Four benefits of installing solar in Costa Rica

In the era of Covid-19, the benefits of solar panels go way beyond monthly savings. . . they can help lift the whole country.

 

 

Investments in renewable energy produce great returns and create jobs. We will talk about four benefits of installing solar panels that not only save money but in the end, they work as a stimulus that drives economic and job growth.

 

1. LOWER ELECTRICITY PRICES: Costa Rica has some of the highest energy prices in all of Latin America. This has negative effects on both the competitiveness of the country and the general cost of living. The table below lists the energy prices paid by industrial users consuming 50,000kWh per month as of Q2 of last year. It is easy to understand that the benefits of installing solar panels have a profound financial impact.

 

 

 

Installing solar panels with Avolta Energy can bring a unique benefit: there is no down payment and you can enjoy significant savings from day one. And, after 10 years, the system will generate free electricity for another 15-20 years. Since solar panels are expected to last between 20 and 30 years so you will enjoy this benefit for years.

High electricity prices in Costa Rica mean that on a 20-year basis, a solar project can return a return on investment in just 2.7 years. Where else will you find that kind of long-term return these days with zero or negative interest rates?

Solar power is cheap and can significantly help lower energy prices, increasing productivity throughout the economy.

 

 

2. JOBS, JOBS, JOBS: Covid-19 has left the economy in shambles and with key sectors like tourism still effectively shut down, this economy needs jobs. And installing solar panels can provide them: From 2010-2019, the solar industry in the US added jobs 5 times faster than the rest of the economy. What are we waiting for?

 

 

 

 

The International Energy Agency (IEA) issued an important report in June 2020 titled, “How to achieve a sustainable recovery from an economic and environmental point of view.” They find that, of all the types of capacity additions that the power industry could use, solar PV is by far the most beneficial in terms of job creation.

 

 

 

 

Also, these solar jobs will not be outsourced to India or China. These skilled, well-paid jobs will stay in Costa Rica. This is unlike the call center industry, which is threatened by the constant improvements in technology being created by the Speech recognition AI industry and by the de-centralization of work resulting from changes wrought by Covid-19.

Obviously, Costa Rica is not alone in need of generating employment. CEPAL estimates that more than a third of formal employment and a quarter of GDP are in sectors severely affected by the Covid-19 crisis. Helping the solar industry grow is a key part of helping our economy recover. Countries all over the world have pledged to emerge from the crisis with a strong investment in clean technology and renewable energy.

The Director of Scottish Power said in an article titled, ‘How Renewable Energy Could Fuel Britain’s Economic Recovery‘ as follows:

The best part is that you are investing for the next 40 years in clean energy,” says Anderson. “There is a lot of other infrastructure work you could do in the UK, but the important thing about investing in renewables is that it is just as good at creating jobs and boosting the economy, but the added benefit is that you would be addressing the climate change at the same time. “

Keith Anderson, chief executive of Scottish Power

Europe has set aside a quarter of its €750 million recovery fund for climate action. A survey of more than 200 economists published in the Oxford Review of Economic Policy found that “green” investments to recover from the coronavirus offer the best economic returns for government spending.

 

The socioeconomic effects of Covid-19 in Latin America have already been significant, leading to higher unemployment, lower income, and poverty. The sectors have been hit hardest:

• Tourism services
• Hotels and resteraunts
• Industry surounding traditional culture
• Retail
• Property repair
• Transport
• Fashion
• Vehicles and repair

(Source A Special Report for : Sectores y Empresas frente a COVID-19: Emergencia y reactivación)

 

 

With more business closings and job losses expected in the next six months, investment in infrastructure powered by solar energy could anchor Costa Rica in the same way that many countries around the world are gambling with large investments in clean technology.

 

 

3. PROTECTING THE COSTA RICA BRAND: This may seem like a lower priority than the economy and employment, but in the case of Costa Rica, it is not so simple. Much of what makes Costa Rica attractive to foreigners about being green. Having lived in the US, Europe, and Asia before moving to Costa Rica, I can testify that everyone hears that Costa Rica runs on 100% renewable energy very regularly. That is still a fantastic advertisement for the country that money cannot buy.

 

Now that everyone is focusing on renewable energy, so much so that it is the cheapest form of energy, Costa Rica runs the risk of being forgotten as others move past into the vanguard. Costa Rica plans to buy 15 electric buses, but Chile already has more than 400.

 

 

Costa Rica needs to work to maintain its green reputation, and push the solar industry front and center. This way you can help maintain Costa Rica’s fabulous ecological reputation front and center as well.

 

 

4. SOLAR PANELS ARE THE BEST PROTECTION AGAINST DROUGHT. Costa Rica is highly dependent on hydroelectric power for its electricity supply. In 2018, almost three-quarters came from hydroelectric power, according to official data.

 

 

 

 

But climate change and the growing threat of drought make this hydro dependency a possible liability. Costa Rica’s ecological reputation could suffer if there is a drought and the country has to turn on a lot of diesel generation. Drought and climate change are proving costly for countries that depend on hydropower.

 

Solar is the natural hedge against a drought; if it’s not raining, the sun is probably shining. The benefits of installing solar panels shine through not just for the individual or business, but at the state level for a return on investment that positively impacts the workforce, the environment, and the economy.