Renewable energy is here to stay. This is the consensus of energy analysts, as they found out that the growth in renewable energy is forecast to grow up to 400% by 2040. As such, SuperGreen Solutions and other industry experts recommend to entrepreneurs that they should make the most of renewable energy business opportunities and investment in them.
In terms of product life cycle, fossil fuels are on their last legs. It would still take a couple more decades before fossil fuel cars are phased out, but some companies already have their sights on converting to an all-electric vehicle lineup by 2030 or 2040. Even before that, there are initiatives to make renewable energy more cost affordable for the majority of the population.
Among these initiatives are tax cuts for manufacturers, as well as tax credits for consumers. With solar energy and wind turbine capabilities, homes would be able to create micro-grids of their own. In some states, home renewables are also allowed to sell back to the grid for their excess production.
Biofuels is another industry that can help make current fuels cleaner. The biofuel industry is worth $2 trillion worldwide at present. With a small production capacity, entrepreneurs can get in on the action easily for ethanol additives to diesel fuel.
Sun, Wind, and Batteries
A disadvantage of solar and wind energy production is they cannot be sustained over a full 24 hours. Solar energy cannot gather electric charges at night, and wind turbines do not work when there’s no wind blowing.
The answer to these is the use of battery cells. With daytime solar energy production, excess capacity can be stored in batteries and used in the evening. The same is true for wind power. While in operation, the turbines can be connected to battery cells to store excess energy. The energy stored in batteries can be used during the night.
Renewable energy is getting to the point of being the primary source of energy. However, there are obstacles along the way. It may take longer than expected but inexpensive renewable energy is about to boom with new players and rapid distribution.