THE KEY FACTOR THAT INFLUENCES SOLAR ENERGY ADOPTION IN THE ENERGY BUSINESS AND ITS RESULT

Abstract

This thematic paper comprehensively investigates the adoption of solar cells within the energy business sector and its profound impact on organizations. The analysis reveals a complex interplay of factors shaping solar energy adoption. Economic considerations, including cost-effectiveness and financial viability, are pivotal, with initial investment costs posing a notable challenge, albeit mitigated by technological advancements. Government policies and regulations, such as tax incentives and renewable energy targets, bolster the case for solar adoption, as do environmental factors like solar resource availability and emissions reduction goals. Moreover, the paper emphasizes the pivotal role of collaboration, partnerships, and global trends in shaping strategies within the renewable energy sector. Strategic alliances with industry leaders in Taiwan and India have empowered organizations to leverage complementary resources and expertise, facilitating market expansion, knowledge exchange, resource pooling, and innovation. The ability to forge such partnerships, coupled with a keen awareness of global sustainability trends, underscores Company G's success in the renewable energy realm. Nevertheless, the adoption of solar energy systems brought its share of challenges, including communication breakdowns and employee resistance. A multifaceted strategy that fostered transparent communication, encouraged employee input, and organized team-building events successfully surmounted these hurdles, creating an environment conducive to the implementation of new technologies in the renewable energy sector. Lastly, this thematic paper provides invaluable insights for professionals, policymakers, and researchers while highlighting the transformative potential of renewable energy in advancing sustainability goals and reshaping the energy business landscape.