Future of Solar Industry After Covid-19 Outbreak
The epidemic of COVID-19 has brought the world to a pause by impacting our lives intensely and disrupting businesses globally. Almost every sector has been hit by such challenges caused by the coronavirus pandemic strongly. And the clean energy or solar industry is no exception, which has also been affected in these unparalleled times.
This particular industry is now taking a knockout resulting in supply and demand constraints as well as border closures and country lockdowns. On the other hand, according to market analysts at REC Group, the solar industry is self-confident and potentially even stronger to come out of the unprecedented global health crisis in the medium and long term.
A solar power plant with a life of more than 25 years comes after health, food, housing, which has become the topmost priority for many of us now. Several economic incentive packages, even by the government of India, are indeed expected to comprise positive encouragements for the solar and clean industry. You must have a question in your mind, how it can be possible? The solar industry can be complemented by substantial investments into critical infrastructure in the areas of digitization, renewable electricity, and e-mobility, which are now the crisis expecting to gain importance in the future. In this way, it will also enhance the growth of solar.
Solar energy has swiftly become a financially stable industry, which is capable of allowing to increase energy autonomy at highly competitive electricity production costs (LCOE). Also, PV can be deployed more quickly than fossil fuel or nuclear plants and at any size. In challenging economic times like the present situation, state incentives can additionally contribute to the vigorous economic outlook for solar deployment. Hence, it’s an important factor to state that the full picture to go solar has not changed due to the COVID-19 crisis, and it will be in demand even after the pandemic circumstances.
It has studied that the full picture to go solar has not changed due to the crisis. REC Group, therefore, remains optimistic that any disruption to the solar industry remains down temporarily and will not impact in mid- and long-term outlook.
Since soft costs (expenses indirectly related to the construction of a building such as architectural, engineering, financing, and legal fees) represent 68% of total residential system prices, this additionally helps in reducing residential system costs and enhances potentially solar’s sustainable growth after COVID-19.
Our experience during our interactions with potential customers, we as developers still spend 30-40% of our time teaching them the benefits of getting a solar plant for their home or business. It will not only help them in helping bring the solar industry on track post-COVID-19 pandemic.
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