Solar Energy Production Surges: 3X More Employees than Oil, Gas, and Coal - Paper Sample

The past four years have seen a dramatic increase in the production of solar energy. The increase in the production of solar energy is evident through the increased number of employees working in solar industries. According to “Forecast of solar PV energy demand globally 2024 | Statista" (2020), we have more employees who are working in solar sectors as compared to the people working in both oil, gas, and coal industries. It is estimated that the solar industry has three times the number of employees when compared to the coal industry. The steady increase in solar energy has triggered a study of the reasons why the sector has increased significantly over a short period ("Forecast of solar PV energy demand globally 2024 | Statista", 2020). Apart from the sole reason that solar energy is environmentally sustainable, other factors have also played a crucial role in the increased demand and hence the production of solar energy. This paper predicts the demand for solar power, and discusses some of the reasons to venture into the creation of solar power plus a semi-annual output of solar energy based on using notional demand and inventory.

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The first reason for the increased demand for solar is the introduction of Investment tax credits (Randall, 2016). Currently, the US has a tax credit for any person who invests in the solar industry. This tax credit is available up to 2023. The tax credit has played a critical role in the lowering of the price of solar products. As a result of the affordability of solar most people have opted for solar over other sources of power hence increasing the demand for solar products. An increase in demand makes it even more appropriate for people who want to endeavor to start a business venture in solar production (Randall, 2016). Lower taxes have also made it possible for companies to improve on the technology used in solar panels, which has helped so much in the production of efficient solar panels.

The second factor is the generally low cost of production and hence the price for solar panels (Randall, 2016). The materials used to manufacture solar panels are relatively cheap as compared to the creation of other forms of energy thus making it possible for a start-up business to pick up quickly. The last reason as to why investing in solar energy is a wise idea is that solar energy is widely accepted and the use of it has begun to be viewed as some status.

"JinkoSolar Expands Mono Wafer Production Capacity to 18 GW with Added 5 GW Capacity to Sichuan Production Facility" (2019) estimates that in the year 2021, the demand for solar energy will hit 126.5 Gigawatts. Established companies such as JinkoSolar are seriously reaping out of the production of solar energy. JinkoSolar, for instance, has the annual output of about 11GW in silicon wafers, 7 GW in solar cells, and around 13GW for solar modules. JinkoSolar is an international company that supplies its products all around the world in states such as the US, China, South Africa, United Kingdom, and UAE, among other regions. The company still plans to expand the production of solar products to enjoy the ever-increasing market for the products ("JinkoSolar Expands Mono Wafer Production Capacity to 18 GW with Added 5 GW Capacity to Sichuan Production Facility", 2019).

Due to the ever-increasing opportunities in the solar industry, my business will also be in the solar industry. I look forward to producing at least 1GW of monocrystalline solar panels. I choose monocrystalline solar panels because of the increased demand for monocrystalline solar (Liu, 2018).

References

Forecast of solar PV energy demand globally 2024 | Statista. Statista. (2020). Retrieved 2 August 2020, from https://www.statista.com/statistics/500250/solar-photovoltaic-demand-outlook-worldwide/.

JinkoSolar Expands Mono Wafer Production Capacity to 18 GW with Added 5 GW Capacity to Sichuan Production Facility. Prnewswire.com. (2019). Retrieved 2 August 2020, from https://www.prnewswire.com/news-releases/jinkosolar-expands-mono-wafer-production-capacity-to-18-gw-with-added-5-gw-capacity-to-sichuan-production-facility-300954630.html#:~:text=JinkoSolar%20has%20built%20a%20vertically,as%20of%20June%2030%2C%202019.

Liu, Z. (2018). What is the future of solar energy? Economic and policy barriers. Energy Sources, Part B: Economics, Planning, and Policy, 13(3), 169-172.

Randall, T. (2016). Wind and solar are crushing fossil fuels. Bloomberg, April, 6.