Even though we have started 2020 with a lot of disappointments due to pandemic, we still have a brighter side to look at the solar industry. The government is initiating steps by coming up with few manufacturing-linked tenders for setting the base for solar capacities and has also introduced a standard custom duty on imports.
Still, we need a policy framework which will ensure the long duration of offtake of the products manufactured as well as profitability.
India has set an ambitious target where it will add 100 GW of solar energy by the year 2022 and has so far achieved installation of 34 GW.
Solar power in India is a fast developing industry. The country’s solar installed capacity was 35,122 MW as of 30 June 2020.
Installing a solar panel is the safest, inexpensive, smart and eco-friendly sources of energy. Where around 1.4 million houses have a solar installation in India, solar power can yield massive financial benefits for your residential, commercial and industrial property.
Let us understand in detail why it’s a good investment.
1. Environmental Benefits
By installing a solar panel in your house or maybe commercial purpose, you are not only benefiting on a monetary basis, but it’s also sustainable. Hence this way, you are contributing to a better future by reducing the carbon footprint by developing your energy. The dependency on fossil fuels will be minimum with overall less pollution and clean air.
Solar systems are depended on the sun, which is a natural resource and is widely available at free of cost without harming anything; hence solar panels are the best options to make earth green and sustainable.
2. Financial Benefits
We Indians believe in saving money for future; it is in our blood, so we always try to invest in traditional methods such as investing on bonds, shares, SIP and many more which assure long term benefits. One such modern way of saving is investing initially on solar systems.
With a solar power system, you will be able to generate free power for your system’s entire 25+ year lifecycle. Even if you don’t produce 100 per cent of the energy you consume, solar will reduce your utility bills, and you’ll still save a lot of money.
To get the best financial benefits by installing a solar panel, always contact experience solar panel company whose experts will help you to reap maximum benefits.
3. Energy Backup Security
Due to global warming, the change of climate and weather is frequent these days due to which there is rain, wind flow even strong storm surges sometimes. Due to sudden changes, there can be a breakdown of electricity and can cause huge losses due to stoppage of manufacturing units and various other machines.
If you have solar panels installed with battery backup storage, it will help you to save interruptions and worries.
Off-grid solar panels have huge energy security capacity, but it comes with high cost, while grid-tied solar panel comes with less battery backup but quite affordable.
4. Utility Credits You For Solar Power
Grid-tie solar system owners are capable of receiving credit for sending electricity into the public utility grid. Then they utilise these credits to offset their energy bill your utility’s net metering policy knows such agreement. It sets the rates at which interconnected solar customers buy and sell electricity.
Here the grid acts as energy storage for the solar homeowner, banking the power they generate and use it later. The utility company then tracks your meter and record your net energy usage so they can credit your account based on overall usage.
5. Increase In Property Value
Increase home value 3-4% by installing a solar power system.Source
It is seen that homes which are equipped with solar energy systems have higher property values and sell more quickly than non-solar furnished homes.
Having a solar panel in your home will increase the value of the property and makes it more sellable compared to other similar properties on the market.
With time homebuyers are becoming more educated about solar, demand for properties equipped with solar power system will continue to grow.
6. Tax Benefits
Investors in the solar installation are now eligible for accelerated tax depreciation during their financial year in which the structure of the solar panel is taken place.
Even the income from solar energy can be exempted from tax for the next ten consecutive years though this provision is subjective as per the state norms.
7. Fixed Costs
The monthly expense for electricity bill may differ as per the seasonal changes in winters it might reduce or even increase due to heaters and summers it will charge AC high cost, which is not constant.
In case of solar, you have a fixed investment ever month if it’s grid-tied you will also gain credits by month-end.
CONCLUSION
No, you can generate your energy for many years with little running costs but long term smart decision. Once a solar power system is installed, then you need is insurance and yearly maintenance on your panels.
Need more reasons to go for a solar system? Connect SolarSmiths our experts will help you to find the best match as per your needs! Get a free solar installation quote or call us at or visit.