Solar is a popular commercial power generation technology for several reasons:
It is affordable.
Solar panel costs have declined by as much as 60% since 2010, and the payback period on a commercial solar project can be less than five years. The system then effectively produces free electricity for a further 25 years or more, with increases in other energy prices making solar an even more compelling proposition. Under some forms of financing, external investors will fund the solar system, meaning companies can save money without spending any of their own capital.
It is reliable.
Solar projects generate power all year round. Because there is extensive data on levels of irradiation – light – it is possible to produce a highly accurate forecast of annual power generation. This means that solar projects deliver stable returns. It also means businesses can reduce their exposure to electricity price volatility.
It is simple and quick to deploy.
It can take less than 12 months to deploy a rooftop solar project from concept to completion. Installing a solar system is therefore an effective way for businesses to make swift progress on their cost and carbon emission reductions.
It delivers proven environmental benefits.
Solar power is zero-carbon at the point of use, enabling businesses to improve their sustainability and help address climate change.
We can see rapid growth in the commercial rooftop solar market in the UK. This growth is particularly welcome given the UK’s goal of achieving a net-zero economy by 2050. To achieve this, 40GW of solar capacity must be installed by 2030, government policies are now being put in place to support the deployment of around 7GW of commercial-scale solar power. This is nearly double the generation capacity of the planned nuclear power plant at Hinkley Point, showing just how much solar potential there is in the UK.
If you would like to learn more about how Solar can benefit your business, call us