The power sector is the engine of the global economy, and the pandemic had a major impact on this sector, leading towards a reduction of demand, financial stress, and disruptions to the power supply chain. Traditionally, power was generated by burning hydrocarbons and harnessing hydropower. However, in recent years, the share of power generated from renewables such as wind and solar has grown, thanks to declining costs and concerns about global warming.
The circumstantial and unexpected pandemic led to a rise in the renewable energy sector. During the crisis, governments introduced full-lockdown measures that depressed electricity demand at historical levels. As the crisis hit, grid operators sought the cheapest and cleanest supply source to balance the lower demand.
Is going solar worth it? This remains a looming question in the mind of many even today. So, let’s have a look at the reasons to go solar in 2021 –
- Save on electricity bills – The first and foremost reason to go solar is that it reduces or eliminates the electricity bills completely. For example, if the lifespan of a solar rooftop system is 25 years, it provides insurance against the ever-increasing, volatile, and extremely unpredictable rate of electricity per unit.
- Eliminate the carbon footprint – Another big reason to switch to solar is that having the solar system installed reduces the carbon emission due to the other various power supply sources. Saving Mother Earth and securing a pollution-free environment for the next generation is a must-do.
- Smart Investment – The return on investment on a solar rooftop system is increasing and as more people are gaining awareness about solar power and are getting interested in buying homes with solar panels, the increase in home equity is noticeable.
- Growth of local economy – The renewable energy sector is creating more jobs for the people and the Indian solar sector is expected to generate 300,000 jobs by 2022 to achieve its target of 175 GW.
- Mesmerizing supply of power – With the help of battery storage, the excess power generated in the daytime when the sun is up is stored for use on cloudy days when there is a power outage. You will also keep your appliances running, like your refrigerator in case of a power outage, and save your food from spoiling.
The biggest benefit for residential solar owners is the clear economic benefit of installing a solar rooftop system. As noted above, going solar could virtually eliminate or reduce at the least your utility bills while also guaranteeing a strong return on your investment once the system has been paid off. Also, the fight against climate change can only be won if we act together and minimize our carbon footprint in ways that have an impact.
