[attachment=14741]
ABSTRACT
The objective of this paper is to cover latest and emerging technologies, in the field of solar energy. What is the need for the renewable energy? What is the role of the solar energy in renewable energy sources? At the present time, solar power is not a competitive fuel for supplying electricity to the grid. But, an economic model developed by the U.S. National renewable energy laboratory (NREL) forecasts that solar power costs could drop 20% every time output doubles.
It is believed that the cost of solar power will drop approximately two cent a KW-hour. If there is enough foresight to develop the technology, then solar-derived hydrogen could become a competitive feedstock in petrochemicals. This would be a dramatic shift that would revolutionize economic development.
Nano-technology and its application have captured the worldwide market. The nano-materials, which are developing using this technology, can be incorporated into the devices so that solar energy can be converted or generated more effectively. Nano-materials have the potential to change the way we generate, deliver and use energy.
1. INTRODUCTION
1.1 ENERGY CHALLENGES
In today’s economy, reliable, efficient, pollution free, abundant energy requirement is the major challenge. Our major economy needs, in terms of energy comprises of transportation sector, residential and commercial sector. We are heavily depending on the non-renewable sources for our energy needs. Not only these resources will deplete over time, they are also the major source of pollution, which is another issues in front of the economy. To face these challenges there’s needed to come up with the new technology that helps in reducing the problems and also improves our economy.