Solar PV Systems And Related Cost
As the solar industry continue to make rapid inroads into the overall renewable energy industry, the drop in total cost of the systems is not going fast enough to meet the funding needs worldwide. Solar panels , inverters as a whole have shown nice drops in prices. Batteries are not there yet. Installation costs are still high in many places.
Crowd Funding Is A Great Equalizer
Crowd funding is a brilliant and popular way of funding great projects that require substantial capital where bank loans are kind of hard to acquire. Crowd funding comes from many sources and is targeted to support very specific projects. Crowd funding may be the vehicle with which people around the globe may fund critical projects such as community solar projects.
What Are Community Solar Projects
Community solar projects are solar PV systems that are constructed to support the electrical power needs of a community. A community could be an apartment compound, a village, a university compound etc. These folks throw in their investment money to form a common fund and build the necessary or desired solar PV systems. As the solar PV system come into service, the power produced will supply a certain number of homes, buildings or community. Excess power may be sold to the local electric utility company.
Individual Versus Crowd Funding Investment
Crowd funding investment , due to its larger size will always have an advantage over individual investment. One key advantage is size of investment. In poorer nations where huge capital is rare or unavailable, a group of individuals pooling their resources together will always fare better in the long run. It is therefore the opinion of this author that in order for communities to avail of solar power or PV systems, community based projects will be closer to becoming reality than those projects that are funded by individuals. This comparison is in regard to the question of which is going to achieve more PV projects funded and eventually constructed in a specific area within a specific amount of time.