Global energy consumption increased by 2.3% in 2018. Until 2021 that was its fastest pace in the last decade. Following the pandemic decline, in 2021 consumption grew by a whopping 5%. This matters because if our energy consumption continues to rise by 5% per year, within 16 years we'll be consuming twice as much energy as we are today. Contrast that against Earth's limited energy reserves, which are decreasing at an accelerating rate. Estimates state we have about 40 years' worth of global oil reserves left, without any change in consumption. Many are therefore led to believe that we have 40 years' worth of oil left. What they fail to realize is the fact that energy consumption is increasing. At 5% per year, that would mean we have 23 years before all the oil is gone. At 2018 growth levels, it would give us 29 years at best. Since man discovered oil, we have extracted 135 billion barrels of oil from the ground, and there are 1.42 trillion barrels remaining in the ground. That’s approximately 10 times as much oil remaining than has been extracted. Considering the past 100 years of oil consumption has led to a 0.8-degree average temperature increase, do we really want to extract 10 times the amount of oil that caused that? And do so in 29 years or less? This is the mathematical reality we face, which truly brings home the urgency of weaning ourselves off fossil fuels. Right now, the only alternatives are nuclear or renewable sources, and the former is not without its own controversy. Sustainable energy is quickly becoming the backbone of the world’s energy infrastructure. As global entities, both corporate and civil, are using the Earth’s limited energy reserves, it's important to look towards sources that can be relied upon in the near future.
The Dire Need to Shift
Needless to say, wars carry long-term consequences. The recent political complications in Europe have added to the impending worries surrounding global energy prices. As a result of the conflict, wholesale gas prices have skyrocketed, creating a situation in which millions may find themselves in fuel poverty. These occurrences have led to a rise in the prices of methane gas, and have caused a surge in electricity prices. This unprecedented rise in energy costs has bolstered the demand for solar alternatives throughout Europe. In the past, much could be said about the impracticality of switching to solar energy – the relatively high payback costs, coupled with break-even durations spanning as far as 10 years post installment, made solar power an unfavorable option among those who were looking to cut expenses. However, factors have changed. Energy prices have seen a drastic increase in recent years, thereby incentivizing the European public to look toward fuel sources that wouldn’t cost them an arm and a leg. Sentiment among the British & European public has been leaning towards the usage of sustainable energy sources as opposed to their limited counterparts. As such, there has been a shift in preferences toward the use of solar energy. Subsequently, European solar markets have flourished. There has been an unprecedented rise in the demand for energy services provided by top industrial producers in Europe. For example, a digital automation and energy management company reported an almost two-fold increase in the demand for their solar-powered heating systems in comparison to the year prior. Furthermore, as of late, the company has seen a significant rise in consultancy requests about its sustainability practices. After lengthy deliberations, much of the world now sees the utility in adopting renewable energy sources – and now solar energy is cheaper than electricity from traditional thermal generation plants.Solar Panels: The Answer to our Energy Problems
In the past, solar energy offered an option that was relatively inefficient, yet was still considered a comparatively more expensive option. After the eruption of the conflict, solar options now present a couple of benefits:
1. Return on investment
Solar panels provide a favorable return on investment, with relatively greater operating efficiencies and lower costs. The cost of installation of solar panel systems has fallen by approximately 60%, meaning that the break-even period on the initial installment spans just 4 to 6 years post-installation. That’s not all – the icing on the cake is that excess generated power can be sold back to the grid, saving thousands of pounds that would otherwise have been spent on electricity bills. Currently, around 3,000 weekly installations are being carried out for solar power systems across the United Kingdom – a significant increase from the mere thousand that were recorded in 2020. Upon consultation with industry specialists, a rather interesting reality has revealed itself. In the past, the average waiting time faced by a household looking to install solar systems was a mere month – now, it can take up to three months. The demand has risen exponentially. While the installation price may have risen with time, the investment payback period becomes less and less, as energy prices continue to skyrocket.
2. Doing the World a Favour
Suffice it to say that a shift towards the utilization of renewable energy carries many wider-reaching benefits. One of the most significant advantages of renewable sources is of course the positive environmental impact – or rather, the lack of damage it causes. It all relates to how solar energy works in the first place. The solar panels, installed on the roof of the home, absorb sunlight through cells and transform it into electricity or heat which can then be utilized as the homeowners so wish – this effectively diminishes consumption from the power grid. Given recent technological improvements, more and more individuals are switching to solar alternatives. In fact, Rystad has reported that capital investments into renewable energy have significantly increased and are predicted to reach $494 billion this year, overtaking projected oil and gas investments of $446 billion. This is a positive sign and gives hope that the transition to renewable may be achievable. As the demand for these systems is increasing, so is the cost – so the earlier you get involved, the earlier you can start saving.So, Why Shift to Solar?
There is an ongoing need to shift to a renewable energy alternative, and with time the case grows even stronger. Political turmoil coupled with dwindling supplies and growing demand is a potent mix that will inevitably drive demand for renewable energy solutions at an ever-increasing rate. It is incredibly important that in light of these events, households look to install solar-powered systems – energy bills are bound to go up, but yours doesn’t have to. V-TAC understands the need for this technology. When we entered the LED lighting industry, our products saved 80% of power consumption – which always kept the team motivated to keep growing the business, making us a global force within the industry. Carrying the same performance-oriented outlook, we launched our own line of solar panels. Why solar panels? Because we have one mission: To create products that help the planet, not damage it further. Our efforts are centered around creating sustainable solutions – ones that can help humanity maintain stability in the long term.