29th November 2021
Renewable energy sources like solar power allow individuals to make a significant fraction of their energy consumption carbon-free and environmentally friendly. Apart from that, some of the other benefits of solar power include higher energy efficiency, easy and simple one-time installation of solar panels and improved power grid security against unexpected power blackouts. Plus, once installed, your solar panels can last you for the next 20 years with minimum maintenance required, and they can even act as a backup source of power in case of emergencies.
However, despite its numerous benefits, the adoption rate of solar energy has remained stagnant over the years, and current energy generation is nowhere near the maximum capacity. Hence, there is a need to come up with new strategies to attract new potential buyers by identifying and working on:
Several detractors have been identified for the slow rate of adoption of solar power systems; some of these include:
Installing solar panels requires rooftops, but this isn't readily available to a majority of the tenants.
There are a number of different solar systems one can choose from, such as an islanded or on-grid system, and so picking the right one can be confusing and overwhelming.
Solar power is a financial investment just like any other aspect of your home, which can lead to many questions about the best payment mode on the consumer's end. They can typically opt for either the Capex Model (loans) or the Opex Model, where they pay the installer for the power consumed. The former has a higher entry cost, while the latter may be financially unfavorable for smaller residential systems.
With solar power remaining under scrutiny across the political spectrum in terms of policies like cost and incentive structure, net metering, and usable capacity, many people are still unsure of where they stand on this issue. On the other hand, lengthy bureaucratic procedures to obtain permits add another hurdle that can be off-putting for potential buyers.
In addition to all of the above issues, one major weakness is how this ownership model expects power creators to also be the power consumers. Traditional solar products are marketed to individuals who invest in solar and are the main users of the power produced. Although this may seem the natural course of action, it gives way to operational dependency on personal capacities, such as the individual's usage threshold, amount of space, access to finance as well as the policies that govern in that region and operating region.
An upcoming innovation in the financial investment sector called solar biscuits may be the answer to getting rid of the hesitation that consumers, including both individuals and businesses, have towards solar power and encourage more adoption of greener practices. Let us look at what solar biscuits are and how they work in detail:
Solar biscuit—otherwise known as Digital Solar—is a unit of a portion of a solar plant hosted online that can be purchased by investors. The investors can then get returns or "power dividends" from their biscuit assets when a business or individual uses it to generate electricity. It is a novel method of green financial investment that allows you to help offset carbon emissions by encouraging the adoption of solar energy.
To explain better, you can invest in digital solar (SundayGrids) by buying one or more biscuits. A biscuit is a token equivalent to a piece of a solar plant installed elsewhere by another business or individual entity. When you buy a biscuit, you become the owner of that piece of solar panel, and when it is used to generate power, the business pays you, the owner, for the power generated from your biscuit. The more biscuits you own, the more solar power you generate, and thus, the more revenue you create. It is analogous to owning a rental property which you can then lease to tenants for a fixed price.
It is equivalent to using a cloud storage service (like Google Drive or DropBox) that enables you to access and subscribe to a part of the solar array located elsewhere to save money on your electricity bill using the offsets from those arrays. With digital solar, you can subscribe to a portion of solar biscuits without the hassle of installation.
Solar biscuits work by simplifying clean energy by removing the burden of installation, operations, and maintenance from the utility-drivers, and improving flexibility and scalability based on their needs. They create a framework that can convert their solar assets into transferable power dividends (calculated by combining a fraction of the system cost with the wattage cost) based on a contract with a predetermined rate of returns. This allows users to safeguard against dependency on any specific configuration, making solar biscuits a truly universal form of equity.
Digital solar makes this universal equity possible by using a token system, i.e., the biscuits system, that sets a fixed price against a power dividend. A set of biscuits can cover the entire overhead cost of a solar system, and the billings from it would be split up and sent to accounts connected to these biscuits.
Digital solar has the potential to create a shift when it comes to our approach to green energy. With the popularity and success of decentralized forms of currency and assets, whether that's cryptocurrencies or NFTs, decentralizing solar power and turning it into a digital asset not only makes sense, but it is a concept that is visionary and forward-thinking.
This new mode of energy investments may be the answer to building a sustainable future. Investors are looking for long-term, stable assets that guarantee high returns. On the other hand, businesses large and small must make the transition to clean power, but to encourage it, clean power needs to be cheap and free of the need for loans or other kinds of non-core collateral tie-ups. Biscuits are designed with this exact purpose in mind—making solar power adoption as easy, risk-free, and hassle-free as possible.
Their solar system brands include the most respected manufacturers for the solar system business. With more than 14 years in the solar technology business, you can be certain that at Waaree, they know everything about solar system technology!
Waaree Energies Ltd. is the country's top solar services provider. They have the most versatile range of the latest solar products of top-notch quality. Their specialty is the high quality and cost-effective, sustainable energy solutions across the industry, reducing the carbon footprint in the process - making way for sustainability, thereby ensuring a safe future for coming generations. Explore a wide range of products by heading over to the official website.
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