Solar energy, derived from the inexhaustible energy of the sun, has emerged as a promising solution to mitigate the environmental challenges posed by fossil fuel consumption and global climate change. This work explores the underlying principles of solar energy exploitation, focusing on energy collection technologies as the primary means of solar energy conversion. The physics of the state-of-the-art mechanisms, the photovoltaic effect, and the advancements that have driven the transformation of solar energy into a viable and sustainable alternative energy source are also examined. Through a comprehensive review of relevant literature and pioneering research, this study highlights the immense potential of solar energy and its role in shaping a cleaner, greener future. Towards de-carbonization, the various exploitation technologies are divided into direct and indirect in order to optimize resource utilization. Accounting for the most important advantages presented, solar-based utilization processes are perhaps the only ones that provide access to energy for all to satisfy their vital needs. As nations continue to embrace solar energy and invest in its development, we move closer to achieving a more sustainable and environmentally friendly world for generations to come.

In this work, the impact of intermittent renewable energy sources on total production cost is evaluated, using annual data regarding the isolated power system of the island of Cyprus. Once electrical energy storage (EES) is identified as an approach enhancing flexibility and reliability, the selected EES facilities are modelled and evaluated via a life-cycle cost analysis, based on the most realistic characteristics and cost metrics found in the literature. The results derived from the uncertainty analysis performed, show that vanadium-redox flow battery provides the highest net present value (NPV). However, sodium-sulfur battery system offers the most secure investment in terms of uncertainty range and mean value, followed by lead-acid battery system. Lithium-ion battery system exhibits expensive capital cost which still governs its overall cost performance achieving a negative mean NPV far below zero.