So far, the year 2020 has brought anxiety and uncertainty. Many have commented on how global interconnectedness has created a grim picture of a pandemic. In the modern world, the absence of international borders has increased the risk to the health and lives of billions. The free movement of people, goods, and businesses we have enjoyed for so long has suddenly stopped. Despite this situation, everyone is wondering how they can live as normally as possible. In this context, the topic of access to power deserves special attention.
The Sustainable Business Approach
The pollution of air, land, and water resources has been a problem for many countries around the globe. The extensive use of non-renewable fuels also plays a role in this. Recent research by Scott Kulp and Benjamin Strauss also shows how climate change drastically impacts the world. Mumbai and Kolkatta, two coastal cities in India, can suffer a devastating impact. One of the worst consequences of global climate change is rising sea levels.
COVID-19 has brought environmental sustainability to the forefront like never before. More and more individuals and businesses are realise realizing the importance of using environment-conscious approaches to run everyday life. This is the perfect time to move away from fossil fuels and switch to solar power to generate electricity and energy.
Why Go Solar During This Crisis?
You don’t put off essentials, even when things are going well. How many people postpone buying a smartphone because they think a cheaper/better model will be available next year?
It is easy to argue that we live in a time of great uncertainty. Why should you invest in solar energy? It would be best if you dug deeper to find out the answer. You may be aware that the world is currently experiencing both a shortage of demand and a disruption in supply. Many industries face a bleak outlook. Will there be a quick recovery or a recession?
McKinsey, a globally recognized consultancy, can provide you with an in-depth assessment of possible scenarios. The COVID-19 spread could be eventually contained, and structural economic damage avoided. This is based on a global view. The economic impact may vary between countries and regions. All these scenarios result in V- or U shape recoveries.
There are also other, more extreme scenarios. A “black swan” event with structural damage caused by the virus spreading for a whole year is possible. This can lead to a long-term L- or W shape growth trajectory, especially if there is no policy response to prevent widespread bankruptcies and unemployment.
These extreme scenarios are not excluded now, as cases are increasing exponentially across Europe and America. A possible vaccine is still 12-18 months from being widely deployed.
Now is the time to switch to solar
In the current uncertain environment, it is essential to consider what investments you should make carefully. There are few claims to your capital (personal or business) due to the uncertainty of any business. The return on investment in plant and machinery, or that foreign vacation, is unfavorable due to the fate of future cash flow. Solar power is a sure and lucrative investment.
Another critical factor is currency movement. The global currency deflation is a concern. Import costs will increase soon as the US$ strengthens. Prices will not drop anytime soon, even for Chinese imports, which are the leaders in solar panels.
India ready for solar energy
India has reached a tipping point where grid power costs more per unit than solar. A recent report from 2019 will tell you more about the scenario for the future.
According to the Economic Times, India is already a low-cost solar power producer. India’s advantage in solar energy is due to its cheap labor. Installation is labor-intensive, and only 20%-30% of requirements are for highly skilled personnel. In the current economic climate, there will be a surplus of semi-skilled workers as traditional employment avenues are clogged.
This is the perfect time to invest in solar power in India. Visit a reputable vendor such as Genus today for cost-effective, reliable turn-key solutions.