Are you considering installing solar panels on your roof? We say go for it! It is a good idea, and you would be glad to know that a lot of Indians are utilizing solar energy to generate power for their homes.
Recently India has seen an increase in the number of solar panel installations in Rajasthan, Tamil Nadu, Maharashtra, and Uttar Pradesh. The main reasons for an increase in rooftop solar panel installations are improved net metering policies, high grid tariffs, and increased market awareness.
India recently surpassed Italy to take the fifth place in the world for solar power deployment. In the last five years, solar power capacity has increased by more than 11 times, from 2.6 GW in March 2014 to 30 GW in July 2019. Solar tariffs in India are currently very competitive and have reached grid parity.
It’s high time we see solar panels as a form of investment.
Why invest in solar panels in 2021? Let’s take a look at some reasons here:
Solar panels use solar energy. This decreases toxic pollution produced by fossil fuel combustion and improves the overall health of the people. Solar panels do not need water to operate, whereas traditional electricity generation consumes tens of thousands of litres of water per year. In addition to this, energy generated by solar panels produces no greenhouse gases and thus contributes to the slowing of climate change.
Great Return of Investment
Solar Panels are one of the few risk-free investments in the market today that also provides strong returns. Solar systems are extremely dependable and have a 25-year lifespan. This ensures that you are safe from any increases in the grid tariff. These systems are durable and sturdy, so you save money on repairs as well.
Payback period is a term that is often used to describe the number of years in which one can get the return on investment. Simply divide the total expense of your solar electric system by the annual savings on your power bill to determine your payback period.
Tax Benefits & Government Subsidies
Aside from the above incentives, the government provides subsidies to homeowners who install on-grid solar systems (systems without battery). If you own a company, you might be eligible for tax credits of up to 40% by accelerated depreciation. This significantly boosts your return on investment.
Also, the dividends you earn from solar panels are in the form of cost savings, which are not taxable, so 100 percent of those are yours. Moreover, switching to completely renewable solar power means you won’t be exposed to rising electric consumption rates, maximising the value of your solar panel investment. The higher the utility electric prices rise over time, more the value your rooftop solar system provides.
Time to Invest in Solar Panels
Solar energy is a dependable investment that can yield a good financial return. In addition, solar energy provides protection from rising electricity costs, favourable tax treatment, and significant environmental benefits. That’s why many people consider solar to be a win-win situation: it’s good for your family’s finances while also benefiting the environment.
Reputed brands like Luminous offer the widest range of solar panels at affordable prices. They offer both polycrystalline and monocrystalline PERC panels. These panels have severe weather resilience, excellent low light performance, advance EVA encapsulation and PID resistance technology. Visit a nearby store or check out their website and invest in a solar panel for a smart future.