“Climate and economics” … Synthesis or Antithesis?… Do we really have to choose between climate and capitalism? Maybe, there is a middle ground like sustainable capitalism. I am not going to wait for the government to finish this debate and act on it. Neither should you. When the UN’s best plan to fight climate change without changing our ways of living is making floating cities…God help us…As cool as it sounds, it’s not a cure for the disease, it’s just a treatment for the symptoms… Oh cookies, are we really that stubborn to change our ways? Maybe not all of us. For many of us, one of the major barriers to living sustainably is our financial limits. Let’s delve into the economical aspects of sustainable living.
😴Cost of delay
A White House report back in 2014 clearly explained various costs of delaying. Firstly, delaying will cause more global warming, which will lead to further climate change and extreme events (like floods, hurricanes, droughts, etc) resulting in economic losses. Secondly, the costs required to reduce emissions increase sharply as we keep procrastinating. An IPCC 2014 report shows that the cost to achieve a specific climate target (like the limit of 2⁰ degree increase in global mean temperature compared to pre-industrial levels or net-zero carbon emission), increases by 40% every decade. Let’s put that into perspective; Energy Transition Commission (ETC) says:
Plans to bring the world’s carbon emissions to net zero by 2050 will cost around $1tr-$2tr annually — around 1.5 per cent of global GDP
Imagine a 40% percent increase in costs if we do nothing by 2030... That’s a lot!…Short-term gains by delaying the transition to green technology are easily outweighed by the cost of delaying.
If you are anything like Patrice (HIMYM 😉), then you might be thinking, “How does it matter to me? It’s all government’s headache.” Well, Patrice, let’s break it down for you. Let’s say we don’t give two hoots about climate change. Then we continue to pollute; the global mean temperature increases; weather becomes extreme (too hot or too cold); our electricity consumption increases (A/C and what not to make ourselves comfortable); more fossil fuel consumed to meet the demand; leading to further global warming. This is a freakin’ vicious cycle, Patrice! So, what can we do as an individual and how feasible it is financially to lead a sustainable life?
🏡Green household
Is this an inside scoop about Rachel Green’s house? This is not the place for it. Now, I hope Ross and Emma are doing well… Well, what is a green home, then? It is nothing but a usual house built to be environmentally sustainable…Meaning, efficient usage of energy, water, and other resources. If you’re building a new house, many organizations can guide you to build an eco-friendly house like LEED, Natural Building network, Northwest Eco-Building Guild. But what about the homeowners who already own a house. What can they do?
🌞Solar energy
Yes, I am talking about harnessing energy from the same sun-rays that many “geniuses” are trying to “block” to reduce global warming… Is that the way to go? Let’s not get into that right now… Well, I don’t have to explain the extent of solar energy to the people living close to the equator… A few days back it was 50⁰ C (122⁰ F) in U.A.E. (Dang it, that‘s insanely hot). Well, before you wonder how much of a hole this is going to burn in your pocket, let’s look at some stats: On average, it costs about $2.81/Watts. Well, what does it mean for me? According to U.S Energy Information Administration (EIA), the average energy consumption of a U.S. household is 10,649 kWh of electricity per year. After quick math, you can see that you would require panels with 7–9 kW capacity requiring about 20–25 panels depending on the location (south or northern parts of the country). Before, you go to your calculator application, here is a link for solar panel price estimation for some of the countries: Solar calculator for US, India, Turkey, Dubai, Canada.
In addition to this, you get a federal tax credit of up to 22% if you install a solar Photo-voltaic (PV) system by the end of 2021 in the US. Hopefully, this federal incentive gets renewed soon. State-wise incentives could also be found here. You might ask, “It sounds wonderful. But, what if I am not a homeowner?” According to the U.S. Department of Energy
Yes. You do not necessarily have to be a homeowner to claim the tax credit. A tenant-stockholder at a cooperative housing corporation and members of condominiums are still eligible for the tax credit if they contribute to the costs of an eligible solar PV system.
There are incentives to go solar throughout the world, including India, Turkey, Germany, Spain, etc. Energy payback due to solar energy is very well known. Depending on the location, your payback period is from 2–8 years. Just imagine, the return-on-investment (ROI) after that...Wow! Also, imagine the complete independence from the grid… Neither flood, nor hurricane, nor fossil fuel shortage, nor earthquake can stop you from enjoying your favorite TV show.
If you are like my friend Robin (HIMYM again), you might be asking, “Okay, this is lovely, but I live in a cold country where it is snowing almost every day. Will solar power be of any use to me?” Yes… Yes, abso-freaking-lutely, a hundred percent resounding yes. In fact, solar energy conversion is at its absolute beast mode at lower temperatures. How? Photo-voltaic conversion is nothing but a motion of electrons (sub-atomic particle) due to the incident solar radiation. But here is what happens at a higher temperature according to UCSB researchers:
On an atomic and molecular level heat is the vibration of atoms and molecules. If the solar cell is at a higher temperature that means that the atoms are vibrating faster, so it’s harder for the electron to get out without bumping into these atoms. So when the solar cell heats up the output power will drop because more of the energy is lost before it manages to escape the solar cell.
So, the efficiency of the solar panel is higher at low temperatures. Also, it’s the sun’s light rays that we use, not the heat energy for PV energy conversion. So, rain or snow, it does not matter; Then or now, solar is very much better. (Well, that was cringy!🙄).
Looks like it’s all rainbows and unicorns when it comes to the solar industry. Well, hold your horses. Like everything, the solar industry is also massively affected by our “beloved” COVID-19. A massive polysilicon shortage plaguing all the tech industry is haunting the solar industry as well. Do not fret, this shortage is believed to get over by the fag end of this year. So, maybe hold on to your hats until then.
So, is that it? Does going solar means that I have a green household? Wouldn’t that be great? Unfortunately, that’s not enough. We’ve just covered a part of the energy aspect of the green household. Moreover, electricity production contributes only around 34% toward total CO2 production in the United States. So, solar energy alone is not enough to counter climate change. It is just a first step in the right direction. Even if solar energy cannot single-handedly defeat global warming it can always help significantly reduce your carbon footprint and gives us a headstart towards our goal of sustainability. As always, let’s think, talk and act on climate change before it’s too late.
