In stand alone PV systems batteries are traditionally used to store excess electricity. With grid-connected photovoltaic power system, excess electricity can be sent to the electrical grid. Net metering and feed-in tariff programs give these systems a credit for the electricity they produce. This credit offsets electricity provided from the grid when the system cannot meet demand, effectively trading with the grid instead of storing excess electricity. Credits are normally rolled over from month to month and any remaining surplus settled annually.[111] When wind and solar are a small fraction of the grid power, other generation techniques can adjust their output appropriately, but as these forms of variable power grow, additional balance on the grid is needed. As prices are rapidly declining, PV systems increasingly use rechargeable batteries to store a surplus to be later used at night. Batteries used for grid-storage stabilize the electrical grid by leveling out peak loads usually for several minutes, and in rare cases for hours. In the future, less expensive batteries could play an important role on the electrical grid, as they can charge during periods when generation exceeds demand and feed their stored energy into the grid when demand is higher than generation.
Hydro-electricity and geothermal electricity produced at favourable sites are now the cheapest way to generate electricity. Renewable energy costs continue to drop, and the levelised cost of electricity (LCOE) is declining for wind power, solar photovoltaic (PV), concentrated solar power (CSP) and some biomass technologies.[100] Renewable energy is also the most economic solution for new grid-connected capacity in areas with good resources. As the cost of renewable power falls, the scope of economically viable applications increases. Renewable technologies are now often the most economic solution for new generating capacity. Where "oil-fired generation is the predominant power generation source (e.g. on islands, off-grid and in some countries) a lower-cost renewable solution almost always exists today".[100] A series of studies by the US National Renewable Energy Laboratory modeled the "grid in the Western US under a number of different scenarios where intermittent renewables accounted for 33 percent of the total power." In the models, inefficiencies in cycling the fossil fuel plants to compensate for the variation in solar and wind energy resulted in an additional cost of "between $0.47 and $1.28 to each MegaWatt hour generated"; however, the savings in the cost of the fuels saved "adds up to $7 billion, meaning the added costs are, at most, two percent of the savings."[101]

The price breakdown really surprised Tom D. He was enjoying a nice solar installation presentation at a kiosk at Costco when the numbers came out. Two-thirds of the overall cost was installation. Tom got online and found Wholesale Solar. He didn't have much construction experience and had no electrical experience. But after conversations with our solar experts, he felt confident to take on the project.

Solar electricity is inherently variable and predictable by time of day, location, and seasons. In addition solar is intermittent due to day/night cycles and unpredictable weather. How much of a special challenge solar power is in any given electric utility varies significantly. In a summer peak utility, solar is well matched to daytime cooling demands. In winter peak utilities, solar displaces other forms of generation, reducing their capacity factors.
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“California Invests in ‘By Location’ Distributed Energy Resources” • California leads the US with several pilot projects to reward rooftop solar energy generators and other distributed energy resources in specific locations as an alternative to having utilities meet needs by investing in upgrading their electricity generation networks. [CleanTechnica]
The use of a gearbox allows for better matching of the generator speed to that of the turbine but the disadvantage of using a gearbox is that as a mechanical component it is subjected to wear and tear reducing the efficiency of the system. Direct drive however may be more simple and efficient, but the generators rotor shaft and bearings are subjected to the full weight and rotational force of the rotor blades.
Large national and regional research projects on artificial photosynthesis are designing nanotechnology-based systems that use solar energy to split water into hydrogen fuel.[52] and a proposal has been made for a Global Artificial Photosynthesis project[53] In 2011, researchers at the Massachusetts Institute of Technology (MIT) developed what they are calling an "Artificial Leaf", which is capable of splitting water into hydrogen and oxygen directly from solar power when dropped into a glass of water. One side of the "Artificial Leaf" produces bubbles of hydrogen, while the other side produces bubbles of oxygen.[54]
Renewable energy power plants do provide a steady flow of energy. For example, hydropower plants, ocean thermal plants, osmotic power plants all provide power at a regulated pace, and are thus available power sources at any given moment (even at night, windstill moments etc.). At present however, the number of steady-flow renewable energy plants alone is still too small to meet energy demands at the times of the day when the irregular producing renewable energy plants cannot produce power.

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.[115] Financial institutions are predicting a second solar "gold rush" in the near future.[116][117][118]

For either photovoltaic or thermal systems, one option is to loft them into space, particularly Geosynchronous orbit. To be competitive with Earth-based solar power systems, the specific mass (kg/kW) times the cost to loft mass plus the cost of the parts needs to be $2400 or less. I.e., for a parts cost plus rectenna of $1100/kW, the product of the $/kg and kg/kW must be $1300/kW or less.[190] Thus for 6.5 kg/kW, the transport cost cannot exceed $200/kg. While that will require a 100 to one reduction, SpaceX is targeting a ten to one reduction, Reaction Engines may make a 100 to one reduction possible.

With feed-in tariffs, the financial burden falls upon the consumer. They reward the number of kilowatt-hours produced over a long period of time, but because the rate is set by the authorities, it may result in perceived overpayment. The price paid per kilowatt-hour under a feed-in tariff exceeds the price of grid electricity. Net metering refers to the case where the price paid by the utility is the same as the price charged.
Over the past fifty years, people have adapted their houses with solar collectors to utilise the incoming solar radiation to heat water and living space. You may have seen homes with solar panels on their roofs. Making use of this energy source can account for up to 40% of your electricity bill, so you can see why some people opt for solar collectors. These collectors can heat water for things such as swimming pools, for general water use or to heat the air inside your house.

A more reliable grid: Even if we're not ready to completely transition to renewable energy sources of power, supplementing the grid with green electricity helps increase grid reliability. You can also produce your own green electricity by installing solar panels or wind turbines at home. If the grid goes down for some reason, you may be able to keep your power on using your on-site renewable power generation system.
Photovoltaics were initially solely used as a source of electricity for small and medium-sized applications, from the calculator powered by a single solar cell to remote homes powered by an off-grid rooftop PV system. Commercial concentrated solar power plants were first developed in the 1980s. The 392 MW Ivanpah installation is the largest concentrating solar power plant in the world, located in the Mojave Desert of California.