If you’ve been following our blog for a while, then you know that we often write about the cost-effectiveness of solar energy. While there are a few obvious examples of solar benefiting the world, perhaps the most significant is the ability of solar to save energy and money.
In the past, the general thinking had been that solar was more expensive than traditional energy sources; however, as the costs of solar hardware and installation have decreased, that viewpoint has changed. Today, the cost-effectiveness of solar is being realized in nearly every market segment.
The Benefits of Solar Energy Are Endless
There are countless benefits to solar energy, perhaps the most significant of which is that it is a sustainable and renewable form of energy. Owing to its zero-carbon footprint and its ability to save on long-term energy costs, solar is touted as a key player in the world’s effort to combat climate change.
In fact, the U.N. recently stated that if every country adopted solar, it could produce more than enough energy to power the world for the next 10 years. In addition, as energy demands continue to rise, especially in developing countries, the need for sustainable energy sources like solar escalates. Without overstating the benefits of solar, it is safe to say that the entire world relies on solar, and many of the ways that we interact with it, to function.
How Significant is the Cost Savings With Solar?
Although the cost-effectiveness of solar has been recognized for some time, it’s only in the last year or two that the savings that customers can expect to see have become significant. In 2018, the cost of solar hardware and installation has dropped significantly, which has made it more affordable than ever before.
One of the primary reasons for this price decline is the increased availability of high-quality panels, which are far more efficient at converting sunlight to energy than lower-quality panels. The increased efficiency of these panels has led to an overall decrease in the cost of solar energy.
As these costs have decreased, the significant savings that customers can expect to see have manifested themselves in a number of ways. Let’s take a quick look at some of the ways that solar energy costs less than traditional forms of energy and how much you can expect to save:
Lower Long-Term Energy Costs
Owing to its zero-carbon footprint and its ability to harvest sunlight which can be stored and released later, solar is often touted as a key player in the world’s effort to combat climate change. The costs of traditional forms of energy, especially energy generated from fossil fuels, are very high and continue to increase.
Fossil fuels, such as diesel and natural gas, are a non-renewable source of energy and their use contributes to air pollution and global warming. In addition, nuclear energy is not considered safe for consumption by humans and its production contributes to global warming as well.
On the other hand, solar energy is a renewable source of energy that is generated from the sun and earth’s natural processes. It contributes to global environmental balance and its production does not worsen global warming as much as that of traditional sources of energy. This is because sunlight, which is the source of solar energy, cannot be stored like oil and natural gas, and its collection and conversion to energy is very efficient.
The U.N. has even gone so far as to predict that if every country adopted solar, it could produce more than enough energy to power the world for the next 10 years. In addition to being a sustainable and renewable form of energy, the U.N. states that solar is also scalable and can be implemented on a large or small scale, which makes it very adaptable for a variety of applications.
Not only is solar energy sustainable and renewable, but it is also very flexible. This is owing to its broad applicability which allows it to be used in many situations where other forms of energy cannot. The U.N. even states that it is the most flexible and adaptable energy source because it can be implemented in almost every situation.
For instance, if you’re interested in generating your own power but don’t have the space for a solar panel, then you can purchase a PV (photo-voltaic) panel. These panels are flexible and can be integrated into your home design in order to generate electricity which can be stored and used as needed. In addition, it is often cheaper to purchase commercial grade solar instead of retail grade solar because the former is usually more efficient.
On the other hand, if you’re interested in generating electricity for a specific application such as a boat or a car, then you can install a marine or automotive solar panel respectively. These types of solar panels can be quite large and are usually made of rigid plastic materials which are more impact-resistant than glass. In addition, they are also more durable.
Reduces Your Impact On The Environment
When you consider the various ways that solar energy reduces your impact on the environment, it is not hard to see why almost every sector of the economy, from small businesses to large corporations, are investing in this important new energy source. Not only does solar energy reduce your carbon footprint, it also reduces your dependence on fossil fuels and other non-renewable energy sources. This makes it a more sustainable and eco-friendly option than traditional energy sources, which is an important consideration for those concerned with the environment.
As we mentioned above, the cost of solar hardware and installation has decreased significantly in the last year or so. This is owing to the increased efficiency of the hardware coupled with lower installation costs. The net result is that solar is now more cost-effective than traditional forms of energy, especially when you consider the long-term financials. In fact, the U.N. states that solar is the most cost-effective energy source when viewed over the long haul.
Cost-effectiveness is an important consideration for any business, and in particular, for those who are seeking to reduce their energy consumption. When you consider the combined cost of energy and maintenance, it is clear that solar is, without a doubt, the most cost-effective energy source available today. This is especially important in today’s world where energy costs continue to rise and can easily exceed $20,000 per year. Just remember: when you sell your home’s solar energy back to the grid, you’ll receive credit from your electricity company and save around $500 or more per year!
In conclusion, the cost of solar and its various forms, such as solar rooftops, have come a long way since their original prices of a few hundred dollars per installation. The primary driver of this price decline has been the decrease in the cost of the hardware, combined with the increase in the efficiency of the devices. These lower costs have made solar more affordable than ever before, which is prompting more and more businesses to adopt this important new energy source.