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The Earth receives 174 petawatts (PW) of incoming solar radiation at the upper atmosphere. Approximately 30% is reflected back to space while the rest is absorbed by clouds, oceans and land masses. (Peta watt is 10 watts to the 15th power). Solar energy is the radiant light and heat from the Sun. Put another way, the total solar energy absorbed by Earth's atmosphere, oceans and land masses is approximately 3,850,000 exajoules (EJ) per year. This is approximately more energy in one hour and 1minute than the entire world used in one year. Solar power provides electrical generation by means of heat engines or photovoltaic’s. Solar energy is responsible for winds, ocean currents and other weather patterns. As the magnitude of these facts explains, we have not even slightly begun to tap the abundance of power that is provided to us each day by the sun.
Clearly, our planet is just now scratching the surface of the possibilities available through solar technology. Though the sun provides enough daily energy to supply our needs for power, solar energy is not yet viewed as a primary energy resource. Just like you could not harness every raindrop in a storm to gather in a pond, we also can't possibly collect all of the solar energy emitted by the sun on a daily basis. However, by developing highly efficient and advanced solar technologies, we could certainly meet our daily needs for power.
In February of 2009 President Barak Obama signed into law the most sweeping legislation ever signed by any president of the United States. This legislation calls for billions of dollars worth of support for the quickly growing renewable energies market. This legislation we believe, will be the seeds that will transform our nation from of an oil based economy to one where energy to power our homes and our cars will come from the sun. We believe that by 2050 10% of the power that fuels our homes and our cars will be from petroleum and 90 percent will be from renewable sources. This may seem like a fairy tale in today’s terms, but by simply understanding that the plants, the animals and virtually all living things in the cycle of life on this planet truly depend on the sun for their power, you can see solar power is already our primary source of energy.
With global warming and the recent spike in oil prices it appears that the world may now be ready for the necessary change. We believe that this change will propel the market for solar energy. We will use it to propel our planes, trains, trucks and buses. In the near future these machines will no longer pollute our air and our water; and these machines along with new storage technologies will run our factories and our homes 24 hrs a day with little or no need for refueling. In the near future, we see 3 x5 foot solar panels producing 1500 watts vs. the current limit of 250 watt. We also see these new technologies changing the energy formulas of the world, making solar power the principle form of energy for planet earth. Therefore, we conclude that the market for solar is virtually incalculable and is only limited to the ingenuity of man. This is the ingenuity in which Solar Capital Inc. will make its bets.
Marvin Wilcher |
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