Analysis of the Cost-Benefits of Solar Energy Adoption in Urban and Rural Settings

Authors: Chibuzo Emeruwa, Raymond C. Abenga

Abstract:

A thorough cost-benefit analysis (CBA) of solar energy adoption in urban and rural areas is presented in this study, with an emphasis on the social, environmental, and economic ramifications of switching to solar power in these disparate settings. Reducing greenhouse gas emissions and reliance on fossil fuels are two major benefits of solar energy, which is becoming more widely acknowledged as a sustainable and affordable substitute for traditional energy sources. However, because infrastructure, energy requirements, and economic factors vary between urban and rural areas, there are differences in the viability and advantages of implementing solar technology. With an emphasis on initial investment, maintenance expenses, energy savings, and environmental advantages, the study examines the costs and advantages of installing solar energy systems in both contexts. Additionally, it looks at socioeconomic aspects like energy accessibility, rural development, and job creation. The results show that rural areas stand to gain a great deal from decentralized solar solutions, particularly in terms of energy access, local economic development, and environmental sustainability, while urban areas enjoy the advantages of economies of scale and access to cutting-edge infrastructure. Policymakers and other energy sector stakeholders can gain important insights from the study's comparison of the economic and social feasibility of solar energy adoption in urban and rural areas. This research work highlights the necessity of customized strategies for implementing solar energy that take into consideration regional differences in infrastructure, income, and energy requirements. In the end, the analysis emphasizes how solar energy may help ensure that both urban and rural areas have a resilient, egalitarian, and sustainable energy future.

Keywords: Cost-benefit analysis, energy policy, renewable energy adoption, socio-economic impact, solar energy.

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