Top trends shaping the future of solar energy, according to Infiniti Research, are the following.
Falling solar panels prices: The prices for solar panels have been declining rapidly, and this has compelled many homeowners for considering the implementation of solar panels.
Increase in solar panel efficiency: With the advancements in technology, manufacturers have been able to create solar panels that are nearly 30 percent more efficient.
Rising popularity of off-grid solar energy applications: Solar energy market suppliers are shifting their focus to off-grid segments due to forecasts of multi-gigawatt demand in the remote parts of the world becoming aggressive.
Innovative solar financing options: To reduce the burden of high solar panels installation costs, solar companies are coming up with innovative options to finance such installations in the solar energy market. Here are some of the financing options for commercial, community, and household solar power installations:
- Shared Savings for Solar: A private company installs a solar or efficiency program in exchange for a portion of the energy cost savings
- Leasing: A contract by providing equipment or capital needed for installation in exchange for periodic payments over time
- On-bill Financing: Companies can avoid up-front costs of the project by repaying the costs in their monthly utility bill
- Other Financing Modes: Tax-equity loans, loan loss reserve funds, and pay it to forward models
According to the solar energy industry experts at Infiniti, “Apart from generating electricity with the help of solar cells, solar power has a wide variety of applications and plays a crucial role in lowering the carbon footprint of companies.”