The Growth of Renewable Energy

Did you notice a drastically trending change in the renewable industry’s world? There has been a rapid increase in the investment in renewable energy by businesses, households,
governments, and even individuals in recent times. The fast-growing energy sector shows how investing in this industry is definitely profitable as big giants in the corporate world also move towards investment in renewable energy.

What is making the world suddenly move from non-renewable energy sources to renewable
energy sources? It is the immense cost benefit that is driving this change. Not just the cost-benefit, let’s also look at how the world at large is becoming more mindful when it comes to
challenges that the environment is facing. One such challenge being climate change that
threatens our survival straightforwardly in our face.

Such shifts in business industries are usually driven only when there is a balance of material
benefit as well as social benefit involved. The social cause behind it is to do with environmental protection. And as we can see the reduced bills and costing part of the benefit comes from the economic point of view.

Environmental health is the bigger cause here. Let’s look at the next global goal set. Did you know that the target to net zero emissions by 2050 is for the brighter future of coming
generations? For example, if we look at UK Solar firms, they installed 135MW of solar energy
capacity in the second quarter of 2021, more than double for the same period in 2020! This is
solely to reduce carbon footprint and to support the drive towards net zero and a brighter,
greener future for all of us.

Looking at this trend in the UK, & other shifts seen in Indian RE Sector changes India prepares
new planning applications that are fuelling the pipeline for the coming year for Solar panel
installations.

Now to discuss the material benefit- Times now, businesses are typically paying between 15p
and 20p for electricity (but as we all know, that is set to rise significantly). By generating their
own renewable energy with solar panels, for example, they can reduce the need to buy
electricity at ever-increasing prices – that’s already a big win!

Then, if your return is proportional to the amount of energy you use, you will get a greater
return. For example, a large commercial system of 100kw generates 1000 products. With more energy generation this produce is likely to increase as well as over 40 tonnes of carbon
reduction.

Investment in solar PV, renewable heating, battery storage, or solar thermal by businessmen
today could actually be the best investment as of now. All of this without realizing that they are going to be onboard with solid payback periods of 5-6 years, ongoing energy security, and a potential 40-year lifespan on solar PV systems, for example, it increasingly makes economic sense to consider the change.
In many cases, businesses can really make more money in the longer term by reducing their
energy bills than many other sales and cost reduction activities.