The total solar energy hitting the Earth each year is about 274 million gigawatt-years of solar energy, which translates to an astonishing 8.2 million “quads” of Btu energy per year. The entire human race currently uses about 400 quads of energy (in all forms) per year. That is over 20,000 times more than the entire annual energy consumption of all of mankind on our planet. “And yet photovoltaic solar panels, the instruments that convert sunlight into electricity, produce only 0.7 percent of the energy the world uses,” – says Ian Adlington, CEO New Carbon Economics.
Looking to the future over the next 8 to 10 years, solar generated electricity in the U.S. will descend to a level of $120 per MW/hour competitive with fossil fuels and nuclear power by 2020, or even 2015 for the sunniest parts of the United States. If prices continue to fall over the next 20 years, solar costs will be half that of coal and have the added benefits of zero carbon emissions, zero mining costs, and zero scarcity. Today scientists have made huge advances in thermal energy storage, finding more efficient ways to store that solar energy. By displacing the burning of fossil fuels and utilizing solar power we will be massively reducing carbon emissions, including the damaging black carbon.
New Carbon Economics has been making great strides in how to monetize CO2 equivalents (CO2e), particularly black carbon. Ian Adlington encourages entrepreneurs, start-ups and growth companies in utilizing novel financing methods, which use the monetizing of these CO2e and black carbon offsets.
Lower costs and better energy storage capacity would mean cheap, decentralized, sustainable energy production — and massive relief to global markets that have been squeezed in recent years by the rising cost of fossil fuel extraction. Falling energy costs as a result of utilizing solar energy power produce a significant downward shift in the marginal cost of energy production (assuming no government intervention), which frees up capital for investment into emissions reduction projects and more disposable income for consumers.
The outlook of widespread falling energy costs could be a basis for a period of robust economic growth. It could help us substitute our dependence on foreign oil with a reliable and decentralized electric grid, where energy is generated closer to the point of use.
- Carbon Credits will be a Boon for Global Financial Market; says leading Venture Capitalist Ian Adlington (newcarboneconomicsblog.wordpress.com)
- Will President Barack Obama Bring New Energy for America? (newcarboneconomicsblog.wordpress.com)
- Carbon Recession & An Understanding of the Balance Between Our Planetary Needs & The Economics Environment (newcarboneconomicsblog.wordpress.com)
- Monetize Carbon and Boost Global Economy (newcarboneconomicsblog.wordpress.com)
- New Formula for Creating a prosperous and sustainable America (newcarboneconomicsblog.wordpress.com)