The Economic Benefits of Solar Energy

Economic benefits of solar energy:

Independent energy: First and the foremost in the list is energy independence one gets after installing a PV system.

There are two ways to set up a photovoltaic system: 1. Grid-connected solar 2.Off-Grid solar. Both the options are cost-effective and help you save a large sum of capital on the annual energy bills.

When you opt for a Off-grid solar system, you no longer are attached to the grid-connected utility company’s electricity. The batteries in an off-grid PV system store excess energy and use it during night times and non-sunlight hours.

Grid-Connected systems allow you to use solar electricity in the day time and grid current in the night time. The net metering mechanism in this type of PV installation further reduced your electricity bill.

Whether Grid-connected or Off-grid photovoltaic system, the bottom line is you end up saving money on energy bills.

Job creation: A large amount of solar capacity is being installed across the globe, reporting a spectacular surge in job creation. The solar industry has created many different types of skilled job positions like manufacturers, installers, engineers, sales representatives, marketers, among others.

As the world acknowledging and employing solar energy, the jobs openings are to grow exponentially. If we talk about Australia alone, the large scale and rooftop solar have accounted for generating more than 10,000 jobs.

The overall renewable energy sector in Australia recorded an enormous 27% growth in employment in the financial year 2018-19.

So, employment is one of the extraordinary economic benefits of solar energy.

Improved real estate value: A solar equipped commercial building or a house can bag profitable deals when putting up on the resale market listing. Solar energy lets you save money on energy bills and at the same time gradually improves your property value. Having PV panels installed on a home can make it sale faster – this is one of the substantial solar energy-economic facts.

Leave a Comment