In recent years, we have seen a big push towards solar and other forms of renewable energy. Governments, private companies, and individuals alike have been investing in these green technologies. As a result, solar energy has become quite price competitive with other sources of energy.
This includes fossil fuel-based energy systems, like oil, coal, and natural gas. As well as more unique methods like biomass, nuclear energy, and even wind. While hydroelectricity is technically cheaper and more efficient. It still gets an asterisk owing to the limited number of rivers and tributaries that can sustain it.
This is why most modern power stations under development are generally solar powered. As even though they can’t produce electricity 24 hours a day. The energy produced will still be cheaper and cleaner. And once the installation costs have been fully recovered, completely free.
However, while these are great advantages of a solar-based power generation system. They don’t cover all the objectives that such systems are actually meant to achieve. While including broader goals that are often based on long-term planning.
Targets that if achieved, can revolutionize the way we approach energy security. Which is the ultimate goal behind countries trying to shift to renewables in the first place. Especially in the modern inter-connected world. Where even the smallest socio-political shifts have long-lasting economic impacts.
So, let us take a look at the main objectives of solar energy. And how they can help us become more energy-efficient, as well as self-sustaining. The benefits of achieving these objectives apply to both individuals and countries alike. So, even if you aren’t personally invested in solar energy, it is wise to pay attention.
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It is no exaggeration to say that the entire world runs on fossil fuels. We need them from everything, from energy production to transport, construction, and manufacturing. And depending on the needs of the country, this translates to a big annual bill.
Mostly because only a handful of countries have large natural reserves of oil and gas. With only 10 countries controlling almost 85% of the world’s share. While the rest have to import these resources in crude and/or refined forms to meet their needs.
Coal is even more unevenly distributed. With just the top 5 countries controlling 75% of the world’s share. Even though India, thankfully, comes in these top 5 countries. We still can’t rely on coal for long-term growth. As just like oil, these reserves are bound to run out eventually.
By shifting to a more renewable-based economy, we can cut down our reliance on these fossil fuels. This means less money spent on the import of oil. As well as protection from unexpected price changes in the international market. That often wreak havoc on the domestic markets.
Something that we are experiencing even right now, due to pandemic pressures. As almost all forms of fossil fuels have become quite expensive. Whether it is petrol, diesel, LPG, CNG, coal, or any other form of carbon-based fuel.
If we can shift to solar energy on a large scale, it could give a huge boost to the economy. As we will be able to retain a large portion of our GDP, that right now goes towards our oil import bills. That amount to as much as $60 billion per year.
Another aspect where solar energy can help is improving the stability of our grid. This is something that can be easily achieved in the short term. Since it doesn’t require a significant part of the grid to shift to renewables.
To help you understand the significance of this issue, you should first know its scope. On paper, India is the third-largest electricity producer in the world. We have an installed capacity of around 388.134 GW as of 2021. Which should be more than enough to take care of our own needs.
However, nearly 20% of all electricity produced is generally lost due to AT&C losses. This means technical loss, theft, collection inefficiencies, and payment defaults. On top of that, we don’t have enough distribution infrastructure to reach all parts of the country.
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These issues are then exacerbated by external factors like supply shortages. Which we are currently going through, thanks to increased coal prices. As a result, we are currently facing the biggest power supply shortage in half a decade. With a deficit of over 1200 million units, as measured in October 2021.
If we had more solar installed capacity at the moment, we could have easily covered this gap. While this won’t have solved the issue of coal supply. It would still prevent the hundreds of hours of power cuts that Indians go through each month.
On top of that, the same capacity could be also used to take the load off of the grid during peak usage hours. This is generally the time of day that sees the most use of electric power. Which is mostly noon. Since most people rely heavily on air-conditioning systems during this period.
With so many people using extra energy during this period. Most utilities increase the price per unit during this time too. To offset the extra energy, they have to supply during this short time frame.
If we could devote a larger portion of the grid to solar energy, we could easily offset this increased cost. As solar energy plants also work at peak efficiency during the same time period. Thus, helping us improve the efficiency and security of our power grid.
Even if you aren’t too concerned about the cost of energy production in the country. You can still cut down on your own personal electricity bills, by switching to solar energy.
The amount of money you save will obviously depend on how much money you spend. As a larger setup with more Kw produced can save you more money. But then, it will also take longer for you to recover the initial investment.
You can always go the incremental route, and add a few solar panels every other year. Since the cost of solar panels and batteries has been steadily declining over time.
So much so, that even when compared to 10 years ago, solar panels are up to 65% cheaper. This number only increases when you move from residential to commercial solar panels. An option that residential societies can afford to explore. If they pool their resources to create a more large-scale production facility.
You can add to these savings by switching to more efficient lights and appliances. A move that is even encouraged by the Indian government, under their Ujala scheme.
For people who can afford a bigger solar setup, these savings can even cross over to the income bracket. For this to happen, your local utility must have the option to buy back any electricity you produce.
If they do, you can always install a larger setup than you actually require. And sell the extra energy produced to the state. This will help you recover the initial investment far faster. Then if you were just producing enough for yourself.
With electricity costs expected to increase due to general inflation. This source of income will only increase over time. Especially once you have recouped all the money you spend on installation.
Some states even have variable rates for different times of the day, based on the energy load on the grid. This means that you can set the system to send back electricity only during peak hours. So, you make even more money on energy that is essentially produced for free.
The great thing about electricity is that it can be easily used for a variety of applications. Not only can you switch over your heating, cooling, and even cooking needs to electricity. Thanks to the availability of electric versions of most modern appliances. But now even transport, due to the recent global shift towards e-mobility.
While the other use cases are also quite valuable, it is the last bit that is truly revolutionary. Since right now, transport costs make up one of the biggest parts of our daily expenses. And with petrol prices officially crossed the Rs.100 mark in most major cities. This cost is something we would be happy to be rid of.
The great thing about such a system is that you don’t need any special equipment to get it running. As your solar setup is already equipped with high-capacity batteries. That can store and deliver power to all types of devices. And most EV’s come with chargers and power converters that can easily handle the input.
So, just by switching your car over to an EV, you can easily double your savings. As well as help make the world a better, healthier place. Since you will not only be reducing the money we spend as a nation on fossil fuels. You will also be preventing the pollution that is often caused by the burning of said fuels.
Since, as of now, transport-related pollution makes up almost half of our emissions. This is a problem not only for the health of our citizens but also the world in general.
These are just some of the objectives that solar energy systems are meant to accomplish. And if enough people help support these goals, we can leave a better future for coming generations.
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