Chinese Price War Heats Up as Solar Achieves Record High Efficiencies
Chinese Price War Heats Up as Solar Achieves Record High Efficiencies
China's top solar panel manufacturers are driving down costs, making solar energy the cheapest form of power with no signs of slowing down!
In this video, Electric Viking talks about new records in solar power generation, the second fastest-growing source of energy in the world, & how its efficiency keeps improving. He emphasizes the latest technological innovation in the solar industry where Chinese solar module maker, Ryerson Energy, has set new records for both power output & energy conversion efficiency. This has resulted in more energy output from a solar system than ever before with 23.9% efficiency, compared to 10% efficiency 20 years ago.
He continues by highlighting the price war between China's three biggest solar panel manufacturers as the cost of raw materials to build solar panels has fallen by 50% over the past few years. This has made solar the cheapest form of energy in the world & the combination of price reductions & efficiency gains will lead to solar panels coming down in price by up to another 50% by the end of this year! The new innovations in solar technology, coupled with a new solar PV film that can be used on building facades & windows, will lead to an increase in the adoption of solar energy worldwide.
Overall, Electric Viking is optimistic about the future of solar energy given the tremendous gains in efficiency & the cost reductions brought about by the price war in China. He believes that solar energy will continue to decline in price despite already being the world's cheapest form of energy & that it will be widely adopted by governments, private businesses, & individuals around the world.