According to Deloitte, renewable growth may accelerate in 2021 as the new administration starts to execute on a platform that includes rejoining the Paris Climate Accord, investing $2 trillion in clean energy, and fully decarbonizing the power sector by 2035 in order to achieve a larger goal of net-zero carbon emissions by 2050. Despite these large institutional investments, businesses are still hesitant with large-scale implementation of renewable energy due to several managerial and cost concerns. In this article, we explore the significant switch to Renewable Energy Development of both private and public sectors, as well as technological approaches to manage and optimize renewable energy sources.
1. The Renewable Energy Industry is Experiencing Massive Changes
The global pandemic has acted as a waking alarm call to the urgency of environmental problems, which force nations to take action. Among various schemes to improve and protect the environment, the global Transition to Renewable Energy lies at the top priority of countries across the globe.
This transiting journey towards green energy has already been accelerating globally. According to McKinsey, renewable power will take over 50% of the market by 2035, with subsequent growth to nearly 75% of the global generation market by 2050.
In the US market, state and local policies, as well as tax credits, are also bolstering further growth of the American renewable energy market. Both Hawaii and California set an ambitious goal to become 100% renewable by 2045. Additionally, mayors of over 200 communities announced their plans to transition to 100% renewable energy at the local level by 2035. European countries are also not bystanders, with The Hague in the Netherlands has a goal to become 100% carbon-neutral by 2040 and open at least four geothermal heating plants in the city within the next five years.
2. The Shift Roots Beyond Environmental Benefit
The pandemic has significant effects on the environment, yet different from other aspects of life, our environment has been “enjoying” this pandemic in certain ways. Compared with this time of last year, levels of air pollution in New York have reduced by nearly 50% because of measures taken to control the virus (Henriques, 2020). The river Ganga and Yamuna have reached a significant level of purity due to the absence of industrial pollution on the days of lockdown in India.
Renewable energy is obviously great for the environment. At the same time, switching to green energy supply can give businesses significant competitive edges in both economics and reputation-wise aspects.
a. Cutting cost on the electricity bills
As the limited sources are being depleted quickly, oil and gases are only getting more expensive, which implies large electricity bills for businesses. Switching to renewable energy such as solar power or wind power can save up to thousands of dollars. By not having to compete for limited energy resources, companies are protected from fluctuations in oil prices and enjoy stable, green energy for their operating activities.
According to data from EnergySage, commercial property owners can reduce their electricity bill by 75 percent by installing solar panels.
b. Boosting public image
In today’s competitive market, brand equity and consumers’ loyalty play important roles in deciding the success of any business. And renewable energy can contribute to reinforcing the company’s public image as a responsible and sustainable business.
According to a recent study, 53% of consumers put a large emphasis on having a certain share of their electricity supply coming from renewable energy resources. As a response, 48% of businesses now look into procuring more renewable electricity.
c. Creating jobs and stimulating the economy
Solar energy, hydroelectric energy, and geothermal energy require more workforce than traditional fossil fuels. This means when you switch to renewable energy development, you’re creating a greater demand for that energy source, encouraging the creation of more jobs. As more companies make the switch, we can expect to see a real takeoff in the number of renewable energy jobs.
3. Meet Rising Demand with Emerging Technologies
Despite all these advances in the adoption of renewable energy, large-scale implementation of green energy is still limited due to several factors. As being ‘natural’, renewable energy comes with a higher ‘uncertainty’ factor, making the plant operations and maintenance processes more complex. Unfavorable weather conditions can easily damage the wind turbines, but prolonged idle time is costly as well.
Currently, most companies producing different types of renewable energy do use analytics, but in most cases, it’s descriptive and does not allow for real-time insights. As the unpredictable nature of renewable energy prevents businesses from incorporating more of these green sources into their power grid, there is a risk of a sudden gap between supply and demand, together with other comparatively high expenses. This is where advanced technology can come to the rescue.
AI and Machine Learning Applications can provide highly accurate and in-time weather forecasts; big data combined with advanced cloud imaging. And sky-facing cameras allow accurate weather forecasts at specific locations, which add great value to facilities like wind-farm or utility-scale solar operations.
Cloud-based Software Development also allows companies to cut down on soft costs and manage their whole renewable energy at ease. Some start-ups are also utilizing other advanced technologies such as satellite imagery or intelligence plantation to facilitate green energy implementation.
4. SotaTek US - Our Software Development Solutions For Renewable Energy Companies
As a leading Bespoke Software Development Company, SotaTek US has rich experience in providing custom software development services for Renewable Energy providers, which allows efficient and smooth implementation of green energy on a large scale. With the aim to maximize Technology Application Renewable Energy, SotaTek’s past and current projects include, but not limited to:
Sales and Incentive Programs for Solar Energy Provider:
- Sales center - Knowledge Hub for Solar Energy Providers’ Sale Representatives
- News center
- Training center for Solar Installers
- Rewards center for Solar Energy Distributors
Back-end Software Development for Solar Energy Manufacturer:
- Weather forecast center
- Barcode scan and upload of solar modules and ESS - available on both website and mobile
- Admin management Center (overall management of Rewards management, Solar Inventory Management, User management, Inquiry support)
- Complete B2B commerce system
Furthermore, software outsourcing developers take care of data migration for our clients, enabling graceful digital transformation with zero downtime. And we're certain that our dedicated software development team can accomplish the same for you. Contact us now for bespoke software development services for your renewable energy business.