The demand for solar power systems has gained major traction over the last few years. As a matter of fact, the global energy market that stood at around $52.5 billion in the year 2018 is poised to grow at a phenomenal rate of 20.5% CAGR, and reach $223.3 billion by 2026. That just explains the rise in popularity of the solar power systems, globally. All thanks to the various benefits associated with Solar. While this growth can be attributed to several reasons such as the need to curb the rise in environmental pollution, effort to reduce dependence on fossil fuels, etc; in this post we talk about some of the key reasons for the shift from conventional to solar. Come, let’s take a look.
Solar is the future of energy
Do you know that 40 percent of the carbon dioxide that gets emitted globally, is produced by the electricity generation power plants that rely on fossil fuels? That’s quite a substantial percent, right? And while this may seem as one of the reasons we need to cut down our dependency on fossil fuels, the other reason is that fossil fuels are non renewable and so they are going to exhaust some day. We, therefore, need to rely on a more dependable form of energy that’s also cleaner. Solar is that form of energy. It relies on the Sun that is an inexhaustible source of clean and abundant energy.
Commercial electricity rates are skyrocketing
This is a no-brainer. We all know how much the energy rates have increased during the last one decade. And the rates are only going to go higher, there’s no looking back. Switching to a solar power system for your energy needs will not just help you cut down on your energy bills, but it will also reduce your dependence on your local grid. This means now you won’t have to bother about the frequent power cuts in your area, nor worry about the high energy bills.
It’s a good Return on Investment
As mentioned, solar power systems play a key role in reducing/eliminating energy bills. And while the initial cost of installation may seem high, in the long run solar power systems have always helped homeowners save more money than what they spent on a solar system plus the amount they would have otherwise spent if they drew power from their local grid. Typically, the time-period that homeowners take to break even (as in expect a payback of the amount invested) is around 5 to 7 years. For commercial property owners, the period is a little less, around 3 to 5 years. In short, higher your power consumption, faster you breakeven.
We owe our Earth
The world is moving from local to global. It means we, as global citizens, have a bigger role to play. As the environment around the globe is getting more polluted, the effects of global warming are clearly visible. And therefore, we all need to work towards reducing our dependence on conventional forms of energy that are not only non-renewable, but are also adding to the global pollution. Going solar is how we as individuals can do our bit to save the environment. The energy produced by a solar power system is 100 percent green energy and it helps cut carbon footprint, too.
If you too are planning to switch to Solar, but have no idea where to start, we recommend you to get in touch with one of the experts at Luminous to help walk you through the process of buying the right solar system for your home or office. They would not just guide you about the different types of solar power systems available, but would also help you choose the best solar inverter/battery depending on your actual power consumption.