Solar energy, will essentially power most of the energy needs of the world in future.
Elon Musk in one of his recent interviews mentioned the above fact and also that the Earth would have been or dark ball of ice, freezing at an absolute zero had it not been for the Sun. Closer home the statistics point out to the fact that is India was to harness about 2 hours of the Solar potential that the country has and convert it into usable energy, we we would have ample energy supply to meet the needs of the entire nation for about 1 year. The world has now started to wake up up to the potential that solar as a resource has to offer. No wonder that even in the Middle East region, where there is ample sunlight available as well as some of the largest Oil reserves, Solar has started to emerge as a viable option and the future.
And people like Musk will know it better then most. After all he runs one of the largest solar companies in the US offering rooftop solar and storage solutions for industry. Thats Tesla solar which is the solar division of Tesla. They deployed close to 120 MW of solar capacity in this last quarter ending June 2022. This is nearly 25% higher then what they had installed in the same period last year. While the exact mix of of raw material and components within Tesla Solar’s suite of offerings remains unknown in terms of its source countries like India and China could well lower the overall package cost to make it viable and more attractive from in economics standpoint for a market like ok USA. The marketing reach and strategy deployed by a player like Tesla is very much required to ensure widespread adoption just like they have been able to spin the success of their electric vehicle arm. If the same success was to be achieved in one large developed market like the US it can be replicated across Europe Australia and some other developed markets as well. This will bring the necessary scale and the snowball effect for widespread adoption.
The economics associated with the use and deployment off rooftop solar has never been so attractive. Today the cost of generating energy using solar is is less than conventional electricity cost that one gets from the grid. The costs have dropped by over 60% in the last 4 years alone. If we were to to eliminate the disruptions caused in the supply chain in the last 18 months or so the journey towards grid parity across the world would have been so much faster and the pace of deployment much quicker. For example in India conventional electricity cost anywhere from 6 rupees to 9 rupees per unit in several states and this depends a lot on the end use for example residential or commercial/industrial. In most parts of India, where there is adequate solar potential, the cost of generating electricity via solar his is less than 5 rupees for mid sized solar plants. There are investors and financiers who offer a viable business model for customers and building owners who wish to go Solar and become more sustainable in their energy consumption. Obviously these investors also generate a profit for themselves and the business model has viability. This can only mean that if one was to deploy one’s own capital required upfront to set up the plant and get free solar energy for its lifetime the viability will be even better.
For more information and free assessments and studies, do write in, and we shall be happy to put you in touch with several such investors who can help you go solar in a hassle free manner, and become more sustainable in your living.