Humans have always harnessed the power of the sun, using it to tell time and start fires. And we’ve only gotten better at it. These days, we use photovoltaic (PV) panels to generate renewable solar energy, but the idea is basically the same. We’re using one of the most abundant energy sources to create a more comfortable and environmentally friendly way of life.
Solar power is a growing trend – globally, including in the United Kingdom. There are now over 1,333,000 registered solar power installations in the UK, with approximately 1.1 million of them on homes. According to Solar Energy UK, the UK now has at least 15GW of solar power capacity, with two-thirds on the ground and the remainder on residential and commercial roofs.
Solar supplies a relatively small 4.9% of UK electricity, but is the third most generated renewable energy in the country.
Enough energy to power the world
In just one hour, more energy from the sun falls on the earth than is used by everyone in the world in an entire year. The challenge is how to efficiently collect, convert and store all that energy.
Give it back to the grid
Did you know that unused energy from a solar PV system gets sent back to the grid? Thanks to the Smart Export Guarantee (SEG) scheme, launched in January 2020, you can get paid for the solar energy you ‘export’. This means you can sell any excess power you generate and do not use back to the national energy grid. Alternatively, batteries can be installed to store solar energy for later use.
Renewable rooftops
Taking up valuable land for solar farms is not always necessary. The cost of solar systems on residential rooftops has dropped by 82% since 2010. A 5kW system, which is best for a 3-bedroom house, would total around £6,000 – £8,000.
Global gigawatts
The title of the biggest solar farm in the UK belongs to Shotwick Solar Park in Wales – which supplies most of the energy for the UK’s largest paper mill. Meanwhile, unsurprisingly, Cornwall is the best-performing region for solar, housing 15% of the total sites in the south-west.
Globally, the leading solar countries are China with the US, Japan, and Germany right behind. However, the highest penetration, around 10%, is in smaller countries such as Greece and Honduras.
Sources: Raymond James research; scientificamerican.com; energy.gov; thoughtco.com; census.gov; uwsp.edu; news.energysage.com; https://www.theecoexperts.co.uk/solar-panels; https://www.greenmatch.co.uk/blog/2014/08/what-is-the-installation-cost-for-solar-panels https://solarenergyuk.org/news/rooftop-solar-power-installations-double-in-a-year/
Black MondayOn 19 October 1987, the stock markets experienced a dramatic plunge that prompted many firms to shut down their trading desks and turn off their phones to minimize internal losses. Raymond James refused to do the same. Our desks stayed open to help meet clients’ needs, resulting in our first and only unprofitable quarter since the firm went public in 1983. |
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Who was Raymond James?The Raymond in our name is actually from Edward Raymond, owner of a 15-employee mutual fund sales group, Raymond and Associates, along Florida’s west coast. He sold his company to Bob James on 15 July 1964, on condition that the surviving firm be called Raymond, James & Associates. Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident and never joined the firm. Nonetheless, even after Raymond had passed away, Bob James insisted that his name remain on the door – ahead of James’ own. That was a promise he made to Ed Raymond three days before the accident, and Bob James was a man who kept his promises. |
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Bear Market of 1974The severe bear market of 1974 threatened the existence of Raymond James, which was bleeding capital by the day. Tom James, his father and other leaders took extreme measures to keep the firm afloat, slashing costs, foregoing paychecks and even attempting to sell the firm for just enough capital to protect client assets and retain as many associates as possible. The story could have ended very differently if not for a sharp upturn and continued rebound in the stock markets late in the year. |
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Taking Raymond James PublicWhen consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time). ” … the public offering should be considered as a statement of our independence. While this is a psychological rather than an economic rationale, it is nonetheless very important. We have asserted for some time that we are not interested in becoming a small part of a very large corporation. That assertion results mainly from the inclinations of management rather than the economic benefits associated with either alternative. The public stock offering affords us the opportunity to enjoy a little bit of the best of both worlds. While shareholders will be given liquidity at fair market value, we will still have the ability to control our own destiny.” After 40+ years of Tom’s leadership, upon becoming CEO, Paul Reilly was often questioned about whether the company might ultimately surrender its cherished independence and be acquired by some larger entity. His response: “Not while I’m around.” It’s a theme that continues today. |
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