The demand for renewables heavily increased last year and in fact nearly reached similiar levels to what we experienced prior to the outbreak of the COVID Virus, however not long after in 2022 we have seen an extreme energy crisis as a result of wars and other large factors occuring. This has led to using more 'homegrown' energy, and more importantly for the world of renewables, a steep increase in demand for the energy security provided by producing your own renewable energy. As we know, clean energy has vast potential to reduce prices for energy across the world and particularly in the UK, where we can no longer rely on Russian energy.
Bucking the trend of falling renewable install/set-up prices, this year has seen a slight increase in prices for solar, however, the same can be said but on a much larger scale for fossil fuels. Resulting in a net positive for green energy despite the little increase in costs. Furthermore, renewable capacity is expected to increase by an additional 8% by the end of this year which is a huge plus, this is in large part thanks to new Chinese and EU policies which aim to increase renewable capacity and reach Net Zero as fast as possible. On top of this, it appears like solar energy is leading the way when it comes to charging the renewable market into next year, selling in far larger quantities than any other renewable resource.
While some things do look a little uncertain, we can be sure that demand for solar will rise and rise as time goes on especially heading into 2023 and 2024. More and more renewable positive policies will be introduced worldwide, hopefully many in the UK, causing demand to rise and prices to drop alongside it.
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