By Oke Peter
Is solar energy as expensive as people are made to believe? My findings show that solar energy is actually one of the cheapest sources of electricity in many parts of the world.
Solar energy offers a clean, renewable resource with zero emissions, significant reductions in electricity bills, and low maintenance requirements. It also minimizes noise pollution during generation and improves energy independence and property value.
Here is what you need to know about solar energy before installing it in your home or office:
You should plan your budget based on the type of appliances you intend to power with solar energy. This is very important because the energy demand of the appliances will determine the cost of the solar panels and the battery you will need. The cost of solar energy for industrial machines will differ from that of home-only energy needs such as lighting bulbs, phone charging, etc.
Also, the cost of solar panels has fallen by more than 80% since 2010 due to improved manufacturing and increased global production. In many regions, solar panels are now cheaper than fossil fuels, as utility-scale solar often produces electricity at a lower cost per kWh than coal or natural gas.
It is interesting to note that home solar systems have become more affordable. Installation costs have dropped significantly, and financing options, such as loans, leases, and power-purchase agreements help reduce the upfront cost.
Why people still think solar energy is expensive
In many cases, the upfront cost can seem high. Your location and the required capacity of the appliances you want to power, for example, a refrigerator or pumping machine can increase the system size and cost. Battery storage also adds to the expense if you want nighttime power or off-grid capability.
Fortunately, solar can be very cost-effective when you have good sun exposure or when electricity rates in your area are high.
In conclusion, research has shown that solar energy is no longer as expensive as people think. The upfront cost may feel high, but the long-term electricity it produces is usually much cheaper than traditional energy sources.
