The Solar Revolution Cannot Be Stopped

The coronavirus outbreak has severely hit the entire economy, and the solar industry is by no means spared. The Solar Energy Industries Association has estimated that half of the 250,000 industry workers could lose their jobs at least temporarily as the projected growth for this year has been downgraded by as much as one-third.

One of the best-performing renewable energy companies of 2019, SolarEdge Technologies, Inc. SEDG shares plunged 34% in March after previously rising 31% in the previous two months, with only the outbreak to blame for this drop. One year ago, the company purchased a 57% stake for $73 million in S.M.R.E. Spa, a developer of powertrain solutions for electric vehicles headquartered in Italy, the worst-hit country by COVID-19.

Prior Performance Is A Positive Indicator For Recovery

But despite this terrible hit, it is only a matter of time until our daily activities entirely depend on the power of the Sun. Last year, the solar industry outperformed traditional energy dramatically, as itself as the sector gained 12.3% whereas the oil and energy sector suffered a loss of 46.2%.

Photovoltaics (PVs) Are Here To Stay

Canadian Solar Inc CSIQ subsidiary Recurrent Energym recently won approval to start construction of the 100 megawatt (MW) Sunflower solar photovoltaic (PV) project. Utility provider Entergy Corp ETR will assume ownership of the plant and by completing this project, Canadian Solar will enhance its footprint in the U.S. solar development space along with its native Canada, adding to its presence in China, Japan, the U.K., AND emerging solar markets like Italy, India, Mexico and Germany. Its rivals, SunPower Corporation SPWR and First Solar FSLR also enjoy a notable global presence that indicates solid revenue growth opportunities for these solar players in the future.

Floating solar farms

Don't forget, PVs come in many forms. 

So-called "Floatovoltaics" are photovoltaic solar power systems created for floating on reservoirs, dams and bodies of water in general. These floating solar farms can generate huge amounts of electricity, as much as 10% more than traditional methods due to the cooling effect of water. And this is also a nature-friendly technology that is also beneficial when it comes to water management. By limiting air circulation and blocking sunlight from the surface of water, they reduce the lost water due to evaporation. 

Building-Integrated-Photovoltaics

As their name suggests, BIPVs seamlessly blend into building architecture in the form of roofs, canopies, curtain walls, facades, and skylight systems without compromising the building's design like traditional panels. Besides the aesthetics appearance, they are more economical in several ways. They require less building material, their use can cut down on the additional cost of solar panel mounting systems due to increased energy efficiency and of course, there is the zero-carbon footprint. 

Solar is the future

The solar industry was expected to add more capacity this year than any other year. And despite the corona hit that will slow down its progress, the growth of this shining star cannot be stopped. Over the long-term, this industry is well-positioned, and with solar costs continuously falling, it's no longer unlikely to imagine a future where almost everything will be powered by free solar power the sun is abundantly providing us with.

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