Rooftop solar PV panels are the most reliable solution to the energy needs of the developing countries, the World Resources Institute report claims.
The report named ‘Powering Cities in the Global South’ reveals that solar panels are fast becoming the cheapest way for poorer households to power their homes.
In addition, the report says rooftop solar power systems are already the most preferred renewable energy source in emerging economies.
The report also showed that most people preferred to pay for solar, giving renewable energy a bright future.
Up-front solar installation cost slowing uptake
The report also reveals that issues of “willingness-to-pay” must be addressed in order to deal with the up-front costs of installing solar. Social impact, mixed finance options and green bonds are great ways of scaling the solar technology.
According to one of the authors of the report, African consumer finance models have proven to provide better access. Michael Westphal noted that consumer finance models like PayGo are a clear indication that householdsare willing and capable of paying for renewables.
“You have an exponential decrease in the cost of solar panels, and then this proliferation of these finance models,” he stated. “So we think solarpanels will become increasingly affordable.”
Rooftop Solar PV Panels, Off-grid connection
The report further indicates that as the cost of grid electricity soars, the cost of solar drops, making solar panels a viable option in both short and long-term.
Thankfully, both the residential and commercial consumers are not required to connect to the grid.
China and India have the average cost of electricity generated from residential rooftop solar matching the cost of natural gas-powered generation.
Also, the report found that utility-scale solar power has already attained grid parity. As a result, it is “competitive with retail electricity in a number of markets globally”.
India has 12 states with policies that enable retail prices of rooftop solar to attain the same parity for both commercial and industrial electricity customers.
However, to succeed, financial and technological options for installing solar panels must be designed and developed at the same pace. Such a great triumph to see solar panels becoming a more viable option around the world whether it be India, Africa or right here in Brisbane Australia.
Article originally published on Australian Solar Quotes: