Solar Panels has immense financial potential for the Utility sector, promising constant energy delivery at affordable prices.
FREMONT, CA: With ever-increasing electricity costs and the effects of the conventional power generation methods on pollution levels, the utility sector is looking for alternative ways. Renewable sources have always attracted the utility sector as they offer clean energy. The solar power plant is a promising development, especially as it generates clean and constant energy at a fixed rate. Further, there had been rapid improvements in the efficiency of solar panels in the past few years. According to the electricity forecast drafted by the International Energy Agency (IEA), the capacity for renewable electricity will grow by 43 percent. Thus, utility companies are investing in solar panels more than ever before. Here are the ways in which solar power can aid the utility sector in the future:
• Reduced Energy Costs
The greatest financial aspect of moving to solar panels is that it comes at an affordable price.
Further, with an increase in competition from private players, utility companies must offer affordable power solutions to the public. Countries such as India and China are the leading innovators in this regard, owing to their increased power demands. Moreover, the price of power generated is constant, and it is even possible to calculate the cost of electricity generation for the next ten years. Thus, it’s a secure investment for the utility companies.
• Affordable Solar Roadways
Scientists are trying to equip highways and roads with solar panels. Such a development can generate not only clean energy but also save considerable costs for utility companies. LED lights will light roads at night and melt the snow during winter. Further, utility companies will also save significantly on maintenance costs, which is often incurred in the case of the conventional setup. Sometimes rough weather is enough to cause power disruptions, which won’t be the case after the installation of solar panels, especially as it will be supplying power to the central grid.
• Sustainable Energy Utilization
Various governments have passed laws that enable homeowners to sell any excess energy to the Utility companies. Thus, the utility companies that are always under pressure to procure more energy can have some relief. As the number of households with solar panels installed on their rooftops increases, it will also ease the burden on utility companies to procure energy from conventional sources such as natural gas or coal. Thus, there would be a marked depreciation in the emission of greenhouse gases resulting from conventional energy procurement means. It would be economically beneficial to the consumers as well as the utility companies.
Thus, the installation of solar panels will mean clean, efficient, and affordable energy generation. With further innovation in solar panels and other renewable sources of energy, energy production and distribution will become easy and effective. Utility companies will have less responsibility and will have an increased role as an administrator. The main challenge for the utility companies is to restructure their traditional processes according to the new structure. With a rapid increase in solar panel installations, the utility companies must also innovate their internal infrastructures to accommodate their new role as solar energy conservators.