Is solar economically feasible?
Yes, solar power is becoming increasingly economically feasible. The cost of solar technology has decreased significantly over the years. In recent years solar power in New Zealand has become competitive with centralised power generation such as geothermal and fossil fuel-based electricity source.
According to the International energy agency “Utility-scale solar PV and onshore wind are the cheapest options for new electricity generation in a significant majority of countries worldwide”.
Solar power systems have low operating costs, as they require very little maintenance and have no fuel costs. Overall, the decreasing cost of solar technology and the long-term cost savings make solar power an economically feasible energy option.