Most people have heard of solar power as a viable energy source, and may have even considered investing in solar power equipment for their own homes. In recent years, the concept has grown from mere ideas used by businesses and billionaires to very real residential applications that even the average family can afford. In fact, it has become so popular that some people are even investing in their own solar farms as an income source. However, before choosing to invest in solar power at any level, it is important to understand solar power feasibility.
Solar power feasibility is the viability or practicality of a solar power project. In other words – it’s the likeliness that a project will be successful and profitable. Few people truly understand the complexity of solar power, and thus they don’t give feasibility or due diligence for solar energy a second thought. However, photovoltaics, the process of converting solar energy into usable power, is a multifaceted process that requires specific conditions.
In order to transform solar energy into power for practical applications, photons must be first attracted by solar panels, and then converted from direct current (DC) into alternating current (AC). The power may then be used to power a home or business – or fed into a power grid. In order to harness enough energy to power even a small family home, the panels must be in a place that receives hours upon hours of direct sunlight. Climate and weather conditions, however, are only one aspect considered before determining solar power feasibility.
Another important aspect is the environmental impacts – if any – of installing a solar farm on a property. While solar equipment is, for the most part, non-invasive, it’s important to establish this before breaking ground. It’s also important to consider land lease agreements as well as zoning laws, certificates or permits.
Above all, however, one of the most important things an investor will need to determine through a solar power feasibility analysis is how profitable their endeavor will be. To discover this information, solar power experts will need to review interconnection costs, budget projections and estimate the return on investment. At the end of the analysis, the investor can then decide, based on the solar power feasibility, whether the project is worth the risk. Regardless of whether the analysis returns positive or negative information about the project, it will almost certainly be a source of significant money savings and peace of mind.