Renewable sources of energy are the most sought after at present. Primarily because, the given times are marked by global warming, climate change and other environmental issues. Another major factor is that the renewable sources of energy are cost efficient in the long run.
The baggage of benefits the renewable sources of energy comes with, have convinced the governments all around the world to adopt such sources of energy. More than an option, moving on to the renewable source of energy has become the need of the hour.
As an auxiliary, the continued record lows on solar PV prices that major companies are setting have made it the best available option.
In a tender for the establishment of the large solar park in Abu Dhabi, the lowest price was quoted by the solar module manufacturing giant JinkoSolar. The price it quoted is at $24.20/MWh. Prior to JinkoSolar the lowest price bidder for a solar project was in Chile at $29/MWh. Before Chile, it was in UAE at $30/MWh.
JinkoSolar despite quoting the lowest bid still expects an annual return of 7 percent. This reveals that the field of renewable sources of energy is setting out any sort of competition by a way of providing low costs.
The PV magazine stated that the whole industry is all set to compete with fossil fuels. As an evidence of its statement, PV magazine has depicted that the solar prices have dropped over 80% in the last five years alone.
Albeit the oil prices are decreasing, the renewable sources of energy manage to withhold its demand. Primarily because the renewable sources of energy are a way of going green, which is the most required given the present state of the environment.
Governments all around the world have been promoting green energies by providing subsidies and incentives. Besides government, corporate sector and the general public are opting greener solutions rather than the non- renewable sources.
Moreover, the renewable sources of energy being cleaner and leaving no negative impact on the environment are making it the best available option.