India Floating Solar Farm

Floating Solar Farms

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Solar technology is the cleanest and most profitable renewable energy resource available today. The solar industry in Malaysia is now developing the implementation of floating solar farms.

Judging from the fact that Malaysia is one of the largest solar PV manufacturers in the world, it is not surprising that it can have one of the most efficient solar farms in the world. Right now, the entire solar power industry in Malaysia is producing 67% of the 270 MW of renewable energy.

Moreover, the industry is now looking to implement a floating solar farm to provide more people with green energy.

Solar technology can be used for domestic, commercial, and industrial purposes. It has a wide variety of uses that include electricity and light generation.

A solar floating farm refers to a formation of solar panels on construction that floats on a body of water, in most cases an artificial basin or a lake.

It was in 2007, in Japan where the first floating solar farm was installed. The first commercial installation was in California in 2008. Since then, this technology has had a rapid growth. As of 2014, the first 20 plants had been built around the world, overcoming the 200 MW of installed power.

Right now, China has the largest floating solar farm in the world, The solar farm that is located in Anhui Province can produce 150 megawatts, supporting approximately 112,500 residents.

 

Benefits of Solar Floating Farms

No Land Space

Floating solar farms are great for countries with a limited space of land. They can be used in areas such as lakes, and make them a powerful solar energy generator.

Cheaper

Solar Floating Farms cost less to install than land-based solar panels.

Why?

First, you don’t need to buy a parcel of land, which can be expensive. And there is no need to treat the soil or clean the land.

Plus it boosts the solar panels power production by 22% thanks to the natural cooling effect of the water.

floating solar farm

 

How does a Floating Solar Farm Works?

The solar panels are connected to interrelated, plastic rafts that let them stay floating. In these floating solar farms, there are also pathways so workers can install, and reach the solar panels.

All the materials used are made for water environments. Inverters are not in the water but they are located onshore, and the wire are water-resistant or buoyed by flotation devices.

There are also other things to consider — the connection between the solar panels needs to be strong to keep them together. The floating solar farms are designed to be able to resist small waves and of course strong winds.

This type of solar panels systems cannot be installed on the ocean because of the damage that can cause to them (sea salt and big waves are the culprits). But with all the technological advancements, this will be possible in the future. For now, the perfect location for these solar power systems is above the lakes.

 

Floating Solar Plants: A Reality

Many countries around the world including Japan, China, France, Indonesia and Singapore, have already made floating solar plants a reality.

In Malaysia, due to the land scarcity issue, the best solution for large scale solar is developing floating photovoltaic (PV) systems. There are a lot of water areas that can be used. For example, in Selangor alone there are more than 50 lakes.

Right now Malaysia is developing the first floating solar farm in Sg Labu Water Treatment in Silak Tinggi Reservoir, Selangor. The 432 solar panels installed on the floating farm can generate enough solar energy for 20 houses annually.

 

In a Nutshell

By 2020, Malaysia is expecting to complete the installation of 2000 MW of renewable energy.

Without a doubt, floating solar farms are the best solution in places with lots of water. These areas have what it takes to produce solar energy efficiently.

tax incentives for green technology in Malaysia

Tax Incentives for Green Technology in Malaysia

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Malaysia Government will provide tax incentives for the purchase of green technology equipment, besides giving tax exemption on the use of green technology services.

With these tax incentives, it will allow small and medium enterprises to grow the Renewable Energy market. The main purpose of the Malaysia Government is to attract potential investors and industry players to invest in Renewable Energy.

In addition, the Malaysia government wants to motivate companies to acquire green technology assets and of course, to enhance the number of green technology service providers.

The three groups under the Green Technology Tax incentive: 

  1. Green Investment Tax Allowance (GITA) Assets
  2. Green Investment Tax Allowance (GITA) Project
  3. Green Income Tax Exemption (GITE) Services

Green Investment Tax Allowance (GITA) Assets

GITA Assets are for companies that acquire qualifying green technology assets and there are listed under MyHIJAU Directory. Companies should comply with ALL of the following criteria:

  • The companies should minimise the degradation of the environment or reduce greenhouse emissions.
  • They should promote health and the improvement of environment 
  • They need to conserve the use of energy, water and other forms of natural resources, or promote the use of renewable energy, or are able to recycle waste material resources. 

The Rate of Incentive

  • Green Investment Tax Allowance (GITA) of 100% of qualifying capital expenditure incurred on approved green technology assets from the date of purchase until 31 December 2020.
  • The allowance can be offset against 70% of statutory income in the year of assessment.
  • Unutilised allowances can be carried forward until they are fully absorbed.

Green Investment Tax Allowance (GITA) Project

GITA Projects are for companies that undertake a qualifying green technology. Companies should comply with ALL of the following criteria:   

  • minimise the degradation of the environment or reduce greenhouse emission
  • promote health and improvement of the environment
  • conserve the use of energy, water and/or other forms of natural resources, or promote the use of renewable energy, or are able to recycle waste material resources

Application should be received by MIDA until 31 December 2020.

Rate of Incentive

  • Green Investment Tax Allowance (GITA) of 100% of qualifying capital expenditure incurred on green technology project from the date of application received by MIDA until the year of assessment 2020.
  • The allowance can be offset against 70% of statutory income in the year of assessment.
  • Unutilised allowances can be carried forward until they are fully absorbed.

Green Income Tax Exemption (GITE) Services

GITE Services is for companies which provide green technology services which have been verified by GreenTech Malaysia, and listed under the MyHIJAU Directory. Companies must meet the criteria of green technology service providers as follows: 

  • At least one competent/qualified personnel in the respective green technology*;
  • Must have a green policy related to the environmental or sustainability**; and
  • 100% income must be derived from the respective green technology services.

*Note: Competent personnel are defined as holding a certificate of competency as a service provider in the related field of green technology. The certificate must be recognised by the Government or a Professional Body in Malaysia.


**Green Policy is a statement about the commitment to sustainability and environment management by the company.

All applications must be submitted to MIDA before 31 December 2020. 

Rate of Incentive

  • 100% of statutory income from the date of application received by MIDA until the year of assessment 2020 (the maximum period is 5 years from the date of commencement).

Qualifying Activities

For SEDA, there are two main qualifying activities to be approved for the tax incentives:

  1. Renewable Energy: Commercial and industrial business entities which undertake generation of energy in the form of electricity, steam, heat and chilled water using renewable energy resources such as:
  1. Solar Power (including NEM)
  2. Biomass
  3. Biogas
  4. Mini hydro
  5. Geothermal

*Note: Projects which have been approved with Feed-in-Tariff (FiT) for solar by SEDA are not eligible for the Investment Tax Allowance.

2. Energy Efficiency: Companies invest in energy efficient equipment or technologies and invest in energy saving equipment.

In a Nutshell 

Right now, the entire solar power industry in Malaysia is producing 67% of the 270MW of renewable energy.

There are several solar farms in Malaysia that sells electricity to the grid. Solar farms are designed to produce enough electricity power for thousands of homes and businesses.

If you have never seen one, they are just like the solar panels you install on your roof to generate electricity for your needs.

It’s important to start using renewable energy sources now because they provide clean energy for our lives and reduce climate warming and pollution; and by reducing the use of oil and gas, we can reduce the risk of cancer and heart attacks. 

Which is more efficient

Solar power vs. Wind power: Which is more efficient?

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More and more homeowners are turning to renewable energy sources in Malaysia to provide power to their homes. The two most common ones are: solar and wind power. But which one is better?

Solar power systems use sunlight to power your home, and still allow you to sell extra energy to your utility company. Wind power produce energy from wind powered turbines.

Both depend on forces of nature, but in general, solar panels provide more consistent energy, especially in Malaysia because of the low wind speed (no more than 2 m/s).

However, there are also other differences between both of them, which play an important role when it comes to deciding which renewable energy option is best for you.

Wind versus Solar

Let’s begin by saying that the main benefit of wind over solar power for your home is that wind turbines generate power 24 hours a day, and they don’t depend on sunlight. On the other hand, solar panels only generate power during sunlight hours.

However, in order to be effective, wind turbines need to be located high above where there are no obstacles that can block the wind.

A wind turbine for residential use should be at least 80 feet tall and the average wind speeds needed is at least 12 miles per hour. This could present a problem.

Thus this type of power is great for rural area with lots of open space where there is minimum obstruction that can block the wind’s path. Wind power systems do very well in plain areas.

In contrast, solar panels can be installed on almost any roof, and on the ground. Another benefit of solar panel systems is that your solar PV system is stationary and requires limited maintenance. Solar is generally a more practical renewable option for residential energy production.

Although the sun is everywhere in Malaysia, there are some places that are more exposed than others. Thus keep in mind that geography can affect the efficiency of solar panel conversions.

In addition, pay attention to the direction in which the solar panels are installed because this can also increase or decrease efficiency. The worst enemy of solar systems is cloud cover.

Main Advantages of Solar Power

For most settings, solar power is usually the best choice. The main advantages of solar power systems are:

  • No moving parts
  • More reliable
  • Solar power systems comes with a 25-year warranty
  • Less monitoring
  • Maintenance is less expensive
  • No noise: it is totally silent in operation
  • Installation is quicker
  • Lightning and high wind damage is less frequent
  • Solar panels require less space and you can install them on almost any roof.
  • Wind turbines require more planning and building approval and their height is in most cases an issue in residential areas.
  • Wind is an intermittent resource
  • Wind power can really have a terrible toll on birds.

Main Advantages of Wind Power

The main advantage of wind power over solar is that the wind can blow at night. Another advantage in the past was that wind power was cheaper but now the cost of solar energy in Malaysia has fallen, and prices have become more competitive than wind energy.

Although both methods offer clean renewable energy, they are not on equal ground.

No matter what renewable energy option you are considering, always compare multiple offers before making final decision. Contact your renewable energy experts HERE to evaluate your situation and provide you with advice.

Remember the energy option you choose should depend on your geographical location and requirements. One thing is certain: it’s critical to select the right system based on your needs.

In conclusion, as Solar power system is becoming more advanced every day, it’s now a better choice over wind power.

Many users save thousands on electricity bills every year, not to mention the appreciation of property value as the majority of buyers are willing to pay more for a house installed with a solar power system.

solar panel roof

Can Solar Energy Save You Money Over the Long-term?

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Solar energy is a renewable source of energy. Not only it is environment-friendly, it can help to cut down on the use of fossil fuels. There are many uses of solar energy such as:

  • Home heating
  • Hot Water systems
  • Swimming pool heating and
  • Indoor and outdoor lighting

Solar energy in Malaysia is very efficient because the sun shines almost all year long.

In Malaysia, not only it is possible to generate your own electricity, in some areas, you can even sell energy back to the electric grid.

Save Money with Solar Panel Systems

Most of the time, solar panels will help you save money on electricity.

This is especially true if you are planning to live in the same house to recoup the installation costs through saving on your energy bill.

But how do you save money?

  • You won’t be using as much electricity from the grid.
  • As you may already know, the cost of electricity is rising, so when you generate your own power, you save money.
  • Due to the fact that you might not be home to use the power during the day, you can store and use it later.
  • As mentioned before, if you generate excess energy, you can sell your energy back to the electric grid. So make sure you ask your retailer how to do it, and make sure you choose a plan that suit your needs and maximise your saving.
  • More market value to your property. When you install a solar panel system in your property, you are adding market value. For example, if you are selling your property, with a solar panel system, buyers will be willing to pay for a higher price, knowing that they can save on energy in many years to come. If you are renting out your property, tenants will be willing to pay for a higher rent because with solar panels, they will save on their electricity bills every month.

Before installing a solar panel system, it is important to consider these factors:

Energy Consumption

To know which type of solar panel system you need, take a look at your electricity bill to find out how much electricity your household consumes on a regular basis.

Running Patterns

It is very important to know exactly when you are using your solar panel system.

For example, if you consume most of your solar energy when your panel is supplying all your power needs, then you are not using power from the grid, and you will not be paying for your electricity during these hours.

On the other hand, if you are using less than what you produce, inform the grid and you can get a credit on your bill according to the applicable feed in tariff.

Feed-in tariff

Feed-in tariffs in Malaysia depend on your retailer, so make sure you ask them before you install any solar power system.

The rates are fairly good, particularly for PV, and they’ve also outlined various bonus amounts that apply if the generator meets certain criteria.

Size of your Solar Power System

The larger the solar power system, the more energy you will generate, and the more money you can save over time.

Since a larger solar power system will also cost more, make sure you know your household’s power needs to decide on the size of your system.

Location

Another aspect you should consider is where you live. Remember in Malaysia, the sun shines all year long, but the climate vary depending on which region you are.

So the same system is likely to yield more solar power depending on the region you live.

Other factors to consider are electricity prices and upfront cost of installation.

Generally, the higher electricity prices are, the more money you will save with solar panels.

And of course it is very important to know the upfront cost of installation, so that you can decide if it is worth it or not.

 

So all in all, is it worth it to install a solar panel system? The answer is a resounding YES.

Not only it will save you a lot of money, it will increase your property value.

Just make sure you consider your consumption habits and patterns, where you live, and don’t forget to ask your retailer for feed in tariffs.

types of solar power systems

Types of Solar Power Systems

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Malaysia is the perfect place for the generation of solar power. Malaysia’s location, which is near the equator, receives between 4,000 to 5,000 Wh per square meter per day.

With its unique advantage, the solar industry in Malaysia has grown in the last years, with the creation of solar farms and other solar power companies. Solar farms in Malaysia are considered one of the most resource-efficient in the world.

Some of these solar farms produce enough energy for 1,800 houses every day.

Are you aware that there are different kinds of solar power systems? In fact, the most common types of solar energy systems for homes are grid-connected, grid-connected with energy storage, off-grid, and DC systems.

The most common type among the four is the Grid-connected system, although grid connected with energy storage is becoming very popular despite the high cost of building it.

Let’s discuss more about the different types of solar power systems.

 

1. Grid-Connected System

This type of solar panel system is the most common one. It is connected to your local electric grid and your home. If your array generates more energy than what you use, it sends the excess back to the electric grid.

This way you are selling your extra solar power back to the utility company where it can be used by your neighbours or others.

This type of system requires a few panels, wiring boxes and disconnects and an inverter. Also, you have to make an interconnection agreement with the local utility company.

Advantages

  • Initial Cost: Purchasing a solar power system for your home can be very expensive. But grid-tied systems are much cheaper since they use less equipment than the other types of rooftop solar power.
  • Low Maintenance: The operating cost of grid-tied systems is very low. Solar panels have 20 to 25 years of warranty.
  • Reliability: Grid-tied system is simple and can have no downtime (without electricity).
  • Flexibility: You have the chance to design your system with an alternative energy source and a utility source. This way you can change the system to meet your needs in the future.

Disadvantages

  • The setback of this type of solar power system is that when the sun goes down, you are not able to use any of the energy that the solar panels produce. This can also happen if your electric grid is down; your solar panels will be shut off automatically, too, leaving you without energy.

 

2. Grid Connected Solar with Energy Storage

This type of solar power system is also known as hybrid solar. In the last couple of years, this energy system is becoming very popular, even though it’s more expensive.

It is similar to the grid-connected residential system, but comes with an energy storage system usually in the form of battery backup.

The hybrid system consists of a PV array, a charge controller, a battery bank and inverter and in some occasions a tertiary power source like a wind turbine or a gas generator.

Advantages

  • Energy Storage System: If your solar power system produces excess energy, it can be stored in the battery. So even if there is no sunlight, you can still power your home with solar power. If there is a power outage, your home will still have power for hours.
  • Save Money: The battery can provide additional opportunities to save money because your energy storage system can make sure you are using its power instead of the power of the grid.

Disadvantages

  • Cost: The system costs more because you need to change the batteries regularly. Although the cost of batteries has gone down in recent years, they still need to be replaced at some point.
  • High-Level Expertise: This solar power system is more complex so you may require a solar installer with a higher level of expertise to design and install. So make sure you find out from your solar power company if they install this type of system.

 

3. Off-Grid Residential Solar Panel System

The off-grid residential solar panel system is a lot like the hybrid system. It also uses solar panels and an energy storage system.

The off-grid system is installed in very rural, remote areas, where it is expensive to run a power line to a home.

The system is more expensive because it is bigger since it’s not connected to the electric grid. This requires more solar panels and batteries.

Advantages

  • Independence: One of the best things about this type of solar system is that you don’t depend on the utility company. You are not subject to the terms and policies of the utility company.
  • No Blackouts: Another benefit is that when everyone else has no electricity, your home will still have full power. This is very important with people with health conditions that require electronic devices or refrigerated medicines.
  • No Electricity Bills: Because you are producing your own electricity you will never again have to pay a bill to the utility company.

Disadvantages

  • Higher Initial Cost: If you don’t have a connection from the utility company, you will need a backup battery when there is no sun. Adding this source of backup will increase your solar costs.
  • Limited Solar Energy Storage: If the weather is cloudy for a few days and you don’t receive any sun, you may run out of stored electricity.
  • Energy Efficiency is a Must: You need to be very careful about your energy, or you may not have enough power for your home.

Should you go off-grid with solar power? Well, that depends on your main motivation.

If you want to produce your own energy, want an end to blackouts or eliminate your electricity bills, having this type of solar power may be right for you. It’s also highly suitable for those who don’t have any electricity connected to their home.

But if you just want to save some money, it can be more feasible to consider a grid-tied photovoltaic system instead.

4. DC Solar Systems

DC Solar System will power an RV or cabin, but this type of solar system doesn’t typically power a whole house. It differs from grid-connected solar power system because DC solar systems don’t use an inverter to convert DC electricity produced by the solar panels to the AC electricity used in most homes.

Instead, it provides electricity to DC appliances and/or a battery bank. This is the most basic type of solar power system, and it is intended to be used only when the sun shines. The system is very affordable and easy to install.

However, once the sun goes down, the power stops. It is perfect for remote locations that require low voltage. You can use this type of solar power system for certain things like:

  • Water Pumping applications
  • Venting Fans
  • Certain Electronics.

Advantages

  • High System Efficiency: Because there is only one conversion, DC Solar System is more efficient.
  • Simple Installation: A DC system can use only one inverter, which means simpler installation.
  • Easy to coordinate: Because DC system only has one inverter, it is easy to coordinate advanced functionalities that are required in some locations.
  • More energy to the battery: As the energy flow is not limited by the inverter capacity, the system is able to route more energy to the battery.

Disadvantages

  • High cost: You will need to spend a considerable amount to buy a DC solar system.
  • Solid sunlight required: DC system will only work when the sunshine is solid. You can use DC system when there is no sun, but the battery will need to be fully charged by the sun.

These are the four different types of solar panel systems that are available for homes.

To know which type to use for your house, review your requirements with a professional solar installer who will be more than happy to explain to you and offer you the available options.

 

solar panel with high rise building behind

How do solar panels work?

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Solar energy is obtained by turning the sun’s energy into electricity. This electricity can be used for your home or business. The sun releases packets of energy called photons, which can be used in remote places and even in space.

Today solar energy can be used for multiple things like heat for making hot water, heating up building and cooking, generate electricity with solar cells. It also can be used for drying clothes, and by plants for photosynthesis.

Solar Panels rely on light from the sun, not heat. If the climate is extremely hot, solar panels are usually less efficient. They convert sunlight into DC electricity. When photons touch the silicon cell in the solar panel, the electrons are released creating energy.

Solar Panels are made up of interconnected cells that together form a circuit. They come in various sizes, styles and they have different purposes. A single solar module only produces a limited amount of power, and that’s the reason why most installations contain multiple modules.

Photovoltaic System

The typical photovoltaic system includes:

  • Array of photovoltaic modules
  • Inverter
  • Battery pack for storage
  • Interconnection wiring
  • Solar tracking mechanism (optional)

The most common use of solar panels is solar water heating systems. The price of this type of renewable energy in many countries is cheaper than the ordinary fossil fuel electricity.

In Malaysia, the government has several strategies to encourage the use and growth of renewable energy as sunshine is abundant all year round in the country. The demand for solar energy has risen more and more each year as consumers and businesses learn more about the benefits not only for the environment but also to the economy.

According to the Sustainable Energy Development Authority of Malaysia (SEDA) the market for solar energy has growth much more than any other renewable energy technology. Around 95% of the applications were for less than 72kWp, showing the acceptance of this type of energy from the general consumer.

Malaysia is the world’s third-largest producer of PV cells and modules putting the country in a good position to benefit from the growing solar power usage worldwide.
Shopping for solar used to be a long and complicated process, now it is easy and you can request free quotations. There are hundreds of solar companies in Malaysia, so find the one that is right for you.

As you can see there are many reasons why homeowners go solar, with the most common ones being:

  • Improving the environment
  • Cutting energy costs

But they are other benefits as well:

  • Renewable Energy Source: It can be used in all areas of the world and is available every day. Solar energy cannot run out, we will have access to this energy as long as we have the sun.
  • Diverse Applications: With solar power you can produce electricity or heat. So you can produce electricity in areas without access to energy grid.
  • Low Maintenance Cost: Solar energy systems don´t require a lot of maintenance, you just have to keep them clean. But you should only clean the panels a couple of times a year. You can hire cleaning companies or you can do it yourself. The majority of solar panel manufacturers will give you a 20 to 25 years warranty. The only part of the solar system that need to be changed every 5 to 10 years is the inverter. So after the initial cost, you can expect very little spending on maintenance.

No matter what your motivations are for going solar, just remember to do your research and contact at least two solar power companies to get the best deal. Remember solar power is expensive but your investment can return in seven to eight years, plus studies show that houses with solar panel systems have higher property values and sell more quickly.

As people learn and become more educated about the benefits of solar power, the demand for this type of energy will increase. Keep in mind that the sun is a near-infinite source of energy. So, use it to the fullest to save the environment and money at the same time!

Electric Generation chart by source

Wind and Solar to ‘Dominate’ Future of Electricity by 2040

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Renewable energy is indeed the future, according to Bloomberg New Energy Finance’s latest report, which forecasts technologies such as wind and solar to “dominate” the future of electricity by 2040, making up 48% of the world’s installed capacity and 34% of electricity generation.

“This year’s report suggests that the greening of the world’s electricity system is unstoppable, thanks to rapidly falling costs for solar and wind power, and a growing role for batteries, including those in electric vehicles, in balancing supply and demand,” said Seb Henbest, lead author of NEO 2017 at BNEF.

Renewable energy-generated electricity will rise 169% by 2040, and reach 74% penetration in Germany, 38% in the US, 55% in China and 49% in India.

BNEF’s New Energy Outlook (NEO) predicts US$7.4 trillion to be invested in new renewable energy plants by 2040 also; which is 72% of the US$10.2 trillion that is projected to be spent on new power generation worldwide. Of that investment, solar takes US$2.8 trillion and sees a fourfold increase in capacity.

China and India account for 28% and 11% of all investment in power generation by 2040. Asia Pacific sees almost as much investment in generation as the rest of the world combined. Of this, just under a third goes to wind and solar each, 18% to nuclear and 10% to coal and gas.

Solar Specifics

The NEO details how the levelised cost of electricity (LCOE) from solar PV, which is now almost of quarter of what it was in 2009, is set to drop another 66% by 2040. By then, US$1 is expected to buy 2.3 times as much solar energy than it does today; which is significant as utility-scale solar prices have recently fallen below US$1/Watt according to GTM Research.

Furthermore, solar is already on par with coal prices in the US, Australia, Germany, Spain and Italy. By 2021, BNEF forecast that this trend will permeate into China, India, Mexico, Brazil and the UK.

On the residential side, by 2040, rooftop PV will account for as much as 24% of electricity in Australia, 20% in Brazil, 15% in Germany, 12% in Japan and 5% in both the US and India.

At the same time, utility-scale renewable energy plants will continue to grow, further reducing the need for existing coal and natural gas plants. In fact, BNEF forecast coal use in Europe will fall by 87% in Europe by 2040 and 51% in the US. However, coal will continue to grow in China by a fifth over the next decade, but is expected to reach its peak in 2026.

Global emissions too are projected to peak in 2026, but be 4% lower in 2040 than they were in 2016.

“One of the big questions for the future of electricity systems is how large amounts of variable wind and solar generation can be accommodated, and yet keep the lights on at all times,” the report reads. “Sceptics worry about ultra-cheap renewables depressing power prices and squeezing out base-load coal, gas and nuclear plants.”

Energy Storage

In order to support the increased amount of variable renewable power on the grid, energy storage – both in the form of utility-scale and small-scale battery systems – will have a big part to play in smoothing out the peaks and troughs in supply.

BNEF expects the lithium-ion battery market for energy storage to be worth at least US$239 billion between now and 2040. Utility-scale batteries will be increasingly competitive with natural gas to provide system flexibility at times of peak demand. Small-scale residential and non-residential battery systems will account for 57% of storage worldwide by 2040.

“NEO reflects the understanding our team has built up over more than a decade of how technology costs and system dynamics have evolved, and are evolving,” said Jon Moore, chief executive of BNEF. “This year’s NEO shows an even more dramatic low-carbon transition than we have projected in previous years, with steeper drops in wind and solar costs and faster growth for storage.”

Source: https://www.pv-tech.org/news/wind-and-solar-to-dominate-future-of-electricity-by-2040#