Next Fuel for Power Rental: Solar

Renewable solar power will likely serve as the fuel for power rental in the near future, most likely in the next decade. With rise in environmental consciousness and growing stress on switching to renewable power sources, many organizations have emerged in the field of renewable energy, currently making solar the most popular choice of renewable power. However, the initial equipment cost purchase required to generate solar power is significantly high. Some organizations across the globe have started the concept of leasing solar power, where they set up the solar power system for customers and customers have to pay only a monthly rent. This monthly rent is charged as a part of the saving, which the customer will likely be able to save by switching from conventional power to solar power. However, this arrangement is possible only for long durations (mainly 15 to 20 years). An organization called Enerwhere, based in Dubai, U.A.E., has launched a hybrid temporary power solution where a combination of solar and diesel generators are used to cater to the temporary power/power rental needs for as low as six months. Some other organizations also operate on similar lines, but their rental duration may not be as low as Enerwhere.

Apart from solar, organizations are trying to utilize biogas as an alternate fuel. Biogas can likely be the closest substitute to diesel, which is the most popular fuel for power rental. However, these types of applications are not very popular. Solar power rental is still a niche segment and has yet to become commercially popular. Currently, photovoltaic panel based solar modules are utilized for providing solar lease or rental. With the growth of solar power technology, we can see notable changes in the industry. There is also stress on replacing diesel use with non-conventional power sources. For this primary reason, solar is emerging as the most preferred option globally. We are likely to see a gradual shift from conventional fuels to solar power in the power rental industry in coming decade.

To know more about power rental, please go through our reports on ‘North American Power Rental Market’ and ‘Indian Subcontinent Power Rental Market’. For more reports on the energy market, you can visit http://www.verifymarkets.com/collections.  Or, email us at info@verifymarkets.com.

Photo by WiNG

By Verify Markets | | Trends & Insights | 0 comments
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