The future of solar energy looks increasingly promising and will transform how businesses operate across different industries. As time goes on, the cost involved with solar energy becomes more affordable, resulting in more and more businesses becoming interested in adopting solar energy.  

This has inadvertently led to significant changes in energy consumption and has had an impact on business models, too. Here, we’ll take a look at what is in store for businesses that adopt solar energy, looking at the future of solar.  

What is the future of solar energy?

As concerns about climate change and fossil fuel depletion intensify, solar energy is set to become a cornerstone of sustainable energy policies worldwide, so it comes as no surprise that more and more businesses are investing in commercial solar panels to contribute to sustainability as a whole.  

Let’s take a look at what the future of solar energy looks like:

Technological innovations

One of the most exciting prospects for the future of solar energy is the continuous improvement in photovoltaic (PV) technology. Researchers are consistently finding ways to increase the efficiency of solar panels.  

Perovskite solar cells, for instance, promise higher efficiency rates at lower production costs compared to traditional silicon-based cells. Innovations like bifacial solar panels, which capture sunlight from both sides and solar skins, which customise the appearance of panels to blend with their surroundings, are also on the rise.

So, with these technological advancements, it's inevitable that businesses will thrive through the use of solar energy.  

Decreasing costs  

The cost of solar energy has been decreasing dramatically over the past decade, and this trend is expected to continue. As manufacturing processes improve and economies of scale are achieved, solar panels become more accessible to a broader range of consumers and businesses.  

This decrease in cost not only makes solar energy more competitive compared to traditional energy sources but also opens up new markets in developing countries where energy demand is rapidly increasing.  

So, businesses will find a lot of opportunities here.  

Expansion of solar applications

It is inevitable that we’ll begin seeing solar energy being used in various ways. For example, floating solar farms (which are solar panels mounted on bodies of water) are becoming more and more popular.  This is especially useful in areas with limited land area.  

Furthermore, innovations like solar-powered vehicles and the integration of photovoltaic materials into building materials, known as building-integrated photovoltaics (BIPV), are already being developed, too.  

These advancements will no doubt be useful to businesses in the bear future, if not already, and will allow them to become more efficient when it comes to generating energy.  ‍

Policy and market dynamics

As the urgency to address climate change grows, governments around the world are likely to provide more robust support for renewable energy technologies, including solar power.  

This could include subsidies, tax incentives, and mandates for renewable energy integration.  

Examples of these incentives include:  

• Annual Investment Allowance (AIA) which lessens the tax burden and rewards companies that implement sustainable energy practices, amongst other benefits.  

• The Smart Export Guarantee (SEG) allows businesses to earn money by selling excess energy generated back to the national grid.

The impact of solar energy on businesses

The main advantage of using solar energy to sustain your business’s energy needs is that you’re likely to achieve independence from the grid, but besides that, there are other positives, too.  

Reduction in energy costs

Did you know that solar and wind energy now produce energy at a lower cost than new coal and gas plants? And, did you know that the cost of solar panels dropped by 50% in 2023 compared to 2022?  

There’s no doubt that businesses will begin to see a reduction in energy costs by using solar energy. As businesses reduce their reliance on traditional energy sources, they’ll be protected from fluctuations in energy costs and market volatility.  

So, the future of solar energy means that businesses will be saving money and will be able to invest the money they would typically use on energy into other projects that are more beneficial to run for the business. This will especially make a difference for industries that are heavily reliant on energy to function.  

Corporate sustainability enhanced

As a business, your corporate sustainability will be enhanced as you commit to using sustainable energy.  So, not only are you helping the environment, but you’re also inspiring your customers and becoming a beacon of hope within your industry.  

Energy independence

As we mentioned above, you’ll gain your independence from the national grid by investing in solar energy. This is a great advantage during peak usage times or in areas where the supply of energy can be inconsistent. Also, if there are any blackouts, you’ll be able to generate your own electricity with commercial solar panels.  

Future challenges

There will also be a few challenges that we need to face that are associated with the transition to solar energy, such as the initial investment. This can be significant but is also decreasing as solar power technology is improving.  

There is also the challenge of finding the right amount of space for solar panels, which will be trickier to find in urban areas or busy cities. Additionally, businesses need to navigate the regulations that come with solar energy, which can vary significantly by region and can affect the feasibility and profitability of solar investments.  

The future of solar energy is not just shaping the business landscape; it’s bound to revolutionise it. As the cost of solar technology continues to fall and its efficiency improves, more businesses will begin to adopt solar energy, leading to a ripple effect of benefits, including reduced operational costs, enhanced sustainability profiles, and greater energy independence. It’s important to remember that initial investment costs can be offset via cash positive funding options.  

If you’re looking to invest in and be a part of the future of solar energy, be sure to get in touch with one of our team of experts at Sustain Commercial Solar on 0333 880 0891.  

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