The immergence if solar and wind power offers a strong new approach to all those nations including the United States that are aggressively hunting energy independence with the clean and sustainable energy solutions. This new step will pave the way for overcoming present energy crisis with the alternative energy solution.
Prediction about Solar and Wind Power
In order to stabilize the global temperature, presently an enormous amount of investments requires in the renewable energy as well as energy efficiency. According to a survey done by the Citigroup, investment in solar and wind power is quite economically feasible and it will save billions for the society in the coming decades. As per the prediction, it can be said that in 2040, electricity field will remained subjective for fossil fuels, around 40 % coal, 22 % natural gas and about 6% renewable. Also it can be assumed that power consumption will face slower rate growth due to efficiency measure and the solar and wind power will grow up to 22% of the electricity mix.
The renewable solar and energy power plays a notably major role in lowering down the level of carbon dioxide in future than the 450 Scenario by international Energy Agency that has set out an energy saving journey in order to limit the increasing global temperature about 2 degree Celsius.
In 2014, solar and wind power made up a small fraction of the entire United States’ electricity- around 5 percent. Surprisingly, the production of these two energies have been rising at exceptional rate and in the present year these tow energy sources have the potentiality to influence the investment market even though natural gas and coal plants are kept running. Both International Energy Agency and Citigroup predict that by 2020 global growth in solar and wind power will experience at least 65% higher on its average usage now. In fact, between 2013 and 2020, the average rate of global installation on solar and wind power will raise around 53 gigawatts each year. Therefore, it is clear from the prediction that the there is no better time to invest in solar and wind power but now.
Scenarios for Energy Shifting
There are two major factors playing behind the shifting of energy.
Firstly, the outlook towards renewable is changing fast. You cannot brush aside the importance of renewable energy in the U.S. market in the same way as it might have done a few years ago. It is the sign of rising force of renewable energy in the power market. Therefore, renewable source of energy such as solar and wind power are becoming cost effective and they are now competing and challenging directly with the fossil fuels as a result the utilization rate of the fossil fuels are gradually wearing away.