“The world is in the middle of its first truly global energy crisis. The answer is not additional fossil fuels, but instead putting efforts into the energy transitions says the Executive Director of the International Energy Agency.”
Commercial utilization of solar energy has seen a significant uptake, but we are still far from fully making use of this clean energy resource which reduces electricity bills and helps the environment.
How will the industries run without oil, coal and gas is the question that stands before the government of every country. The 2021-2022 energy crisis was the first of its kind in the last fifty years. Soaring power prices with frequent blackouts, around the globe, the turmoil could be felt. Energy security is also a great concern for government organizations as increasing demands mean increasing dependence. According to a recent report, oil reserves will diminish by 2052, in less than 40 years while the coal reserves are assumed to last for not more than 70 years. This data is a warning sign of unsustainability and an impending disaster in terms of economic and environmental impact.
Leaders from all parts of the world are signing agreements and taking initiatives to mitigate the impending crisis due to the depletion of nonrenewable sources of energy such as coal, gas, and oil. The search for alternative solutions has led the global leaders toward the source of renewable energy which is available in abundance and that is Solar Energy.
Industries are now moving towards striking a balance between meeting their energy requirements and reaping the benefits of using Solar Power.
Some big global names which use solar energy are Target, Apple, Amazon, Walmart, Intel, IKEA, and more. Indian corporates such as Mahindra, Tata Motors, Vaibhav Global Limited, and Kajaria Ceramics Limited are joining the drive towards achieving sustainable growth and improving energy efficiency.
Benefits of Using Solar Power
Reduction in Operating Costs
Electricity Bills take up a large bite from the budget set aside for Operating Costs, especially in Power Driven industries. Machinery and equipment functioning depend on electricity leading to heavy expenses owing to rising demand and supply shortage. Adoption of Solar Power can help mitigate this indispensable utility expense to a great extent. Sudden surges or spikes are also a disadvantage. A stable flow of electricity is a considerable benefit of using solar power.
Industries also gain extra credit by feeding in the extra energy generated into the grid even though it’s a rare occurrence.
Considerable Return on Investment
Tax incentives and Government subsidies guide businesses to invest in solar panel installations. The prices of Solar Panels are reducing with more suppliers and reduced installation costs. A self-contained solar panel system lasts for more than 25 years making the investment worthwhile.
Low Maintenance Costs
Since there is no major wear and tear associated with installation and operation, and the only maintenance required is that of the inverter which converts the solar energy to electricity and heat, low maintenance costs are a great advantage for many businesses.
Green and Sustainable Image
Companies that adopt Solar Power and invest in reducing their carbon footprint are not just accruing benefits of using Solar Power but are also considered responsible and even exemplary. With media and information easily available on the internet, such businesses positively impact the economy and build a sustainable and positive brand image.
The current demand for energy and dependence on fossil fuels is soaring, bringing to light the difficult scenario of running out of conventional, nonrenewable sources of energy. The challenge however is to meet the energy needs of growing economies and populations by adopting renewable sources of energy. And the above-mentioned benefits undoubtedly place solar energy as one of the options worth pursuing.