Solar power remains to top all alternative fuels in terms of installed capacity, particularly in Ukraine. Renewable energy is estimated to rise by 50% globally between 2019 and 2024 due to solar power, accounting for roughly 60% of the planned growth.
Solar power production in Ukraine has expanded more than sevenfold in the last three years. As a result, all Ukrainian solar power installations’ installed output hit 3.8 GW as of December 2019.
The average cost of electricity provided by photovoltaic panels has dropped by 73% worldwide. Solar power is no longer seen as an overpriced sector by investors. This helps renewable power to compete with conventional energy sources in the world’s main markets without extra subsidies.
Depending on legislative actions, Ukraine may add 2 to 5.5 GW of solar electricity production by 2020, taking the country further to meeting the targets of its Energy Strategy. With 5 GW of solar installed capacity, Ukraine will be among the top 15 most established solar energy economies globally.
Homeowners not only save money on utilities because of solar panels, but they also adjust their habits to be more energy efficient. They recognize that every kW of power saved and underutilized helps them to recoup their investments and enhance their financial status.
Nonetheless, on the way to its great missions, Ukraine must establish clear ground rules and a specific tariff regulation for investors, including the implementation of an impactful auction system for renewable energy institutions and a return to retroactively lowering “green” tariffs for activated solar power plants.
Additionally, decentralized generation and energy storage innovations will be on hand, displaying the newest worldwide trends and profitable solar energy business practices, as well as breakthrough technology products and solutions.