Reasons Why Solar Energy Is One of The World's Hottest Industries
The sun is finally shining on the solar industry. After years of being eclipsed by other renewable energy sources, solar has become hot.The renewable energy source is enjoying a business. generation costs have declined and investments have multiplied in the solar sector. The result has been an increase in solar energy. The enthusiasm around solar is not restricted to a specific region, geography, or country. For example, solar energy is one of the few areas in which the Tea Party and liberals are willing to cooperate. So, what is the reason behind solar energy's popularity? Here are three reasons:
1. Solar offers better return
One of the famous investigating study found that installation in solar pane systems beats investment in a stock market investment fund.The study, which was funded by the Department of Energy, also found that energy generated from solar panels is cheaper than buying energy from local utilities in 42 of 50 cities in America.The reasons for this are not hard to fathom. Although they require considerable upfront capital as compared to conventional energy installations, solar panels have a payback system that enables consumers to rid themselves of energy utilities completely in the course of time.From an economic and profitability standpoint, solar offers better returns than conventional electric companies. To use investing language, solar is a growth opportunity.
2. The cost of solar energy has declined
From a consumer standpoint, the main hindrance to greater solar adoption is related to costs. Conventional electric companiesare vertically integrated. This means that they own elements of the electricity generation process and, consequently, pass on those costs to consumers. In some cases,they also pass on litigation costs to consumers. As a result, electric bills have trended upward.The reductions have been made possible by declines in cost of manufacturing hardware of solar PV system. With development of new technology and greater customer traction, the price of making solar panels is expected to go down further in the World.
3. Solar is good for the economy
Growth of the solar industry has been good for the World's economy. According to a report from Solar Foundation, the solar industry added workers almost 20 times faster than the overall World's economy.
