How long it takes for solar panels to compensate for their setup costs depends on the amount you spend on the panels, how much power you typically consume, and how much renewable power the panels produce. Solar PV typically has a payback time of 3 to 5 years. Solar power in India is a rapidly expanding sector that forms an important aspect of India's renewable energy mix. As of 30 June 2022, the country's installed solar potential was 57.705 GW.
How Much Do Your Solar Panels Save You Annually?
Again, the exact figure varies greatly, but homeowners record annual savings of approx. INR 30,000 for every lakh spent on solar. Several factors affect cost savings with solar panels - Let's delve into them.
Production and Consumption of Power/Electricity
The more energy your solar panels produce, the less electricity you need to purchase from the grid and, therefore, the more money you save.
The savings with solar will be higher if you are in a region with a high grid tariff.
A branded solar system typically has a lifespan of 25+ years. However, additional elements, including the price of solar panels, government subsidies, and savings, may also affect how quickly an investment pays off. For instance, a 5kW solar system generally generates roughly 20kWh daily, saving up to about 12 lakh over the course of the system's lifespan on power costs.
What are the advantages of solar panels?
Solar energy is less expensive than other forms of electricity production. Your solar savings grow as your utility company's energy bills rise. Some consumers can effectively eliminate their energy expenditures or drastically lower them with the use of solar panels Solar energy systems are frequently valued by home appraisers. Your home's value will appreciate thanks to the solar energy system for many years to come. Many clients discover that they are able to recoup their solar panel investments within a few years, often with a 25%-30% return on investment.
The Indian government provides both residential and business solar rooftop installations with certain tax benefits. The goal of the government in this situation is to persuade individuals to use solar energy, whether it be for domestic or business use. As per the Ministry of New and Renewable Energy, the Indian government would subsidize the infrastructure costs of solar rooftop arrays by up to 40%.
Climate-appropriate for India
Rooftop solar systems are an excellent option for those living in India because of the country's favorable geographic position, which receives plenty of sunlight all year round.
Inexpensive Upkeep and Space-efficient
Rooftop solar panels can be fitted on almost any rooftop with shadow-free space. This makes them extremely adaptable. Regular cleaning of the solar panels is the only thing needed in terms of maintenance.
Long-term monetary benefits
Solar energy systems are long-term assets that are innovative and sustainable. You would be able to produce power for free for the entire 25+ year lifespan of your rooftop solar project.
Solar panel systems provide you a fantastic risk-free return on investment while also allowing you to contribute to sustainability and green energy. The various benefits of solar panel systems—many of which have been mentioned can be realized with the assistance of a reliable solar professional.