The Business Dynamics of Solar Power Engineering in Sri Lanka: Economic Viability, Investment Opportunities, and Policy Challenges

Abstract

The global transition toward renewable power generation leads to a drastic transformation of worldwide energy systems while solar energy becomes crucial in this process. The implementation of solar power in Sri Lanka creates valuable business prospects which deliver economic advantages that reduce fossil fuel use and decrease energy expenses as well as strengthen environmental sustainability. The rising power demand together with escalating environmental issues has led to increasing solar power use across residential buildings as well as commercial facilities. The feasibility of solar power adoption expanded because of technological developments that produced high-efficiency photovoltaic (PV) panels and battery storage solutions. The study investigates Sri Lanka's solar power and engineering domain from a business standpoint by analyzing economic feasibility alongside investment advantages and regulatory framework and technology advancements. This analysis investigates solar energy investment opportunities through money-related benefits and market hurdles which involve state assistance programs as well as net metering frameworks together with solar panel market supply chain influence. Public-private partnerships form the main focus of the study because it analyzes their contribution to expanding solar infrastructure and their involvement in creating optimized solar energy distribution networks via smart grids. The research evaluates market developments combined with financial aspects and regulatory frameworks to demonstrate solar energy business prospects while resolving key integration-related difficulties and funding barriers and regulatory limitations. The paper examines both social economic benefits from rising solar adoption through new renewable energy jobs and its positive effects on bringing electricity to rural areas. At the same time this research examines Sri Lanka's status in the neighborhood solar market as well as opportunities for international alliances to advance solar technology. This research delivers complete business perspectives about Sri Lankan solar power therefore benefiting investors as well as policymakers and industry participants interested in leveraging the region's renewable energy resources.

   Keywords: solar power, renewable energy, business opportunities, economic feasibility, smart grids, photovoltaic panels.