Solar Power: How Cost Effective is Solar Energy?

Solar power is becoming more and more popular each year as people are slowly starting to realize the many benefits that this type of energy provides. With the world’s attention riveted on climate change, more and more people are wanting to go green and reduce their impact on the planet. If you’re looking for an eco-friendly and cost-effective way to generate your own power, then you’ve probably considered the overwhelming benefits of solar energy.

The sun provides us with a constant supply of free energy which we can leverage to our benefit. In some regions of the world, especially in the northern parts, days are long and cold, darkening the likelihood of generating power. In these areas, it’s best to generate power when the sun is out, so that you can capitalize on its energy. Not only that, but the weather is more likely to cooperate and allow you to produce power.

The global market for solar power in 2021 is projected to reach 12.9 billion USD, a value that is expected to rise to 18.1 billion USD by 2027.

The growth of the solar industry is predominantly attributed to the rise of solar power and the increasing number of eco-friendly consumers. The United Nations’ Secretary-General Ant├│genes Guterres even went so far as to say that “solar power could deliver us from poverty, reduce our dependence on foreign oil and combat climate change.”

While many households still prefer to generate their own power using traditional methods and sources such as wind turbines and watermills, the number of people going green is truly rising.

Whether or not you’ll be able to generate profits remains to be seen, but given the exponential rise of solar power, it seems that this green energy is here to stay.

How Much Does Solar Power Cost To Generate?

The price of solar power and how much it costs to generate varies from region to region and country to country, but it is generally accepted that solar energy is less expensive than traditional power sources. In some instances, solar power can even be considered a cost-effective choice when compared to conventional forms of energy generation.

For instance, if you live in a country where the sun is abundant and days are long, then you’ll likely be able to get a good deal from a solar energy provider. In countries with less sun and shorter days, it’s a different story; the cost of generating electricity using solar panels and concentrating solar power is significantly higher than the cost of boiling water for steam turbines. However, even in these areas, solar power is still a cost-effective choice when compared to other energy generation methods.

Solar Energy Provides A Number Of Benefits

There are several reasons why so many people are choosing to generate their own power using solar energy, and it goes far beyond climate change and the environment. Here are just a few examples of why this type of energy is so beneficial.

Noise Reduction

One of the primary reasons why solar power is becoming so popular is because it can reduce or even eliminate the noise that other forms of power generation create. Concentrating Solar Power (CSP) plants, for example, don’t produce any noise, whereas wind turbines and water turbines make a lot of noise which is both annoying and harmful to those around them. If you live near the site of a CSP plant, then you’ll likely be able to hear the soft hum of the generators when the wind is calm and the sun is shining brightly, but otherwise, you won’t be able to distinguish any other sound as being different from that of wind or water.

Energy Security

Another important reason why people are turning to solar power is because it provides them with energy security. When the sun doesn’t shine, or if a storm or heavy rain interferes with the production of electricity, then the supply can be disrupted, leaving you without power for hours, days, or even weeks at a time.

Some people even choose to store the energy generated during the day in batteries so that they can continue to use it at night, when the power load is at its highest. This allows them to generate electricity when needed, instead of always relying on the grid.

Self-sufficient

Finally, many people are choosing to go green because they want to be self-sufficient. With the world’s resources becoming increasingly scarce and energy prices rising, people are wanting to do their part to protect the environment and reduce their carbon footprint. If you want to be independent from outside power sources and be able to generate your own electricity whenever you need it, then solar power is a perfect solution. In most parts of the world, the sun provides more than enough energy for the average household, and even for some businesses.

The above are just a few of the reasons why so many people are choosing to go green and generate their power using solar energy. The increasing costs of conventional forms of power generation and continued uncertainty with regard to the future of oil and gas supply have undoubtedly helped fuel the recent rise in popularity of this energy source. Let’s take a look at how much money you can actually save by generating your own power using solar energy.

The Cost Effective Choice

If you want to generate your own power using solar energy but don’t have the funds to spend on expensive equipment such as wind turbines and water turbines, then you have an eco-friendly and cost-effective choice. Instead of paying top dollar for electricity, you can utilize the power of the sun to your advantage, and save countless amounts of money in the process.

According to the National Renewable Energy Lab (NREL), if you live in an area where the sun is abundant and days are long, then you can expect to pay around 14 cents/kWh (Cost of Energy) for solar power. Generating power with solar panels is significantly less expensive than paying for electricity on the grid in some regions, and in┬ásome cases, it can be a cost-effective choice. In regions where the sun is scarce and days are short, you’ll need to spend a bit more money to make sure you have sufficient power delivered to your house. With the cost of conventional power generation on the rise and the potential for instability due to climate change or energy shortages, more and more people are discovering the many advantages of solar power.

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