Is Investing In Solar A Best Option In India - Where, Why, How & Profit?
India has positioned itself as one of the most attractive markets in the solar industry. Its geographical location and booming economy are the two major factors that have contributed largely to this phenomenal change.
Despite this, some investors remain hesitant to invest in solar projects in India due to the country's financial, technological, and administrative environment. They often wonder about the solar power plant's return on investment. When it comes to solar energy, one question often lingers in mind: is solar worth the investment?
Is solar worth the investment?
It is worth the investment. For building owners, installing rooftop solar panels can help in cutting down electricity bills. So there is less electricity needed, and this results in saving costs on energy.
Since electricity prices keep changing, having solar rooftop panels can help calculate the price of power generated. Here are the benefits of solar worth the investment.
- Investors are eligible for accelerated tax depreciation in the year of installation.
- You can meet many of your power needs, if not all. It will help you to cut down on your power bills drastically.
- Solar-generated electricity is exempted from tax for the next ten years (subject to state provisions). This makes your power supply free!
- Solar power systems come with a lifespan of 25+ years! Imagine the amount of money you'll be saving in these years.
- Above all, they are an eco-friendly alternative. You save the environment and your bucks at the same time!
Where to invest?
An essential condition for solar power generation is a copious amount of light throughout the year. The sun period determines the amount of power generated. You should install solar panels in regions where there is sun exposure for at least 10 hours a day. Fortunately, India is a tropical country with long summers and adequate sun-period during other seasons too. This factor makes solar panels a very viable option in India.
How to invest?
You should be sure to go through the following steps to get a good solar power return on investment:
- Seek the guidance of a Subject Matter Expert on your requirement.
- Research and choose the right product and service.
- Be sure that your installer has a good professional background.
- Be transparent with your system provider to avoid last-minute arguments.
The profit margin in the solar business in India is promising. India offers investors a plethora of business penetration prospects:
- Certain states have the advantage of their geographical location. Rajasthan has a total solar energy capacity of 142.31 gigawatts (GWp). This makes solar power a very profitable alternative there.
- Maharashtra has the third-largest potential for solar energy generating capability on the planet.
- Madhya Pradesh was ranked fourth in India in terms of substantial projected potential for solar power output, with a gross solar energy generation capacity of 61.66 GWp.
India is a suitable field when it comes to solar power's "where", "why", "how", and "how much" questions. An inclination towards a sustainable and eco-friendly lifestyle is conducive to the growth of this sector. Investment in solar power is a positive approach towards an economic right and green lifestyle.
For getting the best solar power plants for rooftop installations, contact Waaree, the top manufacturers of solar power panels and other forms of solar products.