You must have heard about the term “Solar Energy”. It is the energy that is derived directly from the sunrays and is then converted into electrical energy which is used for a variety of purposes. According to the report derived from Research and Markets.com, the managers and key executives from various renewable energy organizations predict that the global solar market will grow from $184.3 billion in 2020 to $226.1 billion by 2021. ("Report predicts renewable energy to grow to $226 billion by 2021", 2021). Thus, solar energy has seemingly become a trend in renewable energy.
While you are aware of the fact that solar power reduces energy costs and helps detox the environment from carbon footprints, it is also crucial to understand that solar isn’t perfect. It has its own set of drawbacks which you can evaluate before planning to install a solar power system. In this article, you will learn about the 5 most important benefits of why you should opt for solar power and the 5 drawbacks to keep in mind before purchasing it.
- Low electricity costs- Since solar power energy is renewable and can be manually operated at home, you can generate your electricity without relying much on electric utility hence cutting down on monthly electricity costs.
- Environment Friendly- Solar Energy system operates from a natural source of sunlight which is pure, toxin-free, and reduces carbon footprint. In no way solar power pollutes mother nature as it only requires clean water to function and is thus eco-friendly.
- Low Maintenance Cost- After installation, solar panels are very low maintenance and the only maintenance cost that is required is for the inverter which is replaced after 15 years of operation.
- Reduced Dependency on Fossil fuels and Foreign Oil- Since solar panels generate electricity from sunlight and clean water and can store energy for future use, you can reduce or completely omit traditional forms of energy usage with fuels and oil and live in a fresh environment.
- Earning Money Back on Your Investment- Since the system produces electricity and is renewable, it can help you profit on huge electricity bills and you can even earn bill credits.
Since solar isn't always perfect, here are the top 5 cons you should take into consideration while buying
- Huge Initial Costs- Although solar panels hardly require maintenance cost, it has a huge one-time investment that you have to pay.
- Not convenient for all roofs- Rooftop solar panels are installed by connecting a mounting system to the roof. Since a few homes have roof decks, it can make the installation process quite difficult or costly.
- Weather Dependency- Since solar energy derives its power from natural sources like sunlight, it will not work if the weather conditions aren’t suitable. As a result, generating electricity from solar power during rainy days is going to be an issue.
- Requires a huge space- Solar Power System consumes a lot of space to operate. This is again another reason why it is not convenient for all houses.
- Storing energy is expensive- During unfavorable weather conditions, when the solar power might not work due to inadequate sunlight, you can use stored energy during such times. However, storing energy is pretty expensive as a 3-10Kw solar system with 5kWh battery size may cost INR 1.5-5 lakh or more to reduce power bills by at least 50%.
Thus these are the benefits and drawbacks you should consider before switching to a solar power system. Although there are drawbacks, it does not change the fact that the benefits outweigh the cons. Hence it is still effective, and is in trend, and will be interesting to see where the solar industry will be in the next 5 years.