CO2 emissions have continued to rise over the last couple of years, and the growing demand for stable electricity, heating, cooling, and transportation, don't make things any better. With an increasing population, the global energy scene has been compromised. Amidst all these, ensuring access to clean and affordable energy for all and facilitating climate change without affecting economic progress has become a priority. The only way is to come up with a global response and have everyone on board with supporting green electricity.
However, it's worth noting that each country encounters different kinds of energy challenges, which is why each should look for a unique energy model to transition to renewable energy. Transitioning to a low-carbon society marks a paradigm shift in global power. With rising environmental concerns, renewable electricity is expected to grow tremendously over the next couple of years. Businesses are among the biggest beneficiaries of renewable energy. The future seems to be focused on green electricity for businesses to guarantee growth while conserving the environment. Renewable energy is expected to grow over the next couple of years, and we take a look at how things will be like in the future.
Solar goes cheaper
Solar installation has already gained momentum, and we will see more and more panels get installed annually. Likewise, there has been a significant fall in prices to install solar panels, making it one of the driving forces to switch to renewable energy. According to an IEA report, solar energy will be responsible for 60% of the predicted green electricity growth because of its accessibility. The good thing about solar is that it offers more freedom than wind and hydropower, which requires being set up in a specific area. Residential solar power is set to see tremendous growth, and businesses that choose it as their source of energy will save a lot of money that would be spent on electricity bills.
Wind energy
When talking about the future of green electricity, you can't leave wind energy out of the conversation. The adoption of wind power is becoming more prominent than ever, and it's a trend that we'll see more and more over the next ten years or so. Wind power is a convenient source of renewable energy, but grid integration, financing, and social acceptance are the primary challenges facing the expansion of faster wind energy globally.
The rise in hydroelectric power
According to the IEA, hydropower will continue being the primary source of renewable energy over the next five years. Its capacity is set to increase by 9% over the forecast period. With the rising power demand, hydroelectric power will have a crucial role to play.
Renewable energy is already here and has a promising future. The 2020s will see green electricity grow significantly and get rid of fossil fuels. Technologies such as solar and wind are at the center of the transformations happening throughout the global energy scene. Their deployment will significantly impact minimizing global greenhouse emissions, reducing air pollution while facilitating energy efficiency. Businesses stand to gain considerably with reduced electricity bills thanks to the takeover of green energy.
