There is a common misconception about solar energy: A lot of people seem to think that the technology is not developed enough to make it a viable alternative to conventional power. In fact, nothing could be further from the truth. Solar panels today are incredibly efficient, with the best operating at around 35 percent efficiency — that is a lot when you consider that more energy reaches the surface of the Earth every single day than will be harvested from fossil fuels over their entire limited life span.
Solar energy is not the future. It is the present. All over the United States and all over the world, people are either taking the initiative themselves and installing solar power systems for their homes or businesses, or they are pushing their governments at all levels to fund solar projects through tax incentives. Yes indeed, it is an exciting time to be in the sustainable energy business.
Speaking of which, what could be more sustainable than solar? It’s not as if the sun is going to burn out any time soon. The average photovoltaic (PV) array has a life expectancy of 40 years now (their warranties are usually 25 years) and pays for itself after only 8-10 years, depending on the location. Very few investments will pay that kind of guaranteed return. After ten years, you’re getting free electricity for the next 15-30 years. Not bad. Actually, if energy prices keep rising as seems likely with billions of new consumers online in China and India, your PV array could turn out to be quite the bonanza from an investment standpoint.
The wide-angle-lens, big picture view makes more sense when thinking about solar power systems. In the short term, the cost of installing a solar system can be high, especially if you hire someone else to do it for you. The return is guaranteed, though, unless the sun burns out, in which case we will have bigger concerns than our investments.
There is an opportunity here, though, if you care to see it: Why not be that other guy whom people pay to install their solar systems? This is a business that is growing in leaps and bounds all over the country, even during this recession. Not only are homeowners installing systems, but large franchise businesses are as well. A large restaurant chain announced recently that it is undertaking a major solar project on many of its rooftops. I bought stock in that company when I heard the news — this is a company that takes the long view and expects to be around for a while.
People and businesses taking advantage of this technology today are the people and businesses of the future. But solar power is here now, and it is here to stay.
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