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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
Solar power in South Africa: A bright future
1/2/2023
6 min read
Solar energy is key for a clean energy future and, unlike fossil fuels, it won’t run out anytime soon. For South Africa, ongoing and widespread electricity supply interruptions make a transition to solar especially advantageous, argues Sara Siddeeq.
Solar energy has become one of the most cost-competitive and rapidly expanding energies worldwide. Over the past 10 years, it has grown at a remarkable rate, surpassing even the most optimistic predictions. Gone are the days when solar was seen as an investment for the environmentally conscious alone; now, major investors, including Warren Buffet, are taking a gamble on the sector due to its promising growth outlook and dependable returns. Indeed, EY stated that ‘solar looks poised to become one of the major investment themes of the next 10 to 20 years’.
This renewable power source’s potential for powering our homes and businesses is virtually limitless. Solar can reduce our reliance on fossil fuels, provide energy security, reduce energy costs and help protect the environment from the effects of climate change. As a highly scalable technology, it can be deployed at both industrial and residential scale with the flexibility of allowing any additional electricity to be stored in a battery or fed back into the electricity grid.
Solar electricity is also increasingly affordable, with the International Renewable Energy Agency (IRENA) reporting that cost fell by 85% between 2010 and 2020. After solar panels have been installed, operational costs are fairly low compared to other power generation methods, and solar PV costs can be offset by providing free electricity throughout most of their 20 to 25-year lifespan. Since fuel isn’t required, solar offers an escape from dependence on costly and unreliable imports, ensuring that even remote areas have access to a reliable source of energy while driving inclusive economic growth, new jobs and poverty alleviation.