Reasons For The Growing Demand Of Solar Panels

2 min read
Reasons For The Growing Demand Of Solar Panels

The demand for solar panels in Saudi Arabia continues to rise for several reasons. While Saudi Arabia has historically been the largest market for solar panels, other markets are growing rapidly. In 2022, solar panels installed outside of Saudi Arabia will make up the largest percentage of the national market. Here, we will discuss the genuine reasons behind the growing demand for solar panels.

Increases in electricity pricing are driving demand for solar panels:

Solar developers can use many ways to reduce their installation costs as power costs continue to rise. Grid operators and solar plant developers can reduce costs by adding more storage. Increasing the amount of energy solar can store will help the solar sector remain competitive. But these improvements will come at a cost. While these changes won’t be immediate, they will impact the solar industry’s future.

Research and development will improve solar prospects:

As the use of solar energy continues to grow, technological developments are improving their prospects. Developing new materials has led to increased production of thin-film solar panels that are more affordable and lightweight than traditional glass panels. As the cost of solar panels continues to decrease, research and development will be vital to the industry.

A growing list of states with community solar programs:

State governments are increasingly turning to community solar as a policy option for green energy. These programs enable customers to purchase electricity from off-site solar facilities for a set amount, often in advance. These programs create jobs, help build resilient grids, and allow low-income families to benefit from solar energy.

The cost of silicon-based solar cells continues to decrease:

C crystalline silicon modules have the highest energy conversion efficiency compared to other materials. These modules typically have an efficiency of 16-22%. However, there is an increasing interest in PERC cells and bifacial modules, which increase output power. Although the cost of crystalline silicon modules continues to decrease, there are still some challenges ahead.

First-generation silicon cells are still the most common market, but their materials limit their performance. The second-generation cells use single-junction thin films. These cells are cheaper and better suited for large applications. Both first and second-generation cells have the Shockley-Queisser limit. Emerging technologies like tandem cells are now available, allowing the price of solar panels to drop even further.