There is an extensive list of reasons why people around the world are hoping solar power takes off. Solar energy is renewable; it (as far as scientists know) will never run out. It is clean and an excellent source of power for the environment. It eliminates the need for the burning of coal, which doubly cuts back on the CO2 emissions and other adverse effects on the environment. In the past, the only hang up to communities around the world embracing solar power was the economic barriers.
Past Stumbling Block, Future Incentive
For a long time, it is hard to imagine how solar energy would compete with traditional energy sources when it came to the economics. There were many obstacles. The solar energy required new infrastructure, for one. As well, most of the solar energy is produced and captured during the daylight hours, but people use the most electricity in the early morning and evening. This presented an issue for how to store and distribute the energy collected in sunny locals and the bright daylight hours.
However, it seems that the solar capabilities and possibilities are finally overcoming the challenges. It is becoming the case that solar power even has economic advantages over traditional energy sources, which is a massive win for environmentally friendly, ecological, and sustainable energy.
Fueling the Sun’s Natural Potential
Here is the biggest stumbling block to a world run on solar power: finding a way to store and distribute the captured power after the sun has set. When homeowners began to install solar panels on their rooftops and power their televisions, refrigerators, and cell phone charges on this natural and renewable resource, it was easy to see the economic potential for those willing to make the initial investment in solar infrastructure.
However, even these environmentally concerned individuals, it was nearly impossible to run an entire household on solar power alone. As the sun went down, the available power began to wane, and throughout the night, the built up power would diminish completely. The proper way to store the power was the problem, and many homes were looking to traditional sources of energy to meet these needs. The same problem would arise after a stretch of overcast days.
Batteries have long been the solution, but the cost of a battery of the caliber and size required were incredibly expensive. It is hard to imagine an entire town or city powered by the sun because the cost of storing and redistributing this power was exponential. That is not to say a whole world that could run on this sustainable resource. However, this is changing.
The cost of batteries is becoming lower every year. Therefore, the question becomes whether it is better economically to use solar power through individual property owners installing solar panels or by utility-scale solar power plants. At present, it appears solar power companies are incentivizing the installation on individual homes, but down the road, if solar energy is going to be pumped through the utility grids and consistently shared from building to building, a starting point at a power plant makes sense.
Impact on Individuals
For the past few years, the success of solar energy companies like EuroSolar Global has run on the promises given to individual property owners. Of course, many people are incentivized by the opportunity to have a smaller carbon footprint and less adverse impact on the environment, but others see it as a way to reduce their property costs.
Local governments, and even at the state level, regulators have provided tax incentives and rebates for the installation of solar panels and use of solar power by homeowners. Over time this reduces the income that needs to be spent on electricity and power. However, these smaller, individual economic incentives are unlikely to motivate entire communities to switch to solar power. Therefore, other economic factors must come into play.
Building an Economic Impact
The beauty of building a solar power system that can be utilized on a wide-scale is that it fuels the economy in a number of ways. The building of infrastructure to store and move solar power creates jobs. A number of people can be employed in a whole new industry and start new careers. There is a need to install solar panels, batteries, and hook up all of these systems to the power grid. As well, there is a need for people to manage solar power companies and governmental departments to administer and oversee this new source of power.
The economic reach of solar power is even bigger because solar power also impacts other industries. There is a new incentive to build cars, public transport, and machines that can run on electric power because eventually these modes of transportation and devices can run on solar power instead of traditional power sources. An entrepreneur or curious engineer may be encouraged to improve upon current models of cars or otherwise, which fuels more development and jobs down the road.
Topic: Economic effect with the solar panel. Knowledge basis below: