Solar energy set to become one of the world’s leading forms of power

Report highlights the future prospects of solar energy

Solar energy is poised to play a major role in the world’s power supply in the coming years. A recent report from Bloomberg New Energy Finance predicts that both wind and solar energy will supply more electrical power to the world than other forms of energy by 2040. Solar, in particular, may experience an economic boom in the near future, largely due to its growing popularity and the falling price of photovoltaic technology.

Solar and wind are becoming less expensive than coal

The report from Bloomberg New Energy Finance predicts that solar energy will be less expensive than coal in several major countries within the next five years. This is due to the dramatic decrease in the production costs of solar energy systems and their associated technologies. Solar is already less expensive than coal in some parts of the world, but this trend may soon expand to China, India, and throughout the majority of the United States in the coming years.

Cost of solar energy continues to fall

Focus on solar energy is growing quickly due to several environmental factors. Large businesses are beginning to consider climate change as a major threat while also being pressured to comply with strict emissions regulations. These companies are embracing renewable energy in an effort to become more environmentally friendly and adapt to a changing economic climate. As more businesses show interest in clean power, investments in solar, wind, and other forms of energy are growing. These investments are helping the clean power sector thrive as well as aid in the development of new energy projects throughout the world.

Hydrogen is also gaining prominence as a form of clean power

While wind and solar energy are on track to become major forms of power, hydrogen is also expected to follow a similar trend. Hydrogen fuel cells have already established a major presence in the transportation space, being used to power a new generation of clean vehicles. These energy systems are also beginning to see use as primary power suppliers, generating electricity for data centers and various industrial applications.