The Economics Of Solar Energy

In the developing world of ours, not only is the total population skyrocketing, but our needs in terms of resources are too, energy or electricity being one of the most vital. With the overuse of fossil fuels such as coal, crude oil, and petroleum, it leaves us in an inadequate position of not having the energy needed to fuel the process of development. This is only one of the multiple repercussions of using non-renewable fuels, others being climate change and pollution. However, scientific and technical innovations for renewable energy such as solar panels have the potential for a major development in harnessing energy and becoming a more self sustaining world. Some issues society is facing towards completely embracing this technology is firstly, cognizance about this solution, and then aspects like efficiency and the working life of these devices. Anyhow, solar energy ensures a promising alternative to fossil fuels and a glimpse of how humans may look at energy harvesting in the future.

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Solar Energy Collection

Currently, there are two different methods which are used by the world for collecting solar energy. These include solar or photovoltaic cells, which convert sunlight directly into electric current. In this technology a photon power is used to knock off electrons to create a steady flow of electricity. The second process uses solar thermal collectors, (either using mirrors or head absorbent panels) to heat water for a steam-electric power station. Although there might be better and more efficient ways to collect solar power, these ideas are economically not feasible due to the inability to produce them at a large scale or the sheer cost of the components or assemblance. Now, for each of these methods, there are Pros and Cons depending on the way it is being used. For example, research shows that Solar Thermal Collectors (STC’s) can be up to 70% more efficient when it comes to harvesting energy from the sun. Other advantages can be that STC’s are more space efficient, the technology is much simpler, and it has great value for startups and businesses alike. The disadvantages are that they are less versatile, usually have a shorter life, and are not all that efficient all year round. When it comes to photovoltaic cells, they are a slightly newer technology that has been introduced, and research and development has been making them more and more efficient and cost effective too. Points where solar panels have an edge over STC’s are usually in the “household use” zone. This is because it can provide homes with energy for up to 30 years without failing, and can cover up to 60 % of the entire household’s electric energy requirements. An additional point is that they can be used to power bigger appliances and machines rated with high energy consumption, such as refrigerators.

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Overall Use

Solar energy is an untapped source of virtually limitless power, which people all around the world have just begun to use. This is a tremendous step towards relying solely on renewable energy, and helps solve many other problems like employment and pollution/climate change. In 2016, the United States of America alone had 1.47 million functional solar panels set up around the country. A bit later in 2018, it was noted that the U.S had enough energy yield from these panels to power 12.3 million american homes. At an economic standpoint, “Solar photovoltaic installer” is the fastest growing job in the entire country. It is also opening many new markets in terms of jobs in agrarian states like Kansas. Puerto Rico has fully been embracing this concept, as 41% of women have solar related jobs. Overall, 89% of Americans support this cause and product, and countries all around the world are unceasingly trying to make solar panels more and more affordable to the masses.

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Connection To Climate Change

Climate change can be combated through a plethora of means, such as awareness, response, and mitigation. The first step is awareness. Many people till date still believe climate change is not an actual problem. Governments can start from the roots and induce climate cognizance and action into the syllabus of schools, and promote the understanding of this crisis and what we can do as individuals to help. Rallies, campaigns, and fundraisers can be held to bring society together for climate action too. The next step is response. Climate change is primarily caused by the increase in levels of greenhouse gases, so we can prohibit the construction of cfc releasing appliances, start research and development for affordable electric vehicles, reduce dependency on fossil fuels, and look towards nuclear fission and fusion reactors. Lastly, is mitigation. In order to mitigate this crisis from occurring, 1st world countries need to take the initiative and help supply 3rd world countries with solar panels and clean energy in order to start the trend.