Like most new technologies that are brought to market those applications or products are often expensive by way of requiring significant capital expenditures, difficult to implement and often under deliver with respect to features and benefits. The solar energy industry is no different as the early adopters, while admirable in endeavoring to switch to clean energy, paid significant sums for limited and sometimes unreliable power generation. However with component parts and design and installation costs dropping significantly and efficiencies improving dramatically the solar power industry is entering the “golden age”.
- In 2014 global investment in solar rose by 29 percent to $146.6 billion and at least 144 countries had renewable energy targets and 138 had various forms of support policies. (Bloomberg)
- In a 3 year period from 2010 to 2013 the prices for rooftop solar systems have declined 29 percent.
- Solar energy installations and consumption has doubled every two years for the last 20 years with far more impressive growth currently predicted worldwide.
- The amount of solar power installed in the United States grew 485 percent from 2010 to 2013.
- According to the National Post (May 2015), by next year, solar power costs will reach parity with most grid prices in North America.
- A study by the Global Climate & Energy Project concluded that if current growth rates continue, by 2020 about 10 percent of the world’s electricity could be produced by solar systems.
- By 2020, Bloomberg estimates the world will have 600GW of solar PV, and 1,900GW by 2030.
- The International Energy Agency (IEA) predicts that solar energy could be the top source of electricity by 2050, aided by dropping costs of the equipment needed to generate it.
- The IEA also predicts that up to 4,600 gigawatts of photovoltaic capacity could be installed by 2050, up from about 150 gigawatts at present, a massive increase of 3,000 percent over the next 35 years.
For the above reasons EarthStar feels that with electrical utility energy providers now widely accepting the Distributed Power Processing concept and the advanced proprietary technologies offered by EarthStar, the Company is perfectly positioned to both exploit new opportunities in the renewable energy market and attach itself to developing revenue streams as total addressable market continues to grow at exponential rates. EarthStar will focus its efforts on commercial applications, that being those operations that consume massive amounts of energy and who have the most to gain with the shortest payback period based on the capital expenditure required for an EarthStar designed system.