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Why Invest in Solar Energy? Reasons Behind its Explosive Growth

Published:
August 21, 2023

Table of Contents

Shifting to renewable sources of energy, such as solar, means more opportunities for new industries—such as the solar panel industry. Make a big investment in solar energy and have a bright future.

The Biden administration has set a goal of achieving net-zero greenhouse gas emissions by 2050, which will require a significant increase in solar energy production. Elon Musk is bringing a new technological solar panel called 3.0. Tech giants like Google and Amazon have pledged to cover their power consumption with renewable sources of energy.

But why? Why are the government and tech giants like Telsa and Google obsessed with renewable energy sources, like solar? What does it mean for businesses like us? Let’s find out.

Key reasons behind solar energy adoption

Solar power is produced by converting the sun’s energy into usable electricity with photovoltaic paneling. Solar panels do not emit greenhouse gasses or pollutants and are emerging as a beacon of environmental stewardship. Solar energy is a symbol of hope for cleaner air, a healthier ecosystem, and a sustainable future.

A report by the Solar Energy Industries Association (SEIA) says that the US solar industry has seen exponential growth over the years, with solar installations becoming increasingly common in homes, businesses, and utility-scale projects across the nation. The Babcock Ranch community in Florida is a living example that solar power is the future. It is great to see people investing in solar technology, and making meaningful moves toward clean energy solutions.

Consumers are switching to an eco-friendly power source

The United States has emerged as a global leader in solar energy production, marking a significant shift towards renewable resources. This remarkable trend prompts a thought-provoking question: what exactly is driving this surge in interest and investment in solar power? If you are involved in the solar energy sector, you are likely curious about the driving forces behind this evolution, which include:

1. Addressing the climate crisis: Solar power offers a clean and sustainable energy solution that holds the potential to contribute to resolving carbon footprint decreasing reliance on fossil fuels.

2. Government incentives and tax benefits: Government incentives and tax deductions for solar panel users have significantly bolstered the appeal of solar investments.

3. Affordability: The affordability of solar panel installation, owing to reduced solar battery costs, has made it an accessible option for a wider range of consumers.

4. Savings and property value enhancement: The prospect of reducing electricity bills and simultaneously enhancing property value has attracted many towards solar investments.

5. Technological advancements: Continuous technological advancements in the solar industry have rendered it the most efficient and viable means of energy consumption.

Solar power  proves affordable over time

As a result of these compelling factors; we have witnessed an upsurge in solar projects and investments in renewable energies. This includes the emergence of various initiatives such as solar funds, solar farms, solar campaigns, and rise in prosumers who both produce and consume solar energy through residential installations. Prosumers are changing the solar energy industry by generating their own electricity and selling it back to the grid.

The best example of the rise of prosumers is the Babcock Ranch community in Florida– the first American solar town. The Babcock Ranch community has a 75-megawatt solar farm that powers the entire community. This shift in the balance from utilities to consumers is end result of solar energy becoming more accessible, affordable, and sustainable.

Government initiatives add a profitable edge

A theoretical calculation by Forbes says that we could satisfy the world’s current demand for power by covering 1.2% of the Sahara Desert with solar panels. Isn’t it amazing? What is stopping us from doing it? With government initiatives, cost-effectiveness, and technological advancements, people in U.S have no trouble shifting to renewable sources of energy such as solar. Without any doubt, we can say that solar energy is a bright investment for the future.

That said, the solar industry is going to be in huge demand soon, for which the industry needs to be well-prepared knowing the current industry trends and marketing strategies that will help grow business. For those who are new to the field and thinking of a niche to start their entrepreneurial journey, solar energy has tremendous profit potential and sustainable development.

Solar investments assure reliable returns

The solar energy business is not only full of opportunities there are more investment avenues to accelerate the growth of your business. From creating jobs to a steady stream of income, solar investments contribute significantly to your business’s advancement.

1. Solar stocks

Investing in the stock of solar companies is a way to support the growth of the solar industry. When you buy shares of a solar company, you are essentially buying a piece of the company and sharing in its profits. Some of the largest solar stocks include First Solar (FSLR), SolarEdge Technologies (SEDG), and SunPower (SPWR).

2. Crowdfunding

Crowdfunding is a way to raise money for solar projects from a large number of individual investors. This works great for small solar projects that may not be able to attract traditional financing. There are a number of crowdfunding platforms that specialize in solar projects, such as Mosaic and Sunfunder.

3. Solar bonds

Solar bonds are a type of debt instrument that is issued by solar companies or projects. When you buy a solar bond, you are essentially lending money to the solar company or project. Solar bonds can be a good option for investors who want to support the solar industry but are looking for a more conservative investment than stocks.

Invest in your business success with solar software

Integrating solar business software into your operations will bootstrap your business amidst demand, competition, and aspiring growth. The benefits of FSM software in the solar energy industry is enormous. However, let’s shift our focus to the pain points that solar business software effectively addresses:

  • Streamlined handling of installation and service requests
  • Thorough and organized work order administration
  • Driving business decisions with data-driven insights
  • Simplified financial and accounting operations
  • Transforming asset and inventory management through digitization

Feel free to read more about solar business software that will help lower customer acquisition costs, optimize operations and grow your business.

Road Ahead

The road ahead is clear. People’s attention towards renewable sources of energy has resulted in increasing demand for solar energy services from solar panel installation and surveying to manufacturing. Besides, consumers are showing interest in producing their own energy with the support of government initiatives and tax credits. Hence, starting a solar energy business is a great investment with sustainable development. That said, businesses can propel their operations to new heights by using solar business software.

Try a free demo/ free trial of Zuper Solar Business Software now.

Author

Jenefa Sweetlyn
Jenefa Sweetlyn
Jenefa Sweetlyn excels at writing straight-to-the-point, informative blogs that respect your valuable time. Her enthusiasm lies in empowering businesses with technology, especially intrigued by how field service management solutions can improve a company's return on investment.

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