The coronavirus pandemic is causing problems and damages not only in the health sector but also in the economy. Many businesses are shutting down, and several employees are losing their jobs. Manufacturing plants continue to close, and households are finding ways to save on supplies, electricity, and other commodities because of lack of supply. There is now lesser money circulating that can continue to sustain the economy.
Investing in businesses or other ventures is now the least option people have. In the solar power industry, projects and installations have also been delayed or stopped, and people are reluctant to invest in solar power.
While it might seem not an intelligent move to consider investing in solar power now, there are several beneficial reasons why it is an excellent decision to use solar power during this pandemic.
You Cut Back on Expenses
During this time, saving up is the most vital thing to do to get by with the unstable economy. From electric bills to food supplies, everyone needs to cut back on these expenses.
By installing solar panels, you can save much from your energy bills. With the sun as the source of power, you don’t need to purchase and rely on the national grid to provide you with electricity. The money you will save from not paying your utility bills can now be allocated for other purposes or used as emergency funds, which is essential during this crisis.
In most places, the government provides rebates and incentives when you install solar panels. It will be additional savings for you. Also, when your panels generate electricity more than you need, you can send this excess electricity to the grid, and in return, you get paid for it.
Solar Power is a Sustainable and Reliable Investment
The stock market might not be the ideal place to invest your money now. With the current economic condition, it is too risky to put your money in it, and there is a higher chance that you will lose your investment.
But with solar power, the sun always shines, and the solar panel will continue producing electricity until its lifespan. With other investments, when stocks crash, your investment can also go down. You can be certain with the return of your investment with solar power. While there is a payback when investing in solar energy, it is only for the first few years, and you can then enjoy your investment after that for a more extended period.
Solar Power Comes at Manageable Cost
Installing solar panels is now less costly than before. But you still need a large amount of money if you want to invest in using solar energy and install a complete solar system unit. There are now many financing options that can help you pay for the cost. Many banks now offer low-interest rates on loans. Another option would be the power purchase agreement (PPA), where you do not need to pay the upfront cost of the solar system. The ownership of the system belongs to a third party, and they will set how much you will pay for the used electricity.
So, should you invest in solar power during this coronavirus pandemic when there’s a global recession? The short is answer is yes.
So much is still undiscovered about the coronavirus, but nothing will change the fact that solar power remains a reliable source of energy. The solar industry has proven its resilience many times and has endured various crises in the past. Whatever the situation is, solar will keep going, and Solar Shop Online believes this coronavirus should not compromise the ongoing transition to clean energy.