Given the costs associated with installing solar panels as well as the maintenance costs, many homeowners are still dubious as to whether investing in renewable energy is a viable investment in the long term.
Of course, we have heard the numerous reasons as to why people should switch from fossil fuel-based power to green energy, as it helps preserve the remaining natural resources left in the world. However, as homeowners, what are the benefits of using solar panels?
1. Lower electricity bills
2. Increase the value of your home
3. Get government incentives
4. Build energy independence
5. A secure investment
Solar power in homes is capital intensive, as the main cost of owning them comes when buying the system itself. Other than the installation labour costs, the homeowners only need to think about cleaning the panels regularly, and replace the inverters and batteries after several years of usage.
PV solar modules generally last for about 25 to 40 years, giving homeowners a long time to enjoy low electricity bills and its other many benefits. It’s also an important long-term investment to avoid future potential fluctuations in energy costs.
Although, there are still a vast amount of countries that continue to depend on fossil fuel for energy. In fact, despite the issue surrounding petrol on the world market due to oversupply and lowering prices, extraction of oil and gas in top producing nations are ongoing. Iraq, one of the leading producers of petrol, has been actively participating in projects related to oil and gas solutions, such as constructing new power plants, repair and maintenance of downstream pipes, and local workforce solutions in West Qurna.
Given its limitation, however, experts predict it’ll only a matter of time before oil and gas is replaced by renewable energy across the board. Governments globally are joining hands in encouraging the use of green power, as environmentalist Achim Steiner said, “the world is finally producing renewable energy at an industrial scale.”
Although developing countries are still lagging behind in terms of their acceptance of green energy and sustainability projects, many are making big steps to encourage the switch. In fact, international private equity investors poured more than $1 billion into India’s renewable energy sector last year. The project aims to produce as much as 100 GW of solar power, 60 GW of wind energy, and 15GW of other renewable resources by 2022. However, analysts think the goal is a bit ‘ambitious’.
So, what’s stopping you making the switch when the world is already putting the wheels in motion? Learn how the Big Green Switch can help you make a difference today!