The total number of commercial and industrial renewable energy deals will be even higher, as RMI's numbers refer only to contracts for large, off-site renewable energy projects. That means rooftop solar projects deployed by the likes of Ikea and Target are not included in the RMI deal tracker, which was updated this week at the Renewable Energy Buyers Alliance conference in Oakland, California.
Renewable energy, after its generation, needs to be stored in a medium for use with autonomous devices as well as vehicles. Also, to provide household electricity in remote areas (that is areas which are not connected to the mains electricity grid), energy storage is required for use with renewable energy. Energy generation and consumption systems used in the latter case are usually stand-alone power systems.
The oldest solar thermal power plant in the world is the 354 megawatt (MW) SEGS thermal power plant, in California. The Ivanpah Solar Electric Generating System is a solar thermal power project in the California Mojave Desert, 40 miles (64 km) southwest of Las Vegas, with a gross capacity of 377 MW. The 280 MW Solana Generating Station is a solar power plant near Gila Bend, Arizona, about 70 miles (110 km) southwest of Phoenix, completed in 2013. When commissioned it was the largest parabolic trough plant in the world and the first U.S. solar plant with molten salt thermal energy storage.
Photovoltaics (PV) uses solar cells assembled into solar panels to convert sunlight into electricity. It's a fast-growing technology doubling its worldwide installed capacity every couple of years. PV systems range from small, residential and commercial rooftop or building integrated installations, to large utility-scale photovoltaic power station. The predominant PV technology is crystalline silicon, while thin-film solar cell technology accounts for about 10 percent of global photovoltaic deployment. In recent years, PV technology has improved its electricity generating efficiency, reduced the installation cost per watt as well as its energy payback time, and has reached grid parity in at least 30 different markets by 2014. Financial institutions are predicting a second solar "gold rush" in the near future.
A solar cell, or photovoltaic cell (PV), is a device that converts light into electric current using the photovoltaic effect. The first solar cell was constructed by Charles Fritts in the 1880s. The German industrialist Ernst Werner von Siemens was among those who recognized the importance of this discovery. In 1931, the German engineer Bruno Lange developed a photo cell using silver selenide in place of copper oxide, although the prototype selenium cells converted less than 1% of incident light into electricity. Following the work of Russell Ohl in the 1940s, researchers Gerald Pearson, Calvin Fuller and Daryl Chapin created the silicon solar cell in 1954. These early solar cells cost 286 USD/watt and reached efficiencies of 4.5–6%.