Adoption Factors Of Residential Solar Energy

2937 Words Sep 22nd, 2014 12 Pages
Adoption Factors of Residential Solar Energy

Group 2:
John Karlovic
Matt Peleti
Henish Savaliya
Khushinder Randhawa

Introduction As world population continues to rise and economic development drives energy consumption upward, the necessity of energy diversification will intensify. Obvious concerns for fossil fuels, such as their inherent finitude and the pollution costs, only further accentuate the need for adoption of non-fossil fuel energy sources. In the renewable energy market solar energy is an increasingly popular option. Over the past 15 years, falling prices and increasing efficiency have resulted in a 20% increase in solar energy production; furthermore, as the Sun provides enough radiant energy to Earth each day to power society for year, the potential for solar development is markedly high but requires substantial development (National Geographic 2014). Solar energy production often takes two general forms: for residential power production, the photo-voltaic cell panel (hereafter PV) is the dominant mode; for commercial production, solar energy is converted to thermal energy and harnessed via turbine. Regardless of implementation, the primary obstacles of solar energy adoption are geographic space and high costs; otherwise, solar energy is a remarkably adaptable technology that can be deployed nearly worldwide despite differences in climate (National Geographic 2014). For the purposes of this research report, the focus will revolve around PV…

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