A new report indicates that solar power will eventually become a larger energy producer than fossil fuels, and surprisingly enough, it was published by a major player in the oil industry.
The debate between renewables and fossil fuels has gone on for quite some time. Many of the arguments that have been leveled against the clean electricity sources such as solar, have been addressed with the on-set of the recent growth of the power source throughout the country. Part of this is because module prices have fallen along with the total price of installation as a result of advances in technology and government incentives.
Conversely, despite increases in production, the risks of fossil fuels are becoming more apparent. As the effects of global climate change continue to wreak havoc across the country, more people are beginning to see the environmental value of going green when it comes to energy as well.
Solar to overtake oil?
A recent report indicates that solar power is set to become the largest power provider in the world by 2100, according to Motherboard, an affiliate of Vice. However, what is even more interesting about the report is that it was published by one of the world's oil giants, Shell.
The news source explains that the oil company believes solar energy will make up 37.7 percent of the worlds power at the end of the century, while oil will be the next highest power supplier at around 10 percent. This is due in a large part to the increasing price of the fossil fuel, which will make the market unpredictable for investors.
By 2040, the report predicts that the power source will be the fourth largest power supplier. One of the biggest drivers of this growth is expected to be from distributed solar like rooftop installations. While these findings are certainly interesting it is important to take them with a grain of salt considering the possible invested interests the company has in its results.
This news comes as a number of other reports have indicated to solar growth in the more immediate future. For example, a recent IHS report indicates that solar installations are expected to grow by 18 percent in 2014, and in doing so, hit 41 gigawatts of installed capacity on the year. This builds on the anticipated growth of nearly 10 GW during the last quarter of 2013.
In the U.S. alone, solar installed capacity grew by about 832 megawatts during 2013's second fiscal quarter, marking a 15 percent improvement from the first quarter of the year.