Solar Power Will Become Earth’s Primary Energy Source by 2030

According to a study from the Deutsche Bank, solar energy will be the number one source of energy globally by 2030. The bank estimates that the solar financing will generate over $5 trillion in revenue between now and 2030. Many countries such as Germany are making massive strides in switching over to renewable energy sources completely.

Residential Solar Power

Many companies now offer solar financing so that households can afford to install solar energy systems in residential settings. Installing a solar energy system in a home can cost tens of thousands of dollars out of pocket without solar financing.

Solar Power Is Good for the Environment

Not only is solar energy renewable, but it will help to reduce harmful carbon dioxide emissions significantly over the next 15 years. Many experts believe that the release of harmful greenhouse gases such as CO2 — produced by current methods of energy production — play a major factor in global warming. Renewable energy sources such as solar can begin to reverse those effects.

As the solar financing industry grows, more effort will be directed into making solar panels more efficient. Currently, some regions are better suited for solar energy than others. For example, solar energy is more consistent and reliable in the south and much less efficient in the northwest, where rain and cloud cover dampen the efficacy of solar power production.

As solar panels are designed to convert the sun’s energy more efficiently, the use of solar as a renewable energy source will become more common in places like the northwestern United States. Until then, some scientists are even proposing “electron interstates” that can be used to transport energy from regions with high solar output to areas of the country that don’t see as much annual sunlight.

Solar power is becoming increasing more popular and necessary as we learn more about the effects of traditional power production on the environment — and by 2030 solar power may become our primary source of energy.

Drew Scholl is a renewable energy writer for Fusion 360, an SEO and content marketing agency. Information provided by Elements Capital Group. Follow on Twitter.

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