Solar energy is not just for the wealthy or the selected few. Today, with more and more people taking energy generation into their own hands, solar energy has become one of the most democratic sources of power. Even if it is not available to everyone in the same capacity, the Sun provides energy that anyone can transform into a usable power source.
There are a number of benefits of electrification, and some argue that electricity will be the energy of the future: electric vehicles will gradually replace conventional automobiles, the use of natural gas, oil and other fossil fuels will subside to give way to other energy sources. Even though there are some alternatives, solar energy appears to be the safest, most accessible and, by many accounts, the cheapest source. Indeed, not everyone has their own river to install an HPP, and wind turbines require substantial investment and large areas.
Although utilising solar energy also requires an investment, the advances in technology are making it more and more accessible. As the director of one of Georgian solar energy technology and service supplier points out, when they started operating back in 2017, the price for a solar panel was close to USD 40-45 cents per watt. Today, the price is at around 20-25 cents per watt. In the last 6-7 years alone, the price decreased twice, and with the quality of technology vastly improving, its efficiency increased by around 20%. As time goes on, prices are expected to decrease even further.
Investing in solar energy might seem expensive at a first glance, but those who wish to start generating their own energy should look at the long-term benefits. This is especially true for businesses: as commercial rates for electricity keep rising, investments in solar energy become more profitable. GEFF in Georgia experience shows, and the solar energy supplier confirms, that most investments in solar energy can be repaid in around 4-6 years. With savings achieved in utility costs, the full investment amount is swiftly repaid, and the owner of a solar power station can enjoy reduced or eliminated electricity costs for the rest of the lifespan of the solar PV equipment, which is typically around 15-20 years.
Although the financial benefits are clearly the primary motivation for many businesses to start using solar energy, they are not the only reason. Some companies operating in the EU require their partners and suppliers in Georgia to maintain cleaner operations. Other companies employ solar energy based on conscious environmental efforts, while others want to increase their reputational capital. Of course, all businesses want to decrease their energy vulnerability and be less dependent on energy imports. Whatever the case, GEFF in Georgia’s solar project portfolio has been increasing over the last three years, with more businesses installing solar power stations on their premises.
GEFF has yet another instrument that makes investing in solar energy easier. The Green Technology Selector (GTS) is an online platform that catalogues energy-efficient and renewable energy technologies available around the world. Finding the desired technology and printing out its certificate from the catalogue makes applying for financing at GEFF’s Partner Financial Institutions quicker. Georgian solar technology vendors have also made their products available on the GTS for anyone interested to browse through.
Last but not least, solar energy, as a renewable form of energy, plays a critical role in reducing greenhouse gas emissions and mitigating climate change, which is critical for safeguarding humans, wildlife, and ecosystems. Transitioning to solar energy can also enhance air quality and reduce the water consumption associated with conventional energy production.
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