The growth and popularity of solar power over the years has been phenomenal. Solar power just like any other emerging technology has faced various levels of skepticism. Nonetheless, it is proving to be a reliable and sustainable source of energy across the globe. There increased faith in the solar technology has seen billions of dollars’ worth of investments poured into solar projects.
These are some of the reasons solar power is great investment in the long-run and a future source of clean energy in Winnipeg:
We are not running out sunlight anytime soon
Unlike solar energy which relies on the abundant sunlight, energy generated using fossil fuels is vulnerable to the highly volatile price of oil. It is difficult to predict what the cost of oil will be in future because it tends to fluctuate uncontrollably. This makes investing in technologies that rely on fossil fuel risky even with the attractive low oil prices. When the price of oil suddenly rises the cost of maintaining such fuel dependent technologies becomes unsustainable. Nobody knows what the future holds for fossil fuels and what will happen when we run out of it.
On the other hand, solar energy relies on the abundant sunlight which never runs out. It is highly predictable compared to fossil fuels. We expect the solar technology will take us into the future. This makes solar power a sound long-term investment for homeowners. The energy of the sun the sun is free, all you need is to cover the upfront costs of the solar PV system to start enjoying a lifetime of cheaper electricity. The cost of maintaining a solar power system is minimal since it has few movable parts. When the price of oil causes the cost of electricity rises due to fluctuating oil prices, the solar power system will offset the high cost of electricity. An investment in a residential solar PV system good since it is guaranteed to generate electricity for over 30 years.
High energy costs mean more savings for solar PV owners
The solar PV system will continue to generate electricity steadily for the next 3 to 4 decades. The money you save as a result of reduced energy bills will slowly increase over the years. As the power utility companies continue to increase the rate of electricity per kWh your solar PV system will continue to supply power at no cost. That means if the electricity costs double your monetary savings from solar power will increase by the same margin.
Based on this logic of rising electricity costs, the amount of time it will take to recoup the cost of installing the solar PV system will reduce over the years. Rising energy costs could reduce the payback period by half.
Multiple uses of solar power
The majority of solar PV systems installed today are used to power homes and commercial buildings. Nonetheless, solar will soon power technologies such as electric powered cars that continue to evolve. Homeowners who own solar PV systems power their homes and cars saving tons of cash on power utility bills and transportation.
If you already thinking about installing a solar PV system for your home, you are planning for your future energy needs. Talk to an expert installer and find out how you can start exploiting solar power today.