Market Analysis
“According to the US Department of Energy (Energy Information Administration), the world consumption of energy in all of its forms (barrels of petroleum, cubic meters of natural gas, watts of hydro power, etc.) is projected to reach 678 quadrillion Btu (or 715 exajoules) by 2030.”
The U.S. Energy Information Administration goes on to say that the energy demand is projected to increase by about 30% over the next 30 years. We are running out of non-renewable energy resources and must look for new ways to harness non-traditional energy. Because current technology to harness solar energy is relatively inefficient it captures less than 20% of the available energy.
As the green movement gains in popularity, PanElectric is here to provide an alternate source of renewable electric power. 75% of consumers are more likely to buy a product or service if a company is making an attempt to be sustainable. This shift towards going green is due to state governments imposing mandates requiring companies to produce 10% - 20% of their power from renewable sources in the next 20 years. It is probably a matter of time until the US government will impose CO2 caps on emissions.
Current solar panels are mostly found in off-site locations. However, as space on our planet becomes more of a premium, we need to look for other places to capture the sun’s rays. Rooftops are the most logical choice to allow sun rays to be absorbed without interference. But in crowded cities, more surface area is necessary to supply buildings with the power they need.
It is PanElectric’s innovative idea to utilize the sides of the buildings - creating a solar farm on each building. Given traditional technology, it would seem impossible, however, technology has advanced, and so has the solar panel. By 2016, solar power is expected to offset more than 45 million metric tons of destructive carbon emissions- “the equivalent of removing 10 million cars off U.S. roads and highways, or shuttering 12 coal-fired plants.”
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