Economic Benefits of Solar Power

Solar energy has many advantages. It is clean, localized and inexhaustible, and it does not make any noise like gas-powered generators do. One of its main virtues is its ability to deliver economic benefits to those who use it. Solar power directly and indirectly affects the economic well-being of individual property owners and society in general.

Lower Costs

    The first economic benefit solar power has is its low cost. Solar panels can deliver electricity to power your lights and household appliances at a lower cost than what you would pay for electricity from the grid. Though you must pay for equipment and installation, there are no more operating costs after that. Your solar electricity system will then deliver free electricity during daytime hours and the duration of the solar panels' lifespan, which is usually between 15 to 25 years. At a rate of $4.30 or less per watt of output, you would pay around $219 for a 50-watt panel. (This price continues to drop as technology improves.) Compare the total cost of the panels you would need to power your house during daytime hours to what you would pay for the same amount of electricity from the grid over the expected lifespan of the panels.

Micro-enterprise Development

    The affordability of solar power extends its benefits beyond the walls of residential buildings. By making electricity cheaper, solar power helps small and micro businesses to become profitable by lowering their operating costs. They can be more efficient by producing the same revenue with less overhead. By encouraging the development of small businesses in this way, solar power helps to raise the standard of living and fuel the economy on behalf of the lower income brackets.

Change of Investments

    Since fossil fuels are the main source for electricity production in the world, the existing system requires nations to pour large amounts of money into things such as the gathering, refinement and transportation of resources. Add on top of that the costs associated with running huge power plants and electric grids, and the result is a substantial price for the consumer to pay for electricity. With solar power, most of these costs are eliminated. There is no need for transportation, no need for fuel, no need for expensive power plants, and no costs of production. Consumers and governments can then re-appropriate the funds that they save into other projects or expenses, freeing up more money for education, technology, health care and business investments.

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