Solar Rooftops - The Future Of Clean Energy Generation
From EjWiki
The increasing prices of utilities:
The rapid urbanization and industrialization in major emerging economies are driving the demand for electricity which in turn is leading towards more burning of fossil fuels and https://medium.com/@solarmcgroup thus a surge in utility prices. This, in turn, is augmenting the demand for solar rooftops which are relatively a cheaper source of electricity generation.
The increasing tariff rates on electricity due to the high maintenance and development costs of the grids due to the overburden is further contributing to the higher operational costs for both commercial and government enterprises. The residential sector is slowly moving towards alternate methods for electricity generation in which solar energy is playing a vital role..
Net metering:
Net metering is a benefit that a user of solar energy for electricity generation can avail from the grid-connected solar rooftop system, where the excess power generated can be transferred to the grids in exchange for credits. In addition, at times when the panels are not generating the electricity, excess energy which was transferred can be used the credits are utilized for the offset of energy costs. This benefit offered by net metering is expected to speed up the adoption of solar rooftop panels in emerging economies such as India, China, and Indonesia, where electricity demand is growing at an exponential rate on account of rapid urbanization, and industrialization. Government initiatives regarding the promotion of net metering schemes and grid-connected rooftop solar power plants in numerous countries are further expected to boost the adoption of solar rooftop panels for electricity generation in both the residential and commercial sector
Supportive government policies and initiatives:
Heavy dependence on fossil fuels in the past has led to overall environmental degradation. As a result, governments and corporations across the world are investing to exploit the potential offered by renewable sources of energy, i.e. wind, solar, etc. Growing investments in the setting up of renewable energy power plants coupled with favorable government policies is poised to drive the global solar rooftop market growth and create significant business opportunities for solar panel manufacturers over the coming years. Even though the cost is still high and efficiency of the panels, in the long run, remains a major constraint, the benefits offered would address the key challenges.
Various government policies in major developing economies for sustainable use of energy regarding the promotion of rooftop solar panels like subsidies, loan facilities, and others are further expected to increase the adoption and drive the demand for solar rooftops. For instance, the rooftop scheme by the Solar Energy Corporation of India launched a tender which offered a 30% subsidy to the residential sector, private NPO's, educational organizations and health institutions. This tender is an initiative for generating the momentum and achieving the target of 40GW of rooftop solar power generation by 2022 which includes an investment of more than Rs. 11,000 crores. Such government policies and initiatives promoting the use of renewable sources of energy to enable environmentally friendly energy generation are witnessing a welcoming response from many end-users resulting in increasing adoption of solar rooftops and other similar technologies.
The global solar rooftop market is expected to reach a total valuation of US$100.246 billion. It offers a great opportunity for solar rooftop panel manufacturers to improve their profits by investing in cost-efficient panels and systems. A rooftop PV system consists of electricity-generating solar panels that are mounted on the rooftop on the roofs of residential or commercial buildings or structures. The adoption of rooftop systems is expected to increase owing to their compactness as compared with ground-mounted systems, lower cost, and better alternative for power generation and storage.
