An Economic Analysis of Energy

Abstract

Energy is required to fulfill the basic needs of a human being like food, shelter, clothing, health, sanitation, education, etc. world economy – agriculture, industry, transport, commercial, and domestic – need inputs of energy. This growing consumption of energy has also resulted in the country becoming increasingly dependent on fossil fuels such as coal, oil and gas. Rising prices of oil, gas and coal and potential shortages in future lead to concerns about the security of energy supply needed to sustain our economic growth. Increased uses of fossil fuels have also caused environmental problems both locally and globally. Against this background, the country urgently needs to develop a sustainable path of energy development. Therefore, this study concentrates on solar power as a renewable source of energy. It has many benefits compared to fossil fuels. It is clean and green, non-polluting and everlasting energy. For this reason it has attracted more attention than other alternative sources of energy in recent years. Hence primary data has been collected through interview and questionnaire methods. The result of the study shows benefits accrued from the 200 LPD solar water heaters definitely yields not only profit to the individual who owns the module but also to the society by way of pollution free environment.
Keywords: Energy demand, Solar energy, Solar devices.