Queen's University Mechanical Engineering Professor Joshua Pearce conducted the study – to be published in the August edition of the academic journal Energy Policy – to find out if it makes economic sense for governments to support solar cell manufacturing in Canada. He was surprised to discover the answer is an overwhelming yes even in extreme situations and feels governments should be aggressively supporting this industry to take advantage of the financial opportunity.
"This study uses hard financial numbers. Everything we did is transparent and all our equations are in the study," says Professor Pearce. "The benefits of encouraging solar manufacturing in Canada are clear and massively outweigh the costs."
The report looked at six different scenarios: everything from building a plant and giving it away or selling it to more traditional and less costly loan guarantees or tax holidays for a private sector company to construct the plant. In all the scenarios, both federal and provincial governments enjoyed positive cash flows in less than 12 years and in many of the scenarios both governments earned well over an eight per cent return on investments ranging from hundreds of millions to $2.4 billion.
The revenues for the governments of nearly $500 million a year, were determined from taxation (personal, corporate and sales), sales of panels, and saved health, environmental and economic costs associated with offsetting coal-fired electricity.
Queen's started the study last summer, before the Ontario government announced a $7-billion power production and manufacturing deal with Samsung in January. Some criticized the deal but Professor Pearce says Canadians are the winners.
"Canada will really make out if Samsung comes through with what they said they are going to do. We gave them a little bit of incentive and Samsung will give us a lot of jobs, less pollution, and a long term substantial source of revenue. We are absolutely winning on this deal – there is no question," Professor Pearce says. "The market is much larger than the Samsung deal. The question now is how to bring even more photovoltaic manufacturers to the province."
The Energy Policy report, co-authored by Queen's student Kadra Branker, studied the financial impact in Ontario but Professor Pearce says the numbers can apply to all provinces in Canada.
Michael Onesi | EurekAlert!
Engineers program tiny robots to move, think like insects
15.12.2017 | Cornell University
Electromagnetic water cloak eliminates drag and wake
12.12.2017 | Duke University
DNA molecules that follow specific instructions could offer more precise molecular control of synthetic chemical systems, a discovery that opens the door for engineers to create molecular machines with new and complex behaviors.
Researchers have created chemical amplifiers and a chemical oscillator using a systematic method that has the potential to embed sophisticated circuit...
MPQ scientists achieve long storage times for photonic quantum bits which break the lower bound for direct teleportation in a global quantum network.
Concerning the development of quantum memories for the realization of global quantum networks, scientists of the Quantum Dynamics Division led by Professor...
Researchers have developed a water cloaking concept based on electromagnetic forces that could eliminate an object's wake, greatly reducing its drag while...
Tiny pores at a cell's entryway act as miniature bouncers, letting in some electrically charged atoms--ions--but blocking others. Operating as exquisitely sensitive filters, these "ion channels" play a critical role in biological functions such as muscle contraction and the firing of brain cells.
To rapidly transport the right ions through the cell membrane, the tiny channels rely on a complex interplay between the ions and surrounding molecules,...
The miniaturization of the current technology of storage media is hindered by fundamental limits of quantum mechanics. A new approach consists in using so-called spin-crossover molecules as the smallest possible storage unit. Similar to normal hard drives, these special molecules can save information via their magnetic state. A research team from Kiel University has now managed to successfully place a new class of spin-crossover molecules onto a surface and to improve the molecule’s storage capacity. The storage density of conventional hard drives could therefore theoretically be increased by more than one hundred fold. The study has been published in the scientific journal Nano Letters.
Over the past few years, the building blocks of storage media have gotten ever smaller. But further miniaturization of the current technology is hindered by...
11.12.2017 | Event News
08.12.2017 | Event News
07.12.2017 | Event News
15.12.2017 | Power and Electrical Engineering
15.12.2017 | Materials Sciences
15.12.2017 | Life Sciences