strategy to cut costs and manage their energy consumption more effectively. Here are the top trends pushing organizations to adopt solar power:
- Increased interest in smart energy
Small and large organizations are increasingly demanding smarter solutions to have better control over their energy costs, as well as to better manage their overall energy use.
With the introduction of smart grid systems, technology companies have provided businesses with the opportunity to capitalize on demand response innovations. Cloud-based information systems, coupled with storage, allow for greater visibility over energy consumptions, which translates to more control over energy management and bottom-line energy costs.
- Solar is no longer paired to the roof
The installation of solar power no longer requires a rooftop panel system to cut energy costs, owing to increasing popularity of solar carports. Innovative solutions, such as virtual net metering, that allow the client to set up solar at an offsite location and the energy production at a different location have also expanded the ways consumers can benefit from solar power.
- Faster and simpler ways to install solar
Solar solutions have become more modular and streamlined, which has made installations simpler, easier, and faster than ever before. Numerous innovations in solar have led to the introduction of revolutionary approaches, such as high-performance systems with minimal components and less variability, that offer greater operational efficiency and reliability.
With these new solutions, there is minimal business interruption and reduced potential downtime. Moreover, installation costs are drastically reduced so you can start saving faster.
- Increasing grid-connected solar energy installations
The latest offerings in community green choice programs are offering consumers more flexibility in choosing their energy resources. Different utilities are creating strategic partnerships to deliver more choices in power, including solar solutions, to consumers, giving them more options to cut energy costs and achieve their sustainability goals.
- New financing options to make solar more affordable
Besides solar leases and power purchase agreements, there are more trusted financing tools being developed to make solar projects more readily available. For instance, the emergence of YieldCos and ABS as capital sources has helped reduce the cost of acquiring solar energy assets, making it easier for organizations to embrace money-saving energy technologies.
It is also important to note that the continued focus among nations on diversifying their energy mix away from fossil fuels and imported oils will remain the same, with solar installations driven by feed-in tariffs and grid-parity.