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The global solar market is burgeoning, and it’s predicted that the world will have 1 trillion watts of installed solar PV capacity by 2023. There are enormous potential and massive opportunities for energy investors; as well as for renewable energy supporters who are striving to achieve SDG 7—ensuring access to affordable, reliable, sustainable and modern energy for all.
In a new study, Energy Goes Green, released by BDO, energy sector CFOs reported that solar power will be the most dominant form of alternative energy by 2023.
India’s focus on renewable segments like solar, wind and hydro power will not only ensure energy security but also address environmental concerns, former union minister Suresh Prabhu said on Wednesday. “The energy and environment are the two sides of the same coin. So how do you generate energy is going to determine, to what extent you are compromising, whether or not, with climate security, environmental concerns.”
He was addressing a webinar on energy security organised by the Global Counter Terrorism Council.
Prabhu further said India is very lucky to have a huge source of clean energy.
“The cost (of power generation from renewables) will be probably lowest for the time being and the renewable energy, whether it is solar or wind… you can generate as much as necessary,” he added.
There are more than 300 days of sunshine in all parts of the country. Thus, solar energy can address India’s energy security in a very significant way, he pointed out.
There are always perks of different sources of energy, but very few of them can solve the existing problems. So what all problems can Solar Power solve? Let us see.
1. Electricity expenses
Let’s face it – The current electricity billing system is getting crazily overpriced day by day, not to mention the increasing costs of wires. For instance, the recent surge in electricity shocked Mumbaikars to the core, so much so that celebrities too came out in the open to talk about it.
After Taapsee Pannu alleged that she had received an inflated electricity bill for the month of June, several other celebrities such as Renuka Shahane, Human Qureshi, Amyra Dastur, Dino Morea, and Kamya Punjabi, have posted on social media to voice similar complaints.
Like Taapsee, Huma complained about an inflated bill for the month of June. “What are these new electricity rates ?? @Adani_Elec_Mum. Last month I paid 6k .. and this month 50 k ????!!! What is this new price surge ?? Kindly enlighten us,” she wrote.
“3 months of lockdown and I wonder what appliance(s) I have newly used or bought in the apartment only last month to have such an insane rise in my electricity bill @Adani_Elec_Mum. What kind of POWER are you charging us for,” Taapsee had questioned.
Along with it, she attached the pictures of the electricity bills, showing how she was charged Rs 36,000 for the month of June. Whereas, the bill for the month of April was Rs 4,390 and May was Rs 3,850 only.
Dino Morea tweeted: “I was just going to tweet about it. Literally got a shock, pun intended. There was no surge in electricity, just the bill.”
Actor Arshad Warsi delighted fans on Saturday as he shared his electricity bill woes on Twitter. He urged fans to buy his paintings so that he could pay his steep electricity bill of Rs 1.03 lakhs!
Whether you’re a homeowner, business, or nonprofit, electricity costs can make up a large portion of your monthly expenses. With a solar panel system, you’ll generate free power for your system’s entire 25+ year lifecycle. Even if you don’t produce 100 percent of the energy you consume, solar will reduce your utility bills and you’ll still save a lot of money.
2. The Dilemma of Investment
Solar panels aren’t an expense – they’re one of the best and safest ways to invest, with returns rivaling those of more traditional and risky investments like stocks and bonds. Thanks to substantial electricity bill savings, the average homeowner pays off his/her solar panel system in seven to eight years and sees an ROI of 20% or more.
3. Inflation in the cost of Energies
One of the most clear cut benefits of solar panels is the ability to hedge utility prices. In the past ten years, residential electricity prices have gone up by an average of three percent annually. By investing in a solar energy system now, you can fix your electricity rate and be shielded against unpredictable increases in electricity costs. If you’re a business or homeowner with fluctuating cash flow, going solar also helps you better forecast and manage your expenses.
4. Loss of Property Value
In many cases, businessmen as well as residential homeowners do not get the expected amount of money that is equal to their property value. Multiple studies have found that homes equipped with solar energy systems have higher property values and sell more quickly than non-solar homes. Appraisers are increasingly taking solar installations into consideration as they value homes at the time of a sale. As homebuyers have now become more educated about solar, there is no looking back and the demand for properties equipped with solar panel systems will continue to grow.
5. Unemployment
According to The Solar Foundation, the solar industry adds jobs many times faster than the overall Indian economy. This growth is expected to continue. Solar-related jobs tend to be higher paying and cannot be outsourced, they are a significant contributor to the Indian economy.
6. Cutthroat Competition
Companies quickly are realizing the social and economic benefits of adopting solar power. As early adopters pull ahead of the competition, many companies are exploring solar power as a way to keep up.
Schedule a site survey with SolarSquare Energy the best solar panel installation company, today. Submit an enquiry and we will guide you in your solar purchase journey.
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