5 Facts About Solar Energy You Need to Know

Solar energy is swiftly becoming one of the largest sources of clean energy in the world. With solar infrastructure prices falling by more than 99% over the past couple of decades, the cost of deploying photovoltaic solar panels is the lowest it has ever been. With solar energy playing an increasingly dominant role in global energy generation, here are some key facts you should know about solar:

Photovoltaic solar systems have incredibly high safety margins. While there may be some safety risks involved in huge solar projects with massive battery banks, an individual installing a couple of solar panels on their roof has nothing to worry about, safety-wise. According to data collected by SolarPower Europe in Germany from 1993 to 2013, solar panels have a 0.006% to 0.014% risk of catching fire, significantly lower than most household appliances.

Solar panels barely take up any space. Most solar panel systems are compact and can be installed on rooftops or balconies without taking up much space. Builders can also integrate solar technology into the actual construction via facades or solar roof tiles. Tenants and homeowners in some European Union countries can deploy plug-in panels on terraces, walls, or even railings, plugging them right into the household grid and using the solar energy they generate to cover household energy needs.

Solar energy projects can peacefully coexist with wildlife. There are growing concerns about how solar plants and the massive pylons that transport solar energy will affect wildlife and impact the environment. In reality, solar energy will ultimately benefit wildlife and help preserve the planet’s biodiversity by arresting the effects of climate change. Unlike solar panels, climate change poses an existential threat to the planet’s plant and animal life, with a 1.5°C increase in temperatures causing 4% of vertebrates, 8% of plant species, and 6% of insect species to lose over 50% of their habitat.

Solar electricity is affordable. Fossil fuels tend to be more volatile and expensive, costing consumers and businesses in America $700 million to $1 trillion annually. On the other hand, renewables like solar and wind are much more affordable, the International Energy Agency says, with photovoltaics now being over 50% cheaper than coal. Their low prices can be stabilized by using battery storage to ensure solar projects can continue to produce energy even when the time and weather conditions aren’t favorable.

Solar energy can help the U.S. build a resilient energy system. Since solar energy generation is decentralized, it is often located next to end users and doesn’t have to be transported for miles or hundreds of miles before it is used, cutting line losses during energy transmission. The increased proliferation of both rooftop and utility-scale solar installations, coupled with stationary storage, will also reduce the strain placed on America’s electric grid, particularly now that energy demand is surging, and help the country build a flexible, resilient, and stable energy grid.

Companies like SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) have a role to play in availing energy storage systems so that the intermittency of solar energy generation doesn’t interrupt power supply.

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