With the rapidly increasing population and their electricity needs, the cost of producing electricity is burgeoning to meet the needs. But the idea of homemade electricity by harnessing solar energy is ever enticing and on the go.
Unlike other renewable sources like hydel and wind, Rooftop Solar panel doesn’t require a high initial investment. This allows ordinary households to generate their own electricity at very subsidized prices.
Since India has the highest electricity production per kilowatt solar installation as compared to any other country in the world. India’s geographical location on account of which it receives abundant tropical sunshine and clear skies 300 days a year, the residential solar installation makes the most sense in India.
Homeowners may go solar due to a variety of reasons but zero environmental ramifications and cost-cutting top the list.
Whether your motivations for going solar are economic, environmental, or personal, this sizable list of solar power benefits will have something in store for everyone.
Save on electricity bills
One of the biggest reasons to go solar is the significant reduction or elimination of your electricity expenses. Whether you are a homeowner or a business entity electricity expenses can form a huge chunk of your expenses list.
On average, your electricity bill say amounts upto Rs 1000 per month, which is Rs.12000 yearly and Rs 3Lakhs for 25 years. Now since the electricity bills are on an all-time rise, your expenditure keeps increasing and savings thus reduce.
With a solar panel system, you’ll 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.
Reducing your monthly fixed expense makes perfect sense. Solar panel installation is not only economical but also improves the expense forecasting and management capabilities of any person with a fixed income.
Greater returns on Investment
You can consider your solar power system as a financial product – one that is capable of generating annual returns. The average solar panel owner pays off their solar purchase in just 42 months earns a strong solar ROI.
While receiving free electricity for the remainder of their solar panel system’s 25+ year lifespan. Your solar panels aren’t an expense but an investment with an average ROI of 20-30 percent.
You can calculate your actual monetary solar panel ROI by simply comparing your consumption and the electricity rates. Supposedly your consumption is 800Kwh per month at Rs 2.25 Kwh. So your total expense would be Rs. 1800, which now will be your savings once your payback period is over.
Using solar photovoltaic panels to generate electricity reduces climatic issues and health-related problems. Solar energy does not produce any emissions on the generation of energy, in turn, reducing the carbon footprint while fulfilling the needs.
It is said that an average household produces around 20 metric tons of carbon waste every year; by going solar, any household can reduce that by 4-5 tons which is equivalent to planting 100 trees.
Shield against the increasing cost of energy
Without a doubt, the long-term trend for electricity prices is upwards. Over the past decade, electricity prices have risen by an average of three per cent each year.
By going solar, you also protect yourself against rising prices and make your monthly bills more predictable.
Even though the price of the installation may be costlier and not exactly expense free, but you can now predict the expenses which will be consistent and lesser than the pre-solar expenses.
Boost to Local Economy
According to a report, the solar manufacturing industry has generated job opportunities as much as 1.2 per cent of total available jobs in the country; which is growing at a rate faster than 12%.
This trend will be an upward move since the jobs in this industry are highly specialized, which cannot be outsourced. The clean energy economy offers more opportunities and better pay for low-and middle-skilled workers than the national economy as a whole.
Many solar installers are small locally owned businesses, and supporting them brings more money into local economies.
Increased Property Value
Many studies show that the property value automatically enhances for houses equipped with solar apparatus. Appraisers are constantly taking into consideration solar installations over non-solar houses.
As the people realize the importance and benefits of solar power, early adopters pull ahead seeking advantage of the solar energy. Explore solar power now, as a way to keep up.