Why It’s a Great Time to Invest in Solar Despite the COVID-19 Pandemic
The coronavirus, known as COVID-19, is currently putting most industries to the test. Among them is the solar industry, which has been growing continuously over the past several years. Then, this pandemic happened and the question rises in mind to invest in solar or not?
As of the latest update, there are already 800,000+ cases and 38,000+ deaths worldwide as of the end of March 2020. Australia has more than 4,500 cases with 19 deaths. There is still no effective vaccine or treatment for this virus.
As COVID-19 persists, renewable energy, including solar power, is in crisis. For one, several factories have shut down in China. These interruptions are temporary. The good news is that some parts of the country are already restoring their operations. However, there is no denying that they have disrupted supply chains around the world, including solar panels. As a consequence, the progress for clean energy has halted, not just in Australia but around the world.
The Real Effects of Coronavirus on the Solar Industry
It is not surprising that the spread of COVID-19 will slow down the rate of growth of solar energy. For the first time in a long time – perhaps since the 1980s – the industry is facing a significant blockage towards advancement.
Two huge solar panel manufacturers, namely Canadian Solar Inc. and JinkoSolar Holding Co, have announced that their stock prices dwindled by double digits. According to the prediction of the research firm Bloomberg New Energy Finance, solar power capacity would increase anywhere from 121 to 152 gigawatts this year globally. However, a new report from the same group was released, announcing that the growth may just be from 108 to 143 GW.
Easy Solar’s Approach to Coronavirus Safety
Economic Recovery Stimulus
Governments around the world have recognized the importance of renewable energy in economic recovery plans. As part of post-pandemic stimulus packages, many countries are allocating significant funds to support the development and adoption of clean energy technologies, including solar power. By investing in solar now, businesses can take advantage of these financial incentives and position themselves for long-term success.
“The COVID-19 crisis has shown us the importance of building resilience. We must apply this lesson to the existential threat of climate change.” – Antonio Guterres, Secretary-General of the United Nations
Reduced Solar Equipment Costs
Over the years, the cost of solar panels and associated equipment has been declining steadily. The pandemic has further accelerated this trend, leading to even more affordable solar solutions. With lower equipment costs, businesses can achieve a faster return on investment and enjoy greater cost savings over the lifespan of their solar systems.
“The sun is the only safe nuclear reactor, situated as it is some ninety-three million miles away.” – Stephanie Mills
Energy Cost Stability
The COVID-19 pandemic has highlighted the vulnerability of traditional energy sources to supply disruptions and price fluctuations. Investing in solar energy provides businesses with a stable and predictable source of power, reducing exposure to volatile energy markets. By generating their own electricity, businesses can better control and forecast their energy costs, ensuring long-term financial stability.
“Solar power is the last energy resource that isn’t owned yet – nobody taxes the sun yet.” – Bonnie Raitt
Environmental Responsibility and Resilience
The pandemic has heightened awareness about the importance of environmental responsibility and resilience. Investing in solar energy allows businesses to align with sustainability goals and reduce their carbon footprint. Moreover, solar power provides energy resilience, ensuring continuity of operations during disruptions or emergencies, such as supply chain disruptions or power outages.
“The sun will rise, and we will try again.” – Unknown
Remote Work and Energy Independence
The pandemic has accelerated the transition to remote work and distributed operations. Solar energy offers businesses the opportunity to achieve energy independence, even in remote or off-grid locations. By installing solar systems, businesses can power their operations regardless of physical proximity to urban centers or traditional energy infrastructure.
“Energy is the currency of the universe. You get what you give.” – Dhruva Mirdha
Public Health Benefits
Solar energy is a clean and renewable power source that produces no harmful emissions or pollutants. By investing in solar, businesses contribute to improving air quality and public health, especially in urban areas. This is particularly relevant in the context of the COVID-19 pandemic, as clean air and healthy environments become even more essential.
“The sun does not discriminate; it shines on everyone.” – Unknown
Despite the challenges posed by the COVID-19 pandemic, investing in solar energy offers significant advantages for businesses. From economic recovery incentives and reduced equipment costs to energy cost stability and environmental responsibility, the time is ripe to embrace solar power. By making the transition to solar energy, businesses can not only contribute to a sustainable future but also secure long-term financial and operational resilience.
“The sun does not discriminate; it shines on everyone.” – Unknown
Enhance Business Reputation
Investing in solar energy showcases your business as an environmentally responsible and forward-thinking organization. It demonstrates your commitment to sustainable practices and can enhance your reputation among customers, partners, and stakeholders. In a post-pandemic world, consumers are increasingly conscious of supporting businesses that prioritize environmental stewardship.
“Your brand is what other people say about you when you’re not in the room.” – Jeff Bezos
Reduce Operational Costs
Solar energy offers a long-term solution for reducing operational costs. By generating your own electricity, you can offset or eliminate expensive utility bills, freeing up resources for other business investments. The cost savings realized through solar power can contribute to increased profitability and financial stability, especially during challenging economic times.
“The sun is a daily reminder that we too can rise again from the darkness, that we too can shine our own light.” – S. Ajna
Take Advantage of Tax Incentives
Many governments provide attractive tax incentives for businesses that invest in renewable energy, including solar power. These incentives can include tax credits, grants, and accelerated depreciation schedules. By leveraging these programs, businesses can further reduce the upfront costs of installing a solar system and maximize their return on investment.
“The sun, with all those planets revolving around it and dependent on it, can still ripen a bunch of grapes as if it had nothing else in the universe to do.” – Galileo Galilei
Demonstrate Resilience and Adaptability
Investing in solar energy during the pandemic demonstrates your business’s ability to adapt and thrive in challenging circumstances. It showcases resilience and forward-thinking, positioning your organization as a leader in the transition to clean energy. This adaptability can attract new customers, investors, and partnerships that value sustainable and resilient business practices.
“The sun does not wait for anyone. It shines regardless of the clouds, the storms, or the darkness. Be like the sun and shine regardless of the circumstances.” – Unknown
Support Local Job Creation
Investing in solar energy can contribute to job creation and economic growth within your local community. The solar industry is known for providing employment opportunities across various skill levels, from installation technicians to engineers and project managers. By investing in solar, you support local jobs and contribute to the development of a green economy.
“Investment in solar energy is an investment in the future.” – Gloria Reuben
Foster Innovation and Technological Advancement
The solar energy sector continues to evolve and innovate, driving technological advancements and cost efficiencies. By investing in solar now, your business can be at the forefront of these developments and benefit from future advancements. This positions your organization as an early adopter and gives you a competitive edge in a rapidly growing industry.
“Innovation is seeing what everybody has seen and thinking what nobody has thought.” – Dr. Albert Szent-Gyorgyi
Why Invest in Solar “NOW”
The pandemic has an impact everywhere, including how people live and go about their daily lives. More and more people have started working from home. In 2008, 24% of the employees worked at home, at least part-time. During these difficult times, many companies announced that they would have their staff working at home.
With the majority of the country using its own energy resources, home power usage will undoubtedly surge. No one looks forward to another crisis such as that. It is why many Aussies working from home have serious plans for installing solar systems on their roof. Using solar can cut energy bills while also supporting environmental initiatives.
Here is another big reason why solar installation should be carried out now. Even before coronavirus hit the world, the Australian dollar has been losing its power since early 2019. The Australian dollar has weakened even more because of the pandemic. Experts urge the citizens to anticipate an even lower value for AUD in the coming months.
It is not at all surprising if solar panels will become more expensive. Therefore, it is a smart move to purchase now before things get worse. You can avoid damaging your budget by installing solar during these times. Solar may already be affected, but it is still not as bad compared to other businesses. Waiting for the pandemic to subside, however, is not a good idea.
If you want to save money (which you do, of course), now is the best time to go solar. With some groups believing it is time to prepare for the worst, the pandemic could drive more people into buying solar panels and batteries for their homes.
There is still so much undiscovered regarding the coronavirus. But the solar industry has proven many times that it is resilient. It has weathered various crises in the past. As the situation gets better, solar will keep going. We have a window of opportunity, and Easy Solar knows it is not the time to let this crisis compromise the ongoing transition to clean energy.