Solar power is becoming largely popular with time. The main reason for the growing demand is improving the environment and cutting energy costs. Our dependence on non-renewable sources of energy is doing more harm than one can comprehend. Solar-powered systems are an instant solution to such sustainability concerns.

The solar industry is poised to assume a much bigger role in global energy markets. According to the researchers, it is a more cost-competitive power source today than it was a decade ago. Solar power holds immense potential to completely innovate the global energy industry. With the rising consumption and falling costs, solar power has got the ball rolling for big gains globally.

Customers today are willing to pay slightly higher prices for renewable energy, helping investments in solar power. Tax credits have also boosted the growth of large-scale solar projects. Owing to this increase in capacity, the costs have decreased at a much faster pace than expected.

This rapid growth in solar power lays the foundation for the estimates which claim that solar power can provide between 30 and 50 percent of the world’s electricity by 2050. It would majorly require some improvements in technology and access to the capital needed to fund solar energy projects along with better battery systems to store the electricity produced during the day.

This indeed would be an important step towards meeting the common goal of reducing carbon emissions. In addition, companies that operate in isolation such as mining and defence also need solar as a much-needed power option. Together with the long-term contracts and comparative insulation to the fluctuations in fuel pricing, investment options for solar are becoming more appealing.

Apart from its small share in the energy supply market, the true potential of solar power lies in its ability to capture all new demand in the energy market. New solar power installations could account for up to 50 percent of consumption which would directly affect the capital as well as returns. With focus on deployment and innovation, solar could have wider implications in the utilities market in near future.