The world is anything but static and there are always new developments in the energy industry. Staying in the know will help you make smarter decisions regarding how you spend both money and energy. A lot has changed over the course of the past year, so let’s take a look at some of the emerging solar energy trends to see a snapshot of the state of the energy industry.
Oil Prices Sink…for Now, At Least
Most of us didn’t expect the price of oil (and derivatives of oil) to sink as much as they did in 2015. Perhaps this can be attributed to economic endeavors on behalf of the government, or perhaps it was due to economic forces outside our control. However, these markets are always changing. For the near future we can expect oil prices to remain low, but they will most likely skyrocket in the future.
Because oil is a nonrenewable source of energy, it stands to reason that prices will ultimately hike and spike as supply and demand rules the markets. When they do, you can expect the price of many different types of fuel and energy to spike as well. On the other hand, you could invest in renewable energy via solar panels and due to Federal tax credits and other incentives, it has never been so attractive (or affordable) to invest in solar energy than right now.
Solar Technologies are Exploding
In the past, the solar industry was viewed as a technology that still wasn’t ready for the masses. But that is not the case at all because 2015 was a year of new records for the solar industry. More and more states are seeing booming solar technology installations, and it is a trend that looks like it will continue in the future. Though we would like to think that tax credits and other incentives will be there years down the road, we can’t be certain how these factors will change in the future – especially because of the current political change of office looming at the end of the year. As they say, a bird in the hand is worth two in the bush, and the savings right now on solar technologies are phenomenal.
Coal is Used Less and Less in Developed Nations
While it’s true that coal is still an integral part of the world’s energy, its usage is trending downward in developed nations. Even China, who has used as much as 50% of the total coal in the past, has begun using less and less of it. The Paris Climate Agreement has led to the decreased use of coal in developed nations however we still have a lot of work to do to lessen our dependence on coal.
Solar energy trends show that our use of coal is decreasing because we are finding better ways to power our lives. Though the price of oil is low for now, we don’t know how long the prices will remain there. Fortunately, solar technologies are on the rise and 2015 marked the best year for consumer implementations to date.