It has been confirmed that solar energy is the viable power source of the future, as electricity prices fall into negative numbers during the middle of the day for the first time ever in Queensland.This is bad news for coal generated power stations but excellent news for the environment and our planet’s sustainable energy for the future.
Negative Energy Pricing
Through the use of solar panels on homes and solar farms, electricity was sent into negative prices in the middle of the day in Queensland. Negative pricing is when the amount of energy generated sores higher than the amount used from the grid, meaning the price of energy falls below zero.
Negative pricing is not a new occurrence, it has happened before from coal generated power but only ever at night when most people are asleep and not using their electrical appliances. So, fossil fuel companies are able to create more energy from coal than is actually being used. However, during the day is usually when fossil fuel prices sore as the whole of the country is awake and using electricity from the grid, whether it be powering huge office buildings, homes or shopping centres there is a lot of electric activity, which means more power is needed.
With the growing increase of solar panel installations, countries such as Queensland and Australia have seen the usual price sore during the day be completely reversed. This is because even though people are using more electricity during the day, the sun generates so much power that it has caused the price levels of electricity to fall below zero, for the first time ever at this time of the day.
(Graph Source: reneweconomy.com.au)
Renewable Energy For The Future
This revelation has confirmed the prospects of solar power in countries such as Australia and America, which during the day receive a lot of sun and therefore an increased amount of solar power generation. However, it is not only hotter countries which are seeing the possibilities solar power holds for the future as the UK and Germany have recently broken records for the amounts of solar power generated.
Last month Germany generated over half its electricity demand from solar power and the UK doubled its highest peak of solar power output compared to 2013. This 50% increase is due to the amount of solar power installations across the country in the past year, proving that investment in solar energy is the right step for the future.
The Department of Energy and Climate Change estimate 1,900 solar panels are installed in homes across the UK every week and provide around 4.7GW of power capacity back to the grid from an estimated 530,000 UK wide solar installations.
There are also other types of renewable energy which harness some potential when it comes to future power sources, such as tidal, biomass, geothermal, hydro power and biofuels, however, compared to solar energy outputs there has not been as big of an investment made in these renewable energy sources for the future as there has with solar power.
When installing solar panels in your home or business be sure to use the correct Solar PV labels to highlight the risk of electric shock when in close contact solar panels and electrical generators.