Concentrated Solar Power is a technology that’s in a global ascendancy right now, and it seems that small components can be key in helping it achieve the Holy Grail of Grid Parity. It’s all about getting the balance right…
The last few years have been rocky for the solar energy industry. The on-going effects of the 2009 recession have led to cuts in government subsidies in many developed economies, on which the industry is heavily reliant. The Spanish legislature has put a moratorium on financial support for all new green energy initiatives while in the US, subsidies to the solar industry are due to expire in 2016.
Despite these challenges, the future is bright for the solar sector. The industry in Spain is pressing ahead with investment in new solar technology, with at least six developers planning to build 1 Megawatt (MW) plants in 2013. Figures show that the industry is growing across Europe in spite of cuts in subsidies.
In 2011, 46.1 GW of new solar energy capacity was installed in the region, enough to light up the whole of Austria. In fact, Concentrated Solar Power (CSP) in the European Union (EU) is predicted to reach grid parity with fossil fuels – when the cost of solar power equals that of traditional energy sources – by 2030.
The US shows signs that grid parity for CSP will be achieved by 2015. In Asia, the Indian government is aiming for national grid parity by 2022, with international commentators suggesting this goal could be reached as early as 2017.
A number of Middle Eastern nations are investing in CSP as well, speeding their progress towards CSP grid parity. Saudi Arabia intends to build more than 25 GW of CSP installations over the next two decades, while Kuwait is aiming for 15 per cent of its energy generation to come from CSP, supplemented with other renewable sources, by 2030.
But how can these aims be realised? Advances in technology are helping to lower the cost of CSP plant construction, and increasingly it is the smallest components, such as bearings, that are making solar power ever more affordable. Parts that enable CSP operators to optimise efficiency, lower maintenance requirements and extend the lifespan of their technology are vital if the industry is to find the right balance between renewable energy and fossil fuels.
