What Is The Importance Of Solar Energy?
According to the statistical data of Worldometer, the population of the world is growing at a rate of around 1.05% every year and with the current average population increase estimated to be at 81 million per year. The growing population has a significant effect on the natural resources available to the humankind. While the alternatives of natural energy sources are still being explored, the energy demands are affecting the natural resources. This growing population exerts more pressure on the environment and increases energy consumption. The dependence of the human population on energy is not solely for carrying out necessities but also is the foundation of technological advancements. Keeping in mind this booming energy demand, one needs to find alternative sources of energy that are not exhaustible and are renewable. Solar energy is an efficient renewable energy source that is cost-effective, is a longer-lasting resource that has the prospect to meet the growing energy demands without compromising the environment around. This energy is promising, is available at free of cost and can meet the energy crisis globally.
Before we delve any deeper into the article to discuss the purposes of using solar energy in depth, let us first understand how do the solar panels convert the rays of the sun to energy, making it so reliable? According to an article published by Urja Global, the conductors and silicon in the solar panels convert the sun rays into direct current (DC) electrical energy. This DC is then converted into Alternating current (AC) in the inverter attached to the solar panels. The AC electrical power can be used to meet the energy requirements, and excess electricity can be sent to the grid. According to Statistica, the leading countries based on the global share of solar energy consumption in the year 2019 is as follows.
Thus, by observing the graph, it is quite evident that the solar industry has bloomed and expanded over the few years as a result of this cost-effectiveness and easy accessibility to an energy source to meet the needs.
But the question remains, what is the purpose of solar energy? Why are the countries choosing to fund so heavily on solar power when we can have more alternative energy sources like the water, the wind? To address these questions, let us go over the three most important and significant aspects of utilising solar energy.
1. Energy Efficiency
Solar energy is an abundant source of life that we get from the sun as it emits the rays at the rate of 3.810^23 kW, out of which the Earth intercepts 1.810^14 kW approximately. The installation and setting up the network of solar panels for the conversion of solar energy is a one-time investment plan that reaps good results in the future. With the growing dependence on the cheaper energy sources that are non-renewable and easily accessible like the fossils are posing a challenge for utilisation of solar energy. Nevertheless, the global solar electricity market is snowballing at more than 30% per annum and is worth more than 10 billion dollars per year. Solar energy has the potential to fulfil about 1000 times the energy requirement globally, as stated by some studies. With the decreasing levels of fossil fuel availability, its prices are also increasing significantly. These increased expenses pave the way for renewable energy sources like solar energy that demands a one-time installation charge. Countries that are located near regions that have optimal access to sun rays, most of these countries are still developing. For example, India’s solar power reception is about 5000 trillion kWh per year. Such countries can make the optimum use of solar energy.
Most of the products that we come across in our everyday life go through a process of extraction, production, distribution and consumption. This cycle ends with the disposal of waste materials which might or may not be contaminated with chemicals. With energy resources like the fossil fuels that are non-renewable, the cycle of production and extraction becomes more lethal for the environment and its natural resources.
This data is extremely worrying as it not only affects the limited non-renewable resources, but it also affects the global greenhouse gas production that affects the atmosphere.
Solar energy is sustainable and does not affect the environment and its resources. It is the best alternative energy source to the fossil fuels available. The conversion of solar energy does not release toxic by-products and is efficient over the years. Various studies have found out that the energy efficiency of solar energies is higher than any other renewable energy sources. Solar power reduces the release of harmful gases into the atmosphere, unlike fossil fuels, and also helps in conserving the natural resources for future generations. Solar energy production is an excellent method of power generation that is sustainable as the source of energy, that is the sun rays, are abundant and plentiful.
3. High property value
Solar energy not only secures the environment surrounding you, but it also can increase the property valuation in the longer run. According to an article by CNBC, installation of solar panels in real estate properties like residential homes helps in reduction of the monthly utility bills. The installation also can potentially increase the valuation of the property up to 4.1% more than the houses without solar panels. Which is an excellent deal for investors and homeowners as they get higher profits than those without solar panels. As observed by research conducted by Zillow, homeowners are willing to pay more for the installations to derive solar energy as the returns of the investment are projected to be higher in the coming years.
With the growing human population, the energy requirements also increase. Reports suggest that economic and technological growth is directly dependent on energy demands. Various studies have confirmed that economic growth is, indeed, directly related to energy consumption and thus, financial development. While we can not underestimate the importance of technological and economic advancement in the current world scenario, sacrificing nature and the environment is not the solution either. It would instead contribute more towards natural hazards. Finding an alternative energy solution is the essential thing that can facilitate us to meet the energy requirements and also not compromise with the natural environment.
Solar energy is a beneficial alternative energy solution that relieves the burden imposed by energy requirements on natural resources.
- The population explosion has posed a severe burden on the environment. Increasing human population escalates the energy demands.
- Alternative energy sources like solar, wind, hydro energy can help alleviate the strain on natural resources like fossil fuels.
- Solar energy is energy-efficient and easily accessible to the countries that are located in the regions that obtain the optimum sunlight annually. Solar energy helps the countries meet their energy requirements and not compromise with the development and economy.
- Installation of solar panels not only secures the environment but also increases the property valuation.
- Solar energy offers the opportunity for reduction of the energy bills that contribute to the higher monthly utility bills.
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