In 2020, photovoltaic technology generated around 720 GW, and this figure is expected to double by 2025.
PwC has highlighted in its publications that the efficiency of solar panels has improved significantly over the years. For example, monocrystalline silicon panels have achieved efficiencies greater than 20%, which is a factor that influences the return on investments in solar energy.
The panel design takes efficiency into account, with material variants ranging from single-crystal silicon with 20% efficiency to thin films with close to 10%.
Inverters: they have a lifespan of 10-15 years, shorter than panels that last approximately 25-30 years; while the solar tracking system: can increase energy capture efficiency by up to 25%.
Solar energy significantly reduces CO2 emissions, with an average of 40 gCO2e/kWh compared to approximately 450-500 gCO2e/kWh for coal. However, the manufacture of solar panels involves an initial energy expenditure and the use of materials such as silicon that require mining processes.
Since 2010, the cost of photovoltaic solar energy has fallen by approximately 89%. Projections point to an annual growth of the solar market by 15% until 2030. Tax incentives, such as the U.S. Investment Tax Credit, can reduce the initial cost by up to 26%.
The return on investment occurs between 5 and 8 years in markets with high levels of solar irradiation and government support.
For an entrepreneur looking for a profitable and sustainable investment, solar energy presents a viable opportunity with room for significant ROI, especially in the context of falling costs and projected market growth.
