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Future Of Solar Power Essay

882 words - 4 pages

In 1876, William Grylls Adams and Richard Day discovered that when Selenium was exposed to light it produces electricity .But Werner Von Siemens an electricity expert, discovered that the Selenium cells were not efficient. In 1953,Calvin Fuller and his colleagues detected that Silicon solar cell produces electricity and was efficient enough to run a small electrical devices. In 1956,the first solar cell were available commercially, but the cost was huge , at $3000 for 1 watt of solar cell. In 1970, scientist found a way to lower the cost of solar cells from $100 per watt to $20 per watt by replacing Silicon by Exxon. Today we see solar cells in a wide variety of places, but the future of ...view middle of the document...

(Hammond,1972,p.1088)

When you begin to generate your own solar power you can lock your electric rate, because your usage will depend on the size of your solar system. If your power plant isn't producing enough power you can use some from the utility grid, this will reduce your electric bill by a significant amount, like for example if 60% of your power is produced by your solar system than you bill will be 60% lower than usual.
Second, solar power has financial benefits. It is a great time to invest in solar power because the cost of the equipment is declining and the system paybacks are shorter than ever. The cost of a solar power system depends on many factors, the system size have the largest role in determining the cost, the equipment brand and the installation will also influence the cost. For example, a net cost after rebate and tax credits of a typical system of 5,760 watts is $6,992. Although this is a significant investment , don't let the price scare you away because the annual production of this system is 6,651 kwh, his annual saving around $1.397 and his payback period would be approximately 4.6 years. A general way to evaluate a potential investment is to look at the payback period. "Payback period" or "break-even point" is defined to be the amount of time it will take to recover your cash outlay. The solar power system has an efficient use of solar energy but to determine them there are new approaches.
First, the randomness of both the demand for heat and supply of solar radiation have been incorporated. Second, the particular nature of distribution for solar radiation used that is the geometric Brownian...

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