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Solar Power Set to Lead Global Renewable Energy Shift | PHILERGY German Solar


Solar Power Set to Lead Global Renewable Energy Shift | PHILERGY German Solar

Quezon City, Philippines Solar power is on track to be the preferred option for renewable energy worldwide by the end of the year. This projection comes from an international think tank, attributing the shift to rising installation costs affecting the prices of other technologies.

 

Solar Power Leads Global Renewable Energy Shift

Solar power is anticipated to take the lead in global renewable energy development by the end of this year. Rising installation costs of alternative technologies are driving up their prices, paving the way for solar energy to dominate the market. According to Fitch Solutions, over 70% of the projected 380 gigawatts (GW) increase in global renewable energy capacity in 2023 will come from solar-powered facilities, with onshore and offshore wind contributing 21% and 3%, respectively.


Wind Power Faces Challenges, Paving the Way for Solar Dominance

Fitch Solutions highlights challenges in the wind power sector, particularly concerning the increasing demand for metals. This demand exposes the industry to price volatility and supply risks, making solar power an increasingly attractive option. The report underscores the struggles faced by wind power in its expansion efforts, further strengthening the case for solar energy's dominance.


Concerns Over Natural Gas Reliance Shift Focus to Solar Energy

While some governments consider natural gas for energy transition, concerns about potential electricity price hikes for consumers arise. In the Philippines, the Department of Energy's proposal to source electricity from liquefied natural gas (LNG) facilities raises worries about importing LNG supply and the subsequent risk of increased prices. This situation has led to a surge in consumer interest in renewable power systems, especially rooftop solar.


Rise of Rooftop Solar Systems Amplifies Solar Energy Popularity

Consumer concerns and lower installation costs of rooftop solar systems contribute to a surge in popularity. Previous installation schemes have fueled distributed solar capacity expansion. The decreasing costs of solar installations and ongoing technological advancements further boost solar energy's appeal. As these trends continue, solar power is expected to establish itself as the dominant force in the global renewable energy market.


Solar Power's Rise Thanks to Lower Costs and Better Technology

Solar power is poised to become the leading choice in renewable energy development due to decreasing installation costs, making it economically competitive with other sources. Beyond economic factors, solar energy's appeal lies in its consistency and abundance, with sunlight readily available in most regions. Ongoing technological advancements enhance the efficiency and effectiveness of solar panels, solidifying solar power as a reliable and attractive option for clean energy generation.


Solar Power Set to Lead Global Renewable Energy Shift | PHILERGY German Solar

 

Highest Quality German Solar for the Philippines

PHILERGY German Solar Philippines is your reliable, high-quality solar energy installer, solar power system, and solar panel supplier in the Philippines with German-made solar equipment combined with experienced German Solar engineering. All installations come with up to 30 years warranty for homes and businesses, and options for flexible solar financing without collateral and additional fees. We are the nation’s top solar company with headquarters, office, and showroom in Manila, Philippines with German management and German head solar engineers setting top-of-the-line solar standards.


All our solar energy systems are customized according to every client's needs via free expert solar consultation and professional onsite analysis and are installed by trained teams that are headed by at least 1 German engineer with over 20 years of solar experience.


Our promise of delivering the highest quality German products and German engineering for the Filipino people includes worry-free net metering service.



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