In recent years, solar energy, as one of the main sources of renewable energy globally, has gained increasing momentum. As countries and governments increasingly focus on carbon emissions and climate change, solar investment has become so attractive for both individuals and businesses. But solar system investmentis a great future in 2023? Let’s further explore this topic.
1. Solar market growthNowadays, global issues such as trade conflicts, energy maintenance, regional power restrictions, and environmental pollution are becoming increasingly serious, leading to exponential growth in the solar energy market. It is estimated that by 2026, the global solar energy market will reach $223.3 billion, with a compound annual growth rate of 20.5% from 2019 to 2026. This growth is due to an increase in demand for renewable energy, government subsidies and incentives to promote solar system investment, and a decrease in installation costs.
2. Cost reductionIn recent years, due to technological progress and economies of scale, the installation cost of solar systems has significantly decreased. According to data from the International Renewable Energy Agency, the cost of solar modules decreased by 89% from 2010 to 2019. This cost reduction makes solar investment more affordable for people.
3. Future energy demand
Compared with traditional power generation models, solar systems are relatively simple to install, especially in areas with underdeveloped power grids, such as most parts of Africa, where industrial development is lagging behind, there are fewer power plants, and power facilities are weak. Therefore, there is always a problem of power shortage. Some areas do not have electricity at all, but they have sunlight, with an average effective sunshine time of 6 hours per day. So for most African people, when they have sunlight and solar systems, they have electricity. For example, in Tanzania, 38 million out of 59 million people are unable to access electricity. Only one in ten households can access electricity, which means there is a huge demand for solar investment.
Even in developed countries such as Europe and the United States, they are facing power shortages. The US government believes that the conflict with Ukraine and the disruption of extreme weather events to the energy market are threatening its electricity supply capacity. Some parts of the United States may experience power shortages.
Europe has also experienced extreme high temperatures. Since mid June, European countries such as Spain, Portugal, France, Switzerland, and Germany have been hit by heat waves ahead of schedule, further increasing the pressure on European power supply. Many factors have indirectly or directly led to the increase in electricity prices in various countries. More and more people are looking for more cost-effective solar power generation.
4. Environmental benefits
Unlike traditional energy sources such as coal or natural gas, solar energy is a clean and renewable energy source that does not generate any greenhouse gas emissions. This means that using solar energy can help reduce our carbon footprint and mitigate climate change.
5. Risks and Challenges
Like any investment, solar system investment also carries risks and challenges. A major challenge is that solar energy relies on sunlight, which may not be reliable in certain areas. This means that on cloudy or rainy days, the energy generated by solar systems may be limited. So it is important to choose the appropriate installation location for solar panels.
The solar investment is composed of inverters, charging controllers, solar panels, batteries, and other accessories. However, where can we find top-quality solar system suppliers? There is no doubt that China has always been a major manufacturer of solar products, and most of the global solar components come from China.
In China, the solar energy industry is developing well, with a well-established supply chain and strong government support. At the same time, with the continuous innovation and breakthrough of technology, China’s solar energy industry has developed rapidly in the past decade. With the maturity and innovation of technology, the solar system investment will only become lower and lower.
After more than 16 years of development, China Xindun Power has become a leading manufacturer in the solar energy field in China. Our inverters, controllers, solar panel and other system accessories have been put into use in more than 100 countries worldwide, except that our overseas work locations and warehouses are located in Africa, Asia and other regions, bringing top-quality inverters and system accessories to local customers.
The products we provide have undergone continuous technological upgrades to meet the different customization needs of different countries. And we can provide competitive prices because our products come from our own factories, produced and sold by ourselves, and there is no price difference earned through intermediaries.
In addition, our senior engineers can configure the best solar system for you based on your geographical location, helping you maximize your power generation.So choosing Xindun Power for solar investment is the right decision.
In short, solar system investment is a wise choice for 2023 and beyond. The solar energy market is steadily growing. If you want to enter the solar energy market, welcome to become a partner with China Xindun Power Company and grow together!
