Solar power involves the use of energy obtained from direct sunlight, which is converted to electricity using either the direct or indirect mechanisms that aid the conversion process. The tool used in the conversion process of sunlight energy helps in obtaining solar energy that the crucial and beneficial in human life. The continued use of solar energy results in an increase in economic benefits compared to the use of other forms of energy. The direct conversion mechanism of solar energy involves the use of photovoltaics (PV), which is a technology that aids the process of producing electricity. The indirect conversion mechanism focuses on the use of concentrated solar power. Another mechanism applicable in the conversion of sunlight into electricity involves the combination of both the photovoltaics and the concentrated solar power. Although the conversion mechanisms may differ based on the process implemented, the output of the methods is similar, which is solar energy.
Photovoltaics
The photovoltaics process involves the use of photovoltaic cells that are also referred to as solar cells. A photovoltaic cell refers to a device that helps in the conversion of light into electricity through the creation of electric current (Clark, Durham, & Subramaniam, 2019). The electrical current is created on the photovoltaic cell material upon exposure to light. The implementation of the photovoltaics technology helps in maximizing the process of converting light into electricity, which is supplied to the consumers for industrial and domestic use. The application of the technology in the production of electricity involves lower costs considering that the photovoltaic cells could be used over a long period in the process of producing solar power. Additionally, the value of the production process increases, considering the photovoltaic effect provides the ability to covert any form of light into electricity.
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Concentrated Solar Power
Concentrated Solar Power involves an indirect conversion mechanism that implements the use of mirrors and lenses to generate electricity through the concentration of sunlight, which results in heating. The concentration process involves a wide range of technologies such as parabolic trough and Stirling dish, which helps in generating electricity through the concentration of the sunlight. Each of the techniques used in the production of solar energy through the indirect mechanism focuses on tapping the sunlight and generate heating, which results from the concentration. The complicated process capitalizes on a reduction in costs of producing solar power to ensure that the production is at minimal costs.
Economic Benefits
Considering solar energy is readily available, it has a significant impact on the economy, considering the economic benefits that are experienced following the implementation of the use of solar energy in industrial and household purposes. The first significant financial benefit entails saving on energy costs. In the current global economy, energy costs have been a vital aspect considering the majority of people rely on energy to undertake various processes and activities in day to day activities (Timilsina, Kurdgelashvili, & Narbel, 2012). The use of solar energy lowers electricity bills considering that solar energy is available, and the cost of production is relatively lower compared to other forms of energy that involve sophisticated technologies, thus resulting in higher prices. Additionally, the prices of installation are relatively smaller, considering that the mechanism used in the conversion process has long term capacity to produce solar energy.
The second economic benefit of using solar energy involves increased convenience of energy use, especially in states that have the Time-of-Use rates. The Time of Use rates has a significant negative impact on the economy, considering that it discourages entrepreneurs that engage in the use of appliances that requires constant running using electricity. Increased convenience on the use of energy helps in boosting business operations undertaken within a given region, thereby enhancing the economy. When focusing on the use of solar energy through direct conversion techniques, it is evident that organizations and individual entrepreneurs may have the ability to use the electricity without fear of facing any form of regulation associated with the Time-of-Use rates. Additionally, the innovations related to solar power helps to attract investors in a region, which is an aspect that helps in boosting the economy level of an area. The majority of investors focus on regions that portray the viability of growth through issues such as the use of solar energy.
The third significant economic benefit associated with solar energy involves the creation of employment in society. According to Khan & Arsalan (2016), the technologies used in the conversion of sunlight into electricity help in providing job opportunities for people engaging in the installations and maintenance of the systems associated with solar power. The solar energy industry offers employment to different professions, including technicians and individuals that participate in training consumers on the proper use of solar energy. The ability to provide jobs in a given society is a vital aspect that helps towards improving the economy, considering that individuals are in a position to meet their basic needs effectively. Additionally, in a situation where the majority of people are employed, they are in a place to pay taxes to the government thus play a vital role in the growth and development of an economy in a given region.
Lastly, the use of solar energy helps in saving on costs associated with gas and fuel in the production of other forms of energy. Considering that sunlight is readily available, there is no need for gasoline and fuel, which are aspects that involve high cost, thereby influencing the economy. The production of solar energy does not require the use of fuel or gas, thus allowing for other economic development within an economy (Solangi, Islam, Saidur, Rahim, & Fayaz, 2011). Additionally, the use of solar power does not emit greenhouse gases, which are harmful to human beings. In the majority of regions that do not embrace solar energy, the rate of greenhouse gases is high, thereby resulting in a decline in the overall public health. The governments, in this case, capitalize on enhancing the healthcare industry, thus overlooking other crucial aspects of economic development.
In summary, solar power implements the use of readily available sunlight. The production process involves the implementation of different technologies that enable the conversion of light to that electricity. The techniques used in the production of solar energy include photovoltaics and concentrated solar power, which are processes that help in ensuring that the available sunlight is converted into electricity for different consumers, which may involve domestic and industrial users. The economic benefits of solar power require cost reduction and value addition in the lives of individuals that engage in the use of solar energy. Considering that sunlight is obtained at no cost, the production process is, therefore, cheaper compared to other forms of energy, which is an aspect that impacts economic development.
References
Clark, C., Durham, M., & Subramaniam, V. (2019). Economic Analysis of Solar Panel Installation: A Case Study at Derrickson Agriculture Complex.
Khan, J., & Arsalan, M. H. (2016). Solar power technologies for sustainable electricity generation–A review. Renewable and Sustainable Energy Reviews , 55 , 414-425.
Solangi, K. H., Islam, M. R., Saidur, R., Rahim, N. A., & Fayaz, H. (2011). A review of global solar energy policy. Renewable and sustainable energy reviews , 15 (4), 2149-2163.
Timilsina, G. R., Kurdgelashvili, L., & Narbel, P. A. (2012). Solar energy: Markets, economics, and policies. Renewable and sustainable energy reviews , 16 (1), 449-465.
