Introduction : Solar Energy
Australia has the highest consumption of solar PV systems in the whole world. There are approximately 3.4 million estimated rooftop installations that are in use. Solar power is produced when the energy from the sun is converted into electricity or used to heat air, water, or other substances. It can also be used to create solar fuels such as hydrogen. There are mostly two types of solar power technology: solar photovoltaic and solar thermal.
Solar photovoltaic, or PV, converts sunlight into electricity using technology such as a semiconductor cell or solar PV cell. Solar PV is currently the most widely used solar PV technology.
Solar thermal generally converts sunlight into heat, which is also well known as thermal energy’. This is mainly used to create steam to drive an electricity generator.
What are the advantages of solar energy?
Photovoltaic technology is used to generate solar energy that can be directly transferred to the electricity grid. This makes it possible for private individuals and businesses to send the excess energy supply to the market, facilitating not only savings but also income. Solar energy creates job opportunities for developers, builders, installers, and maintenance technicians at the power plant, adding value to the economy by offering families, businesses, and even nations an investment opportunity. Solar panels are convenient to use not only during the installation stage but also during the replacement process. This can be easily recycled, further reducing the environmental impact of this kind of energy.
What are the disadvantages of solar energy?
This is a pure form of renewable energy’. It can be harnessed in all areas of the globe; however, there are some associated disadvantages. The initial purchasing expense of a solar system is pretty exorbitant, which encompasses paying for solar panels, inverters, batteries, wiring, and the installation cost. The other main thing that impacts its viability is the proper weather conditions. Solar panels are highly dependent on sunlight to effectively gather solar energy. Efficiency slows down during rainy days and cloudy weather. The other most challenging part is the storage of solar energy, which is pretty expensive and uses a lot of space.
What is the average cost of solar PV in Australia?
The 6kW solar PV system would cost approximately $4,000 to $6,000, and the 10kW system would cost in the range of $7,500 to $10,500. The average solar price of a good-quality 5kW solar system in Sydney would be $5,500.
How does solar energy work?
The amount of sunlight that strikes the earth’s surface in an hour and a half is enough to handle the whole world’s energy consumption for the full year. Solar technologies convert sunlight into electrical energy through photovoltaic panels (PV) that concentrate solar radiation. The solar panels absorb the sunlight from the photovoltaic cells, which then create electrical charges that move in response to an internal electrical field in the cell, causing electricity to flow. This energy can also be stored in batteries or thermal storage.
Frequently Asked Questions (F.A.Q)
What is solar energy?
Solar energy is the cleanest and most abundant form of renewable energy source. Solar power can be produced directly from the sun and later converted into thermal or electrical energy.
What is the best stock related to solar energy?
AGL Energy Ltd. (ASX: AGL) has a market cap of $7.04 billion and a share price of $10.47 as of October 9, 2023. This is an energy company that is developing renewable energy generation in Australia. It has a wide variety of power generation portfolios, such as intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, landfill gas, solar, and biomass.
What renewable energy companies are on the ASX?
Australia contains several renewable energy companies listed on the ASX. Some of the well-known names in renewable energy are as follows:
1. Meridian Energy Limited (ASX: MEZ)
2. GENEX Power Limited (ASX: GNX)
3. Infratil Limited (ASX:IFT)
4. Origin Energy Limited (ASX: ORG)
What is the benefit of residential solar?
The solar panels are affordable for residential usage. It helps in minimizing electricity costs. The solar system is functional the majority of the time during the year. Solar offers great potential to save money.
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