Is Solar Energy Economically Viable?
Solar energy isn’t only economically viable, it’s the most dominating form of energy used on the earth!
Many experts even predicted that by the year 2050, solar energy will be the world’s largest source of energy. It is 2020 now, today it’s inexpensive to buy solar panels and doesn’t require any special knowledge to install it.
Now what makes it economically viable is the location and scale of installation.
If you want to install it on an industry or a commercial building, then it is viable to install, since the commercial tariffs are pretty high. If you want to install it on a residence, then the payback period may be more, but viable all the way.
The on-grid (solar set up without any battery) is less expensive and much viable but only available in cities and select locations.
While off-grid (solar set up along with a battery backup) is more costly and the payback period is more for such systems.
The best thing is all the kind of set up will pay you back but takes a similar time. On average any kind of set up will pay you back completely in less than 5 years.
Compare the economical viability of solar energy with any other solutions like hydro, nuclear, thermal, and wind. It is always viable to have solar energy.
Because in solar energy we do not have to store so much water in dams or burn dangerous elements in energy stations while harmful elements used in PV cells like lead, cadmium, and other toxic chemicals can be recycled or injected back on the earth if an organization made to recycle it.