The future of renewable energy continues to look promisingJune 19, 2017
Report highlights the continued growth in the demand for renewable energy
The demand for renewable energy continues to rise, with wind and solar power becoming quite popular among consumers and businesses alike. According to Deloitte’s latest annual report on the renewable energy space, support for wind and solar power is on the rise. The report notes that advances in technology and the falling costs of clean power have secured growth for the foreseeable future. These two factors have made renewable energy competitive with more conventional forms of power.
Businesses are beginning to show more support for renewable energy
According to the report, energy storage may become the most significant factor to ensure the continued success of the renewable energy sector. The report notes that approximately 48% of businesses are currently looking to acquire and make use of clean power. A portion of these businesses are looking to combine renewable energy systems with battery storage. This would allow them to save surplus electrical power for later use. Such storage solution could ensure that renewable energy establishes a very prominent position among businesses.
Falling cost of clean technology is making it possible for businesses to adopt on-site energy generation systems
One of the most attractive aspects of renewable energy, particularly among businesses, is the potential to save money. Clean power, in all its forms, is becoming much less expensive than it had been in the past. In some cases, solar energy is now less expensive than the electricity produced by coal and gas. The falling costs of energy production have led several businesses to adopting on-site generation systems. Deloitte’s report shows that 6 in 10 businesses now have such on-site system, with 33% of these businesses planning to increase their generation capacity further in the coming years.
Renewable energy is also growing within the residential sector
Renewable energy is expected to continue seeing significant support from businesses, especially as clean technology becomes more advanced. Beyond the business sector, renewable energy has also been seeing significant growth in the residential sector. This is particular true with solar power, which has become quite popular among homeowners.