The solar industry has seen tremendous growth in recent years, yet it may not replace fossil fuels anytime soon. There are still several barriers that could hold back the advance of solar energy, including price, an excess of supply that does not reduce the latter, and local infrastructure. The cost of solar energy is still relatively high compared to other sources of energy. This is due to the fact that the technology is still relatively new and the cost of production is high.
Additionally, the cost of installation and maintenance can be expensive. As a result, many people are unable to afford solar energy and are forced to rely on traditional sources of energy. The second challenge is an excess of supply that does not reduce the cost of solar energy. Despite record growth in the industry, the large number of companies that entered the market created an oversupply of solar panels.
This has caused prices to remain high and has made it difficult for companies to make a profit. The third challenge is local infrastructure. In order for solar energy to be used effectively, it must be transported from where it is produced to where it is needed. This requires significant government investments and favorable legislation in order to accelerate the widespread adoption of solar energy.
In addition to these three challenges, there are also other issues related to solar energy such as efficient, affordable and reliable energy storage, environmental impact when solar panels reach the end of their useful life, and dependence on traditional power companies. By the middle of this century, a quarter of the world's electricity needs could be met by solar energy, according to the International Renewable Energy Agency (IRENA). With continued innovation and investment in solar technology, these challenges can be overcome and solar energy can become a viable alternative to fossil fuels.