While the COVID-19 epidemic, like so many others, has adversely affected the solar power sector, the general situation for solar power in the medium term is positive. The cost of solar systems has declined by over 70 percent since 2010, with the prices for both private and utility-scale initiatives at their lowest yet in the first part of 2020. California, which has a solar capacity of over 28,000 megawatts as well as receives more than 20 percent of its energy from solar, tops the pack in the US.
While demand for residential solar installations has declined, it is expected that demand for large-scale solar facilities will boost industry development to 33 percent in 2020. There is a surge of attention from stakeholders in social, environmental, and corporate governance (better known as ESG) ventures, especially in the solar and other renewable sectors, as per Jacqueline DeSouza, President of Energy Management Service Obvious, Inc.
A national financial crisis that has harmed numerous people and government-supported services and organizations, like public schools, has contributed to the COVID-19 disease outbreak. As per a study by renewable energy non-profit Generation180, in conjunction with The Solar Foundation and the Solar Energy Industries Association, solar installations have successfully been of help for the schools to save money at this crucial moment. The United States has more than 7,300 K-12 schools using solar power; the output of power schools has risen by 81% since 2014, with California leading the states. Some school districts are predicted to save as much as $43 million over 20 years, and other districts are banking on investing thousands of dollars a year to increase teacher pay.
The neighbourhood solar model is usually used by schools as well as other non-profit organizations to minimize the price of installing solar photovoltaic (PV) panels. Schools should only pay a monthly fee for their electricity to a solar developer such as East-West Bank client GCL Solar Energy, Corporation instead of trying to fund and locate sufficient land for their installations.
“Many other schools have significant utility costs and therefore are contemplating installing solar panels by using their rooftop, carport, and other spaces,” says Frank Zhu. He serves as president and Chief Executive Officer of GCL Solar Energy. Solar ventures will enable them to lower total running expenses, boost their competitive brand value, and help enrolment. Various tests have found that large organizations such as schools can save the most from solar power.