India is a country with a rapidly growing economy and a rising demand for energy. With a population of over 1.3 billion people, the need for clean, renewable energy is more important than ever. Switching to solar energy is a smart investment for homeowners and businesses in India, offering a range of benefits that make it an attractive option. In this blog post, we will explore the top benefits of going solar in India.
1) Cost Savings
Switching to solar energy in India can provide significant cost savings on monthly electricity bills. With the falling cost of solar panels and increased government incentives, solar energy has become an attractive and viable option for both residential and commercial customers. For example, a residential home with an average monthly electricity bill of Rs. 5000 can save up to 70% by installing a 3 kW solar panel system. With a lifespan of 25 years, the homeowner can expect to save approximately Rs. 12.5 lakhs over the lifetime of the system. Industries in India can save up to 50% on their electricity bills by switching to solar energy, according to a report by the Confederation of Indian Industry.
2) Environmental Benefits
Solar energy is a clean, renewable source of energy that produces no greenhouse gas emissions. By reducing reliance on fossil fuels, solar energy helps to combat climate change and reduce pollution. In India, where air pollution is a major concern, solar energy can provide a sustainable and environmentally friendly solution to meet the country’s growing energy demands.
3) Increased Property Value
Homes and businesses with solar panel systems installed have been shown to have a higher resale value than those without. According to a study by the Lawrence Berkeley National Laboratory, homes with solar panel systems installed can sell for up to 4% more than those without. This can make solar energy a valuable investment for homeowners and businesses looking to increase the value of their property.
4) Energy Independence
By generating their own energy, homeowners and businesses in India can become more independent from the grid. This means that they are less vulnerable to power outages and fluctuations in electricity prices. In addition, solar energy can be used to power remote locations that are not connected to the grid, providing a reliable source of energy in areas where access to electricity is limited.
5) Government Incentives
The Indian government has implemented several incentives to promote the use of solar energy, including subsidies and tax benefits. Under the National Solar Mission, the government aims to achieve 100 GW of solar power capacity by 2022, providing significant opportunities for those looking to invest in solar energy. In addition, there are several tax benefits available, such as a 30% tax deduction on the cost of the solar panel system under the Income Tax Act.