Wind & Solar Leading The Way
So, we're looking at some big changes in how the world generates power, and solar and wind energy are gearing up to lead the charge.
Solar had an Amazing 2017.
As of late December, the U.S. solar industry is on track to install nearly 12 gigawatts (GW) of solar capacity. And during the first three quarters of 2017, 25% of all new electric-generating capacity brought online came from solar - second only behind natural gas.
And looking at this recent report from Energy and Environmental Science, the U.S. solar market could be gearing up for another landmark year in 2018.
According to the report, renewables like solar and wind have the potential to supply up to 80% of U.S. energy demand, ultimately severing the U.S.'s dependence on oil.
Energy and Environmental Science researchers looked at 36 years' worth of hourly sun and wind data in the U.S. to get a better understanding of the unique geophysical barriers faced by renewable systems in the U.S.
And while this new report is not the first time scientists have claimed that a four-fifths renewable energy grid is possible in the U.S., the data still suggest an impressive leap for renewables that only accounted for a mere 30% of electricity generation in 2017.
Fact is, Americans are clearly flocking to solar in spades.
So, whether you like it or not, solar is here to stay.
But as I have discussed elsewhere in Oil & Energy Investor, solar won't be the "silver bullet" that permanently ends the oil industry.
Instead, broader demand for all energy sources looks increasingly positive as we move further into 2018. And the improvement in energy prospects is widening to include both traditional sources - such as oil - and renewable sources - such as solar.
That's why solar is about to have its biggest year yet.
Truth is, every hour, the sun provides more energy than the world uses in an entire year, and we're getting closer and closer to utilizing it to its full potential.
See, not only have solar and wind power been moving forward in powering the U.S., but they're rapidly becoming the cheapest sources of energy to utilize.
Investors have poured over $160 billion into solar projects - more than any other electricity source.
And there's one game changer in Solar technology that could revolutionize how energy is produced, and also help countries move away from oil.
Saudi Arabia is a front-runner in diversifying its economy, and they've already poured $100 billion into solar technologies.
These new solar technologies are revolutionary...