A number of factors have been holding back solar panels from becoming a leading source of energy in world. The first being the cost; the initial capital cost required for installation is very high relative to other energy sources. There is a positive return on investment (ROI) in the future; however, it is slow and can take up to a few years.
This eliminates demographics, such as low-income households, from being solar panel owners. It also makes it an unattractive business prospect to build large solar farms or even produce solar panels. Currently, producing electricity from solar panels is 2 to 3 times more expensive than from hydro, coal, or nuclear energy sources. However, things are looking up as the price of solar panels has decreased almost 65% in the last decade. A second factor is the overall grid infrastructure. The available power grid infrastructure was built to work with consistent power generation levels and these grids may not be able to cope with the inconsistency of solar energy. Another factor that reduces the competitiveness of solar energy is how often electricity is produced; also known as its capacity factor. Generally, a solar farm runs at 15% capacity. For reference, a coal plant can operate at up to 80 % capacity.
There are a number of solutions that can allow the solar energy sector to thrive and still be part of the conversation decades down the line. Large, efficient batteries can be used to store the excess power through the night and on cloudy/rainy days. These batteries are relatively expensive, but there has been a downward trend in its price over the years. Another solution involves merging other forms of renewable energy (i.e. wind or hydro) with solar energy to provide consistent power generation that satisfies the requirements of existing power grids. It is important to continue searching for solutions that accelerate the growth of the renewable energy sector. Addressing the challenges that stand in the way of the progress of solar energy and, in general renewable energy, is the first step to realizing their huge potential.
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