10 Reasons You Should Invest in Solar Rooftop System
There are numerous reasons why people are investing in the solar system for their home or office. Improving the environment and cutting the electric bill is the most common, here saysolar ☀️ want to grab your attention on the other top reasons.
Here are the reasons why you should invest in solar energy or solar rooftop system.
- Reduce your electricity bills
- GST benefits for solar rooftop system
- Protect against growing energy cost
- Increase your property value
- Save water
- Help faster transition to electric vehicles
- Effect of the climate change
- Solar projects through corporate social responsibility (CSR) capital
- Cut down the dependency of nuclear energy
- Decreases transmission & distribution losses in the grid.
1. Reduce your electricity bills
- Electricity costs a large portion of your monthly expenses whether you are a homeowner, business or non-profit.
- Solar system is a one-time investment with 25 years of guaranteed life and you will drastically reduce your electricity bill.
2. GST benefits for solar rooftop system
- Many of the systems come under the GST with a 12% to 28% tax bracket, but the solar rooftop is under 5% of tax brackets.
- Basic Customs duty on exotic solar cells, which is used in almost all the solar panels manufactured in India is 0%.
3. Protect against growing energy cost
- With a growing economy and population, the dependency of electric energy rises and so do our electricity tariffs.
- By investing in the solar rooftop system you are going against a future increase in tariffs rates.
4. Increase your property value
- As per research, it is found that the property equipped with the solar system has more valuation compared and sells quickly because it has many years of guarantee in saving electric costs.
- As the IRR’s of 9% and from smaller systems to 20% on bigger systems, the payback periods on investments could be from 5 years to 9 years.
5. Save Water
- To generate electricity any of the thermal or nuclear plants produce heat by burning fuels which are used to turn the water into steam.
- A thermal plant uses 1800 to 3000 liters of water to generate 1 MWh of energy.
- While the solar rooftop system uses 75 to 1000 liters to generate 1 MWh of energy. So 1700% of water can be used for other utilities.
6. Help Faster transition to Electric Vehicles
- The Indian government has set an inspirational target of selling only electric vehicles by 2030.
- An electric vehicle will depend on the cost of batteries and the faster adoption of renewables like Solar by the country. Just imagine India without any emission of CO2.
7. Effect of climate change
- The main benefit of adopting solar is reducing CO2 emissions which is a drastic change in the climate.
- 1 KWp of solar panel will be able to reduce around 2kg of CO2 per day which is approximately 18 tonnes of CO2 over its lifetime of 25 years.
8. Solar projects through Corporate Social Responsibility Capital
- Nowadays companies with CSR funds are providing an option of adopting solar rooftop projects to deliver the power in areas where no other power source is used which helps in improving overall livelihood, sanitation, health and education of the entire community.
9. Cut down the dependency of nuclear energy
- Nuclear power plants neither pollute nor produce any greenhouse gas like a thermal power plant.
- Still, nuclear power plants have internal risks of serious nuclear reactor accidents, like the ones in Fukushima or Chernobyl that released a large amount of radiation in surrounding areas by killing and damaging many of the local people living in that community. So why go for Nuclear power plants that take 7.5 years on average, when a solar power plant can be installed in a week.
10. Decreases transmission & distribution losses in the grid
- Nowadays almost 23% of electricity generated is destroyed in transmission and distribution.
- Solar energy can be produced on your roof which can help in limiting your transmission & distribution losses to almost zero.
1. What are some of the financial benefits of investing in solar energy?
Investing in solar energy can provide a number of financial benefits, including saving money on electricity bills, receiving government incentives for clean energy, and earning a return on investment through the sale of excess power back to the grid.
2. Is solar energy a good investment for the long-term?
Yes, solar energy is a good investment for the long-term. Solar panels have a lifespan of 25-30 years, during which they will continue to generate electricity, providing a consistent return on investment over time.
3. How can I find out if solar energy is a viable option for my home or business?
There are a number of factors to consider when determining if solar energy is a viable option for your home or business, including the location, orientation and shading of your roof, as well as the average amount of sunlight your area receives.
4. Are there any government incentives available for investing in solar energy?
Yes, there are a number of government incentives available for investing in solar energy, including tax credits and rebates, grants, and low-interest loans. These incentives can help offset the initial cost of installing a solar energy system and make it a more viable investment option. It is important to check with local and state government for any such incentives availability and how to qualify for those.