According to the World Economic Forum, solar power is now cheaper than fossil fuels for new energy.
Renewable energy has reached a tipping-point of sorts—massive investment, falling installation costs, and advancing tech is beginning to reap dividends. The US Energy Information Administration estimated that roughly 9.5 gigawatts of solar capacity were added to the country’s grid, making it the year’s (2016) top energy source. More and more companies are also going solar, adding 1.7 gigawatts of installed capacity.
Advantages of solar energy
- Drastically reduce or even eliminate electric bills; with a solar panel system, you can generate free power, estimates systems 25+ year lifecycle.
- Great return on investment the average system can payoff in 7 – 8 years, and sees an ROI of 20% or more.
- Protect against rising energy cost; installation of solar panels provides the ability to hedge against raising energy cost. In the past 10 years gone, electricity prices have gone up by an average of 3% annually.
- Increase property value; multiple studies have found that facilities equipped with solar energy systems have higher property values.
- Stay competitive; Companies quickly are realizing the social and economic benefits of adopting solar power. As early adopters pull ahead of the competition, many companies are exploring solar power as a way to keep up.
LED/Solar working together
While energy efficiency, LED/building system management, is just as clean as solar when it comes to emissions, efficiency by itself can’t produce energy for customers looking for a clean energy option, and solar without energy efficiency can’t reach the full extent of its potential. When efficiency and solar are implemented in tandem, costs are lower, and solar can meet a larger share of commercial loads. Energy efficiency will generally be less expensive per kWh than solar. And by lowering consumption, energy efficiency will stretch the available rooftop solar resource farther, allowing solar to serve a higher percent of commercial consumption while also allowing a smaller and less expensive solar system.