The best time to install solar was yesterday, the second best is now. Over the past few years, the government has supported solar installations with financial assistance in many ways Such as providing solar rooftop subsidy to homeowners and accelerated tax depreciation for commercial and industrial sectors. Also, the concept of net-meter, i.e. – selling excess electricity to the local grid improves the returns on investment for the owner of the power plant.
All these monetary benefits have contributed to creating awareness and many are opting for solar as an energy source. Over the last decade, the prices of solar have decreased and are now much cheaper than the grid tariff in many states. But is waiting for financial assistance or subsidies really worth it or should we opt for solar now without any time lag? Read on to why you should opt for solar now.
Why you should install solar now?
- Get rid of your electricity bills: The light in your room, the air conditioner, the mobile phone you use or any other gadget you use consumes electricity. With our increased dependency on technology and gadgets, many of us get a hefty electricity bill every month. How about not getting that bill? Or reducing the bill to a few rupees? This is possible if you generate your own electricity and is easily possible if you install a solar power plant on your rooftop. So don’t get stuck with those electricity bills and go solar now.
- Save money from free solar energy: Electricity rates from state suppliers to your home or office always increase with time. The rates at which you are consuming electricity today are costlier than a year or two before. Solar power plants if installed today will generate electricity at the same rate for next 25 years. Also if you compare solar electricity rates to your current electricity consumption, solar can save up to 80-90% of your electricity bill. If you are getting electricity bill of ₹3,000 per month, you can save approx ₹2500 per month, which translates to a yearly saving of ₹30,000 if you install a 3kW solar system.
- State solar subsidy is limited: MNRE announced the new subsidy scheme in 2019 and many states implemented the same in 2020. As of date, many states like Punjab and Assam etc have already exhausted their subsidy allocation capacity. So homeowners in these states will now have to wait for a new scheme to avail of any kind of subsidy for solar power plant installation.
- Opportunity cost of waiting might outway subsidy available: Time is money and if you wait to avail subsidies from the government, the losses you incur from not going solar by waiting for subsidies will be greater than the profits you will prevail after installing solar. Multiple inspections and documentation from electricity departments take long time to avail financial benefits. If this time is used to install solar power plants instead of time it takes to avail subsidy will benefit a lot. So just opt for solar now and enjoy the benefits.
- To use zero down payment schemes: If you are thinking without subsidy you’ll not be able to install solar power plant on your rooftop then we are here to help you. FreyrEnergy has tied up with several NBFCs to offer best possible financing options for you. You may be eligible for a collateral-free, 0 down payment scheme, so you won’t have to pay anything out of your pocket. We at Freyr Energy ensure that savings from your electricity bill contribute to majority of your EMI.
Going solar now is the best decision as you can make yourself energy independent with financially rewarding results. Every minute you delay your solar decision is another minute that you miss out on the financial benefits your solar energy system provides (this is called your opportunity cost). In fact, your potential savings in upfront costs could be outweighed by solar financial benefits if had you acted sooner. So begin your solar journey with Freyr Energy and you’ll never regret this minute.
Frequently Asked Questions
This is the appropriate time to install solar now.
The government is offering a substantial solar rooftop subsidy to promote solar energy. It helps you install a solar system at an affordable price. So act now and benefit yourself with a government subsidy before the funds exhaust.
So, stop asking ‘should I buy solar panels now or wait’ and go for a solar system now.
A typical solar system helps you save about 80% to 90% on your electricity bills, if you compare your conventional grid energy rates against solar electricity rates. In addition, you cannot control the conventional grid energy rates, as they will rise in response to market volatility. However, a solar system helps you keep the prices in control, as they last for 25 years, allowing you to utilise the energy at the same rate for so many years.
Not at all. Delaying solar installation may result in losses, as you may not be able to tap the benefits of the ongoing government subsidies. Government subsidies take a long time to reimburse as the authorities have to undergo several inspections and documentation. Therefore, the earlier you start your solar installation process, the better you will benefit from it.
Yes, Fryer Energy helps you with financing options for solar panel installations. These finance options offer 0 (zero) down payment. You can transfer the amount saved by using solar energy over conventional energy as the EMI against the finance.
Solar panels offer several benefits as follows:
- You get an additional source of energy to fulfil your electricity requirements.
- Solar energy provides you with an uninterrupted energy source.
- Solar system installations help you reduce your dependency on the conventional grid energy source.
- You can store the energy and use it during emergencies.
- The solar system helps you reduce your electricity bills.
- Your property gains additional real estate value.
- You help fight pollution and walk your steps towards a sustainable future.
Opportunity cost is the loss that you incur every minute by delaying the decision to install a solar energy system. The more you delay, the more you miss out on the benefits a solar energy system offers.
Yes. If you are a homeowner and planning to adopt solar energy, you can apply for the solar roof yojana to install a solar system at your home, provided you have not applied for any other government subsidy before.
You can start your solar journey now by visiting your state’s official solar portal. Alternatively, you can contact a reputed solar energy installation company like Freyr Energy to get detailed information. Fryer Energy officials will help you with all the details and help you get a government subsidy.