Renewable Industry Outlook: May 2020
- May 19, 2020
- Posted by: sunproadmin
- Category: Blog
Opinion piece by SunPro Energies
Ignorance need not be bliss. Especially in a generation that moves ahead with changing times, knowledge is one’s defense against becoming obsolete.
The same goes for our knowledge about the environment and what needs to be protected during unprecedented times: humans, relationships and the world we live in.
As the nation enters its second-half of the Circuit Breaker, we are left wondering how long more we can sustain financially, emotionally and environmentally. We begin to re-imagine the world we hope to live in, piecing the broken pieces wherever we can. And one piece is that of our energy mix — solar energy is an available and accessible option here in Singapore.
Here are three facts about the industry right now.
1 Of all alternative energy sources, solar energy is the most promising
The US Energy Information Administration estimates an uptake in renewable energy by 13 percent from 2018 to 2050. Of this increase, the projection of solar energy is the highest, registering almost 50 percent of future renewable energy mix.
Source: U.S. Energy Information Administration, Annual Energy Outlook 2019
Almost an epiphany, many countries are beginning to witness both the dire consequences of climate change as well as the glimmer of hope in creating future greener societies. This provides renewable energy sources with a new and promising lease of life.
The interconnectivity of grids is also sighted to improve over the years, allowing for more efficient switches to renewable energy sources. When the pace of construction allows for solar panels to be effectively built in suitable areas to match the targets, the world will be running on safer, cleaner and longer-lasting energy.
2 Local & global demand for solar is expected to climb steadily
In homeland, Singapore is already on track to reach her solar target of 350 megawatt-peak (MWp) by 2020. The Energy Market Authority of Singapore cites solar energy as the first renewable energy source it will work towards. With the availability and accessibility of solar energy, the switch is not surprising.
What we need to understand is that the market players are changing the game. In the longer term, Singapore’s new solar target by 2030 is at least 2 gigawatt-peak (GWp) and her energy storage deployment target is 200MW beyond 2025.
3 Investments into solar technologies is on the rise
In the innovation adoption life cycle, we are roughly somewhere in the ‘Early Adopters’ segment. Truth is, many investors have already begun spotting and sprucing up solar technologies to meet incoming demand.
Statistics report that there has been a steady, if not incremental, global pumping of funds into solar technologies as early as 2010, crossing the 100 billion US dollars mark. Interestingly, the World Energy Investment 2018 report shows that corporate investments to new energy technology companies have rose nearly 40 percent in 2017.
Source: IEA, Public spending on energy RD&D in selected countries, 2012-2017 est., IEA, Paris
China now tops the world’s ranking in terms of clean energy investment, investing 83.4 billion US dollars in 2019 alone. In Singapore, the Solar Energy Research Institute of Singapore (SERIS) was started to pioneer intensive R&D into solar technologies and integration into power systems and buildings. Co-supported by the National University of Singapore (NUS), the National Research Foundation (NRF) and the Singapore Economic Development Board (EDB), it is a testimony to the future of solar energy.
The outlook of solar energy locally and globally becomes irrefutable. Let’s look forward to a more sustainable and resilient future together with solar!
Here at SunPro, we believe that sustainability is necessary.
We believe switching to solar energy is the mediator between environmental and financial costs. If you’d like to enquire more about solar systems, feel free to reach out to us here.