There are many predictions that are found on the internet on the future of renewable energy. Renewable energy is an alternative source of energy to fossil fuels that is collected from renewable sources like sunlight, wind, waves, water, rain, etc.
Fossil fuels can not be renewed and will eventually decrease. Hence, developing countries are using renewable energy more and more for ensuring a sustainable future. And India is also one of them where renewable energy usage is continuously growing. So to know the best solar panel price in India, you can talk to Genus Innovation.
But what’s the future of renewable energy in India and what are the benefits? Let’s discuss.
What is renewable energy?
Renewable energy sources are ones that are being replenished constantly like sunlight, water, and wind. That means we can utilize them as per our requirements and we don’t have to worry about them running out. Moreover, renewable energy sources are generally more eco-friendly in comparison to fossil fuels since they release few harmful chemicals to the environment like carbon dioxide.
What are the benefits of renewable energy?
Renewable energy gives us an endless number of environmental and financial benefits and these are:
- It’s sustainable and clean energy that is absolutely non-pollutant. Renewable energy will never run out.
- There are a lot of ways to generate renewable energy. We use technology to create solar power phone chargers, solar power roads, and many more.
- Renewable energy ensures that your country has energy independence. As you use renewable energy, you don’t have to depend on the fossil fuels that might come from foreign countries.
- So the more a country uses renewable energy, the less it’ll need to import fossil fuels from other countries.
- By using renewable energy, you’ll be able to save more money since there is an unlimited source of energy in nature. Also, if there’s excess power that you have produced, you can sell the energy back to the grid, thereby making the vision of a sustainable world possible.
- Renewable energy helps you reduce the effects of climate change due to global warming by not using limited sources of energy like fossil fuels that generate greenhouse gasses and damage the environment.
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The Future of Renewable Energy: Some Important Predictions
Today, renewable energy resources make up 26% of the entire world’s electricity. But as per the International Energy Agency, by 2024, its share is expected to reach 30%. Due to falling technology costs and increasing environmental concerns, the resurgence will follow a worldwide shutdown in 2019.
By 2024, it’s expected that solar capacity in the entire world will increase by 600 gigawatts. This is almost double the installed electricity capacity of Japan. Overall, by 2024, it’s predicted that renewable electricity will increase by 1200 GW, which is similar to the total power capacity of the US.
Apart from that, here are some important predictions about the future of renewable energy:
- Solar energy is predicted to get 35% cheaper by 2024.
- Onshore wind energy capacity is expected to increase by 57% by 2024.
- Hydroelectric capacity is predicted to amplify by 9% by 2024.
- Geothermal capacity is likely to expand by 24% by 2024.
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What is the future of renewable energy in India?
At present, there’s an acute energy scarcity in India that is damaging its industrial and economic growth. Establishing new power plants is certainly dependent on the sourcing of highly volatile fossil fuels from abroad. Thus, it’s important to handle the energy crunch through meticulous utilization of renewable energy resources like solar energy, biomass energy, geothermal energy, and wind energy. Apart from advancing the energy supply, renewable energy will help India in reducing climate change. For most energy needs, India is almost entirely dependent on fossil fuels. Here, most power generation is conducted by mineral oil and coal-based power plants that contribute heavily to greenhouse gas emissions.
In India, the average per capita consumption of energy is around 500 W. This is much lower than that of developed countries like Europe, the USA, Australia, Japan, etc. However, due to rapid industrialization and high economic growth, this figure is expected to amplify more. Energy is essential and sustainable renewable energy is a major requirement for the industrialization and development of India. To address environmental issues and meet India’s ever-changing demand for energy, it’s necessary to transform the energy system from conventional energy to renewable energy sources.
Get a hold of the sustainable environment by switching to renewable energy. To buy the most efficient solar products and learn the best solar panel price in India, reach out to Genus Innovation.
How Genus Innovation is contributing to the future of renewable energy?
Genus Innovation is one of the leading smart electricity solutions manufacturers and distributors in India that has been making remarkable contributions to the sustainable energy sectors in India. All our electrical products are developed keeping in mind the sustainability of the earth and environment. Visit our website to learn more about our contributions toward the future of renewable energy or get in touch with us for more information.