Solar Panels
Tangerine is a company that has continuously strived to differentiate ourselves from other banks within the market. Going green will not only help us achieve this separation from the competition, but it will also help lessen our carbon footprint. One possible strategy to consider for the green initiative is utilizing solar energy. The implementation of solar panels would provide our company with a plethora of benefits. Arguably the most important benefit would be the fact that solar energy is a truly renewable energy source. Seeing as it is dependant on the sun, it can be harnessed absolutely anywhere and is available every day. Another advantage of the utilization of solar energy is that it reduces electricity bills, another …show more content…
Electricity bills are often one of the most expensive operating costs that a company can face as well, and so reducing them through the implementation of solar panels would be a wonderful outcome. On top of the cost savings that would come with the utilization of solar panels, these devices also have low maintenance costs, another thing that is taken into account as the director of finances. Solar energy systems typically do not require much maintenance. They really only need to be cleaned a couple of times each year, and there are specialised cleaning companies which offer this specific service for anywhere between $45 and $65. Furthermore, most solar panel manufacturers offer 20-25 year warranties. Seeing as there are not any moving parts within a solar panel, wear and tear is no an issue either. There are only two parts of a solar panel that need to be maintained or changed, the first being the inverter; the part that continuously works to convert solar energy into electricity and heat, which should be changed every 5-10 years. The second component of solar panels that needs to be maintained is the cables, which require maintenance to ensure that maximum efficiency is achieved from the solar power system. That being said, after covering the initial cost of the solar energy system, there are not many costs associated with maintaining and …show more content…
The major negative impact stemming from utilizing solar panels is the initial cost, which can be considered fairly high at anywhere between $20,000 and $50,000. We would have to pay for the solar panels, the inverter, batteries, wiring, and for the installation, and so it would likely be on the higher end of the above mentions price range. Even so, with the constant development of solar technologies, it can be safely assumed that prices will decrease in the future. The second disadvantage is that solar energy storage is expensive. Solar energy either has to be used immediately, or stored in large batteries. These batteries are only used in the solar energy systems that are not connected to the grid, and they can be charged during the day, with the energy being used at night. This would prove to be quite expensive. The better, alternative solution would be to use energy during the day and take energy from the grid during the night. Seeing as the demand for energy is higher during the day; which is also during our operating hours, we can meet this demand with primarily solar energy. Yet another drawback of solar energy is that it is weather dependent. Although solar energy can still be harvested during cloudy and rainy days, the overall efficiency of the system drops. Solar panels require sunlight to effectively harness solar energy. Therefore, there