Why solar energy makes economic sense for a country’s development.
It’s no secret that solar energy can do a lot for the environment and help us save on energy expenses. However, it’s impact on a nation’s economy isn’t often explored. Truth is, adopting solar energy and reducing dependency on fossil fuels goes a long way towards boosting the economy and nurturing sustainable growth. Let’s take a closer look.
Abundantly available and requires little maintenance
Billions are spent on building and maintaining plants to generate energy for consumption for industrial and domestic use. With skyrocketing GDPs, the energy gap between demand and supply will continue to widen. Solar power can be effective in bridging this gap. Not only is solar energy produced in abundance, it requires minimal maintenance. The Earth receives solar energy at the rate of approximately 1,73,000 TW, which exceeds both the current annual global energy consumption rate of about 15 TW, and any conceivable requirement in the future.
Aids local economic development
Countries around the globe spend a handsome amount of money in procuring land and building coal plants, nuclear plants, etc. whereas solar plants require comparatively less space and can be accommodated domestically on rooftops and small barren land, aiding the local economy. With more and more people opting for solar energy, there is an opportunity for local employment, which further aids a country’s economy.
Lower electricity and utility bills
Another major advantage includes lower electricity and utility bills. Solar energy can offset the usage of conventional electricity and over the time reduce the expenditure on utilities. Since solar energy is often harnessed in surplus, users have the option to sell it to power companies and gain economic benefits.
Reaches maximum habitable geographical locations
For under-developed and developing nations, infrastructural limitations make it very difficult for energy resources to reach rural areas and a lot of money is invested in ensuring it reaches there. However, these limitations can be easily overcome using solar power, which is readily accessible to maximum habitable geographical locations.
Helps during power outages
In times of national emergency due to natural disasters like floods, hurricanes, fires, etc. we often experience power outages. Meeting energy requirements in the aftermath of these situations takes a toll on the national reserves. However, solar energy can help manage these situations better, especially if systems are equipped with a battery.
Benefits the environment at cheaper costs
There is always a risk of energy plants releasing gaseous and liquid pollutants into the atmosphere and local water bodies, which further affect the ecosystem and human health. Millions are spent to clean water bodies of the toxins and control air pollution. When you use energy from the sun, there is no to minimal risk of any such pollutants being discharged into the environment.
Global warming is expected to increase the frequency and severity of extreme weather events, bringing with it property and infrastructure loss and loss of productivity. Furthermore, initiatives to reduce the effect of global warming is an expensive affair. Utilization of solar energy for generating power will significantly reduce the impact of global warming at lower costs.
Sunny days ahead
There is no doubt that solar energy has a positive impact, but it is also economically beneficial for a country’s development. Switching to solar energy requires far less investment than building new coal or nuclear power plants. That means a lower electricity price, and that has impacts on everything in the economy as there is a rising need of electricity across sectors. A lower electricity price reduces the cost of production, and increases profit. Solar energy is clean and abundantly available making it cheaper and dependable for a long time ahead, making it a perfect alternative for a brighter economic future.