The chief benefit of solar energy is that the raw materials used to generate it — the sun’s rays — are available in abundance. Unlike other types of energy that require extensive value creation chains, solar is a simple two-step process that converts the sun’s rays into electrical energy. For developing countries, this is a massive opportunity because it means being able to harvest this raw material without having to pay for it.
For countries that already have expensive energy supplies like fossil fuel generators, this could help significantly lower the cost of energy. As a result, the knock-on effect would positively impact households, industries, and the entire economy at large. However, for this to become a reality, there must first be a push to deploy as many solar cells as possible, as Sanjeev Mansotra discusses next.