By now, you probably know how the growth of solar power can help you save money. From reduced utility costs to tax rebates, there are plenty of reasons why everyone would do well to invest in solar.
In the grand scheme of things, there are also some lesser-known benefits that impact people, directly or indirectly. Let’s firstly check out how else the growth of solar power can affect the economy on different levels.
How the growth of clean sustainable solar power is benefitting the global economy
Solar energy generation continues to grow at a rapid rate every year. That’s because the price to generate power from the sun’s rays has been going down. In fact, there is grid parity already in certain countries.
Firstly, what’s good about this is, as the generation exponentially grows, the price continues to decrease as well. Secondly, with projections of exponential growth in terms of solar power generation, we can count on solar prices declining as well. This compounding effect of the growth of solar is great news for consumers, who benefit from increasingly accessible and affordable solar catalogs.
It’s not only spending on fossil fuels themselves that the world has to deal with. The adverse byproducts of these sources of energy also come with costs. For example, according to research, costs associated with air pollution are in the trillions of dollars each year in Europe. In addition there are also other costs in the form of healthcare and environmental rehabilitation, among others. It’s time to stop footing the bill for ‘invisible’ costs linked to fossil fuels.
Recent global events have once again brought energy to the forefront. Oil, in particular, is an example of this. The Brent crude price just eclipsed the $100/barrel mark—the first time this happened since 2014. That’s because there are many oil companies exposed to a certain country in terms of production and enterprise value. It has led to a sharp increase in the growth energy prices the world over, primarily in the fossil fuels category.
The cost to produce electricity via solar power is not increasing due to fluctuations in the price of crude oil. In fact, one can confidently say that oil price hikes help increase demand for renewable energy sources. Of course, pricing of systems is still subject to other concerns like global distribution disruptions.
Many businesses of all shapes and sizes are starting to reduce their carbon footprint. A big part of this effort is converting facilities and stores to solar. This also trickles down to the consumers. People feel better about purchasing goods and services from companies they know have the best interests of the earth in mind. A company’s sustainability efforts—or lack thereof—can go a long way in influencing the purchasing decisions of consumers.
All in all, it’s in everyone’s best interests to have affordable and reliable solar power systems. The macroeconomic effects are a good bonus apart from the environmental impact and individual benefits to the end user.
So, if you still can’t decide about getting solar for your home, this should spur you on. Increasing the growth and introducing more solar power into the energy mix offers plenty of opportunities for end users.