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Solar Technology Development Prospect and Economic Potential

A large number of studies have estimated the future potential of renewable energy technologies, both in terms of the technically feasible energy output that could be secured from each technology type, and the economic potential, taking into consideration cost and other limiting factors. 

Precise terms and definitions differ, but it is important to distinguish a number of key concepts, most of which are common to all studies: 

Available resource refers to the total amount of different forms of renewable energy available for extraction – for example the energy in ocean waves, or solar isolation levels. For several technologies (essentially solar, wind, tidal, wave and biomass), UK available resource is very large indeed. 

Technical potential (also referred to as accessible resource) refers to the amount of energy that might be extracted from the available resource, using known technologies. Again, for a number of technologies, technical potentials are very large primary energy consumption several times over. 

Practicable potential (also referred to as practicable resource) refers to the amount of the technical potential that might reasonably be accessed, taking into account various technical and physical limiting factors such as competing land and ocean use and often includes further limitations, such as electricity grid and system constraints. 

A closely related concept is accessible potential. Practicable resource is more difficult to assess in the long term, since many constraints may change over time as technologies progress, or reflecting different political/societal priorities. For the latter reason, it also tends to show significant variation between studies in different parts of the world. 

Economic potential refers to the amount of accessible potential that is economically viable, given current technology, or with future, better and cheaper technologies. Economic potential depends upon the cost of alternative/competing energy sources. It is important to note that policy may influence both the development of renewable and the cost of conventional competitors. 

Climate change

Climate change is of the utmost importance today. Even while we stress about a struggling global economy and rising energy costs, the rapid onset of climate change and global warming threatens our very livelihood. Undoubtedly, at this point our only option is to move away from greenhouse-gas-emitting fossil fuels and into clean, sources. Solar power and its partners in the renewable energy movement are our best bet toward curbing our part in climate change.

Solar energy, a predictable and abundant resource, will no doubt play a major role in that transition. According to futurologist, solar power could provide 100% of worldwide energy needs in just 20 years. That is some serious potential. Such lofty predictions are no reason to ignore other renewable technologies, but they do put solar at the forefront of climate change prevention and the impending energy overhaul.

Furthermore, countries like India have already devised Climate Change Plans which put solar power at the top of their priorities list. The United States and the Bush administration have long been criticized for vague and lackluster planning – the President’s climate change plan merely states that greenhouse gas emissions will peak by 2025.

Solar energy is abundant the world around and can be easily harnessed in both urban and rural areas, without the need for large shifts in infrastructure. The fact is, there is no longer a need to “sell” solar power, or other renewable technologies for that matter. The need now is to implement solar power.