Going Renewable is a talk of a every societies in town. However it is very important to understand Economic impact of going with Renewable energy. In this post we will discuss challenges with switching to Renewable energy and How Renewable Energy Helps our Economy.
Challages for Swiching to Renewable Energy
- Higher Upfront Capital cost, Because technology of Renewable Energy is Quite new early adopter might need to pay cost for technology and manufacturing plant setup cost as a premium therefore prices of new and refined renewable technologies have higher effeciency but it might not be easy on pocket for many people and Societies.
- Our Infrastructure was not made in such a way so that Solar Plants can be installed on Houses and Societies with Ease. This challanges again solved using Engineering Solutions which again increase upfront cost of Project.
- Whole purpose of Renewable energy is clean affordable and Efficient energy consumption and Distribution. However in many cases because of lack of proper knowledge and going Renewable just for sake of Saving money on conventional Energy Price volatality. People often use cheap quality material and Maintanance which results more loss than money gained by using cheap materials and improper care of maintanance.
Indian government and various developed nations are working towards switching to Renewable Energy goal however trend for finance flow from Developed nations to Developing Nations is going downwards.
How Renewable Energy Helps Economy
- Renewable Energy specially Solar Rooftop will help reducing transmission losses which means more electricity will be used and less will be wasted. And less financial will be wasted on loss making Powerplants operated by Governments.
- Property with a Renewable Energy will be great value addition to the Property and will definitely increase its Price and demand.
- With abundance cheap Energy available from Renewable Energy businesses will move towards Renewable and Oil dependency will reduce significantly which ultimately stabilises prices of Energy and basic requirement goods.
- Renewable Energy will also create indirect work opportunity for many sectors due to stabilised prices of Energy and reliable supply.
Many states in USA and many Developed and Developing countries like China, Germany, UK and India are scaling their pace to for Renewable Sector switching however it required support of each and every person to achieve this goal before it is too late.
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