Science

Increasing Demand Of Solar Power Could Cause Higher Price Of Coal By Year 2020

By Marion Villareal , Feb 03, 2017 04:28 PM EST
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There has been a recent report claiming that the drop in the cost of solar and electrical vehicle technology could cause the price of coal to reach its peak by year 2020. This is due to the less demand of coal while business is still up and running.

Rise Of Solar-Powered Vehicles Causes Rise In Price Range Of Coal Due To Lower Demand

It cannot be denied that technology has caught up with the demands of today's generation, and have wonderfully adapted into solar-powered machineries. These machineries include factories, cars and the like. Thus, the demand for coal, which has been the source of energy for hundreds of years now, has evidently decreased. This is led by the fact that coal has been knowingly destroying the earth's atmosphere and researchers have come up with ways to channel energy from the sun instead. However, even though this radical move is good for the environment, it may not be good for some businesses.

Due to the decreasing demand of coal and with the supply still being filled up to the consistent demand in the past, it has led some businesses to increase their price. There are still establishments all over the world that use coal as a source of energy, and have been greatly affected by its continuous increase in price. Thus, reports have claimed that by the year 2020, the price of coal has already reached its peak and highest possible vale to be sold in the market.

Millions Of Barrels Of Oil Could Be Displaced With Rising Fame Of Solar-Powered Machineries

Further studies being conducted shows that the growth in electric vehicles has resulted to the displacement of around two million barrels of oil per day by year 2025. This will then result to 25 million barrels per day by year 2050. Evidently, the rise of solar-powered vehicles has put the coal and oil businesses on the downfall and could not be blamed for the increase in its prices. However, these inventions and machineries are a great help to the environment and should not be taken lightly.

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