Pakistan is the eighth most vulnerable country to the adverse effects of climate change. Pakistan’s energy demand is steadily rising as the country develops its industry, agriculture, real estate, and transportation sectors. The thermal sector, generates electricity using LNG, coal, gas, oil, and nuclear energy, accounts for the majority of electricity generation. These sources expensive and lead to high production costs, resulting in very high electricity costs for the commercial consumer. But they also have a negative impact on the climate by significantly contributing to greenhouse gas emissions. These systems provide affordable energy to their users, low maintenance costs, incentives inform of tax breaks and societal goodwill. Continue reading to learn how renewable energy systems are changing the realestate companies. If you want to invest in best realestate companies in Islamabad, then join hands with ConnectorPk to make the best investments in Islamabad.
Pakistan & Renewable Energy:
Recognizing the value of renewable energy, government has set a target of achieving 20-30% renewable capacity by 2030. However, if the approach is limited to power stations in remote locations, completing this herculean task will be difficult. The high cost of installing and maintaining transmission lines alone will eventually outweigh any perceived benefits. The most effective way to introduce renewable energy is to promote its use in the residential and commercial real estate.
The falling cost of solar photovoltaic cells, combined with efficient installation systems, has made solar energy Pakistan’s fastest growing sector. Renewable Energy has also been named the State Bank of Pakistan’s (SBP) Sector of the Year for 2021-22. (Durrani, 2021). Approximately 3500 MW of solar panels have been imported into Pakistan in the last ten years, according to industry estimates. Only 1000 MW of this total have been installed in independent power generation plants.
Why should residential & Commercial Real estate use solar energy system?
There are numerous benefits and drawbacks to installing renewable energy systems on residential and commercial property. Along with benefiting the environment through clean energy generation without the use of fossil fuels. It also benefits the country in terms of energy sustainability in the future. The real estate sector has a massive energy demand, increasing with increased use and adoption of technologies in construction. Pakistan’s energy prices continue to rise at a rapid pace. With rising energy demand due to the expansion of the economy, future businesses will benefit from self-sufficiency. As a result, installing solar systems on residential & commercial units can significantly reduce energy costs for businesses and individuals. It will also help landlords of commercial properties increase their overall income.
Furthermore, a significant number of people have now gained awareness of climate-friendly strategies and opt for a greener lifestyle. They attach importance to living in homes and buildings that generate eco-friendly energy. It also brings other benefits to them in the form of tax breaks and incentives from the government. There are now methods that are less invasive and keep intact the integrity of the structure.
The use of special chemicals ensures that even after installing solar brackets, the roofs remain waterproof and damage-free. Furthermore, Pakistan’s climate paints a near-perfect picture for the adoption of solar energy systems. Summers typically last several months, and roof-mounted panels provide insulation from heat, reducing the energy required for air conditioning. Finally, solar energy systems can increase a commercial or industrial estate’s net operating income and help extend lease terms.
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Adoption of renewable Energy Systems Faces Difficulties:
In Pakistan, there are significant barriers to the adoption of solar energy for residential and commercial consumers. According to the Alternate Energy Development Board all distribution companies in Pakistan had received a total of 16,639 applications for net metering of on-grid solar connections. This equates to only 314 MW of medium to large-sized residential and small to medium-sized commercial solar PV systems. One of the reasons for the technology’s slow adoption could be its high initial cost.
However, the total number of loans under the State Bank of Pakistan’s renewable energy financing scheme has been 423. At the same time, financing accounts for only 2.5 percent of total on-grid installed systems. This paints a bleak picture of solar system financing in the country. Banks and financial institutions have been wary of solar technology and local vendors. The market has evolved significantly, with more people becoming aware of net-metering technology and rising imports of Solar PV panels.
Another significant reason for solar’s slow adoption is a lack of product understanding in the market and among institutions. The government makes no formal efforts to promote a better understanding of how solar systems can help the general public save money on energy.
Pakistan remains vulnerable to climate change, as it is one of the top ten countries most affected by it. A large portion of the generation process is based on thermal energy and the combustion of fossil fuels. The energy sector is one of the largest emitters of greenhouse gases. As energy demand rises in response to developments in industry, agriculture, and real estate. The challenge of implementing sustainable energy sources for reliable and affordable energy becomes more prominent. The fegovernment has set a goal of achieving 20% renewable energy capacity in the national grid by 2025 and 30% by 2030. Renewable Energy has also been named the State Bank of Pakistan’s (SBP) Sector of the Year for 2021-22. By enacting prudent fiscal and public awareness policies, the use of renewable energy in the real estate sector will skyrocket.
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