Sun. Feb 5th, 2023
The Rising Demand Of Solar Power These Days

Increasingly, people are turning to solar in Pakistan to help save money on their utility bills. Solar energy can be harnessed anywhere that receives sunlight. However, there are several factors to consider before making a decision. A few of the main ones include cost, environmental and social benefits, and technology.

The cost of solar photovoltaic has fallen 70% in the past five years

The cost of solar photovoltaic has fallen 70% in the past five years. The solar industry expects to add 139 GW of new capacity worldwide. This is about two-thirds of the expected global growth.

There are several reasons why people are switching to solar power. One of the most important is the lower investment costs. A solar panel system can be installed for as little as $18,000. These savings are compounded by the ability to lock in electric rates for years. 

Reduced carbon footprint

Another benefit is the reduced carbon footprint. Solar power also offers a more reliable output, which is especially important for solar power during cloudy days.

Tax credit incentives and loans

Other incentives include tax credit incentives and loans. The Federal tax credit for solar installations, extended through 2032, could motivate more people to make the switch. The government has extended the federal tax credit in response to the popularity of solar power. This tax credit will drop to 10% in 2024. In addition, the Energy investment allowance allows entrepreneurs to deduct 44% of the cost of PV equipment from their fiscal profits in the Pakistan.

They are cheaper and more efficient

Solar photovoltaic are becoming cheaper and more efficient. The cost of a home solar array will fall by a further 70% in the next five years, and the solar industry expects that the solar photovoltaic will drop to $0.117 per kilowatt hour by 2025.

In the meantime, the industry is experiencing a major rush in sales. In addition, there are additional strains on the supply chains. Some of these supply chains include wind power, which has been pushed into the mainstream. Other renewable energy sources, such as onshore wind power, have reached cost parity with fossil fuel power. However, solar power has been growing faster than fossil fuels.

By admin