Are solar panels worth the investment?
In recent years, India has seen a lot of emphasis being made on green energy and sustainability. Sustainable energy sources like wind energy, solar energy, and hydrothermal energy hold a great scope due to the country's abundance of such natural sources.
Out of which, solar energy is the one that has the most prominent credibility in terms of individual household usage. That's why you must have spotted many people installing solar panels at their homes. The Government has already set a target to achieve 175 GW of renewable energy installed capacity to achieve sustainable development and a greener environment. The target set by the Government for rooftop solar panel installation is almost 100 GW by the end of 2022.
However, many people often find themselves asking the question- is solar energy worth the investment? The simple answer to this dilemma would be, of course, YES, irrespective of electricity consumption. Solar panels are worth buying in every Indian state. Going solar is quite beneficial and cost-effective in the long run, especially when you buy solar panels from reputable installers.
Electricity generation and return on investment
Generally, a branded solar system has 25+ years and is expected to give savings for 25 years. In addition, you will be contributing to clean energy for all those years! If you get the sizing correct, you can even get the return on their investment in just 4-6 years. However, the period of investment return can also depend on other factors such as the cost of solar panels, government rebates, and savings.
Now, electricity consumption and payback depend on various factors such as location, rooftop orientation, tilting angle, and electricity usage habits.
For example, a 5kW solar system usually generates around 20kWh per day, saving up to around $50,000 on the electricity bills over the system's lifetime. On top of that, battery storage enables you to run your entire home even when the solar panels are off.
While initial investment like buying and installing a solar panel system might be high, good quality 8 kW panels would generate an average of 30kWh per day.
Moreover, we have come up with several major reasons why solar panels are worth the investment.
5 Reasons Why Solar is Worth Investment
- A secure investment
- Government support
- Suitable for Indian climate
- Require no additional space for installation and low maintenance cost
- Long-term financial benefits
In the case of conventional electricity, it might be tricky to calculate the expenses for a certain period as electricity prices tend to fluctuate from time to time. On the contrary, a household can calculate the estimates for electricity generated by solar rooftop systems. You can easily calculate the cost of electricity generation for another 10 years because of no fluctuations in the solar electricity rate. Thus, making rooftop solar panels a viable and secure investment.
You will not be alone when it comes to green energy contribution. Yes, the Government in India offers certain tax credits to both residential and commercial solar rooftop units. The Government's motive here is to encourage people to adopt solar energy no matter if it's for household or commercial purposes. According to the Ministry of New and Renewable Energy, you can receive up to a 30% subsidy on the installation cost by the Indian Government for rooftop solar systems.
Solar panels also depend on the region's geographical area as it requires ample sunlight to convert into electricity. Luckily, India is situated at such an ideal geographical location that receives abundant sunlight (almost 300 sunny days with clear skies each year). Thus, making rooftop solar systems quite ideal for people residing in India.
Rooftop solar panels (on-grid rooftop solar system/off-grid rooftop solar system) are quite versatile and can be installed on any rooftop. Thus, you won't need to vacate the land or make any significant changes to your house to set up a rooftop solar panel. Instead, rooftop systems offer protection to the roof of the building in which they are installed, making it a win-win situation.
Another major factor about good quality rooftop solar panels is that they require very little maintenance. They often come with a service life of 20+ years with proper maintenance making it a great solar power return on investment.
We Indians are known for our money-saving nature as we Indians are hard working. Therefore, we prefer to invest our hard-earned money for the future, such as investing in bonds, shares, SIP, etc., that come with long-term benefits. Fortunately, solar power systems are one such long-term investment that is modern and sustainable.
After a successful solar panel installation, you will be able to generate free power for your rooftop solar power plant's entire 25+ year lifecycle. To get the best financial benefits by installing a rooftop solar panel, always make sure to contact trusted installers like Waaree Energies Ltd.. We hold 32 years of expertise in the field of solar energy solutions. By leaving the work to experienced professionals, you can enjoy the utmost benefits out of your solar panel system.
Solar panel systems offer a great return on investment while making you a proud contributor towards green energy and sustainability. So, if you find yourself in doubt, Investment In Solar Energy: Is It Worth The Price? You are at the right place! Solar panel systems offer several benefits mentioned above but are only possible when you get help from a trusted solar expert.
Get in touch with Waaree, the #1 solar panel and EPC Company of India. We have been providing the best expert solutions and systems to residential and commercial establishments at the PAN India level and across the globe.
As a rooftop solar installation company, we are known for our high-efficiency solar PV modules, solar products, lithium-ion batteries, and other solutions. Apart from that, we also proudly stand as an independent power producer.
Contact our team today to get an all-in-one solution for your next solar panel installation. From solar PV modules to expert installation and support, we've got you covered. All you need to do is sit back and relax as you enjoy the best benefits of sustainable energy!
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