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 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 solar as an energy source. Over the last decade, the prices of solar has decreased and is now much cheaper to the grid tariff in many sates. But is waiting for financial assistance or subsidies really worth it or should we opt solar now without any time lag? Read on to why you should opt solar now.
Why you should install solar now?
- Get rid of your electricity bills: The light in your room, the air conditionier the mobile phone you use or any other gadget you use consume electricity. With our increased dependency on technology and gadgets, many of us get a hefty eletctricty 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 supplier 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 plant 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 system.
- State solar subsidy is limited: MNRE announced the new subsidy scheme in 2019 and many states implemented the same in 2020. As on 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 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 takes long time to avail financial benefits. If this time is used toinstall solar power plant instead of time it takes to avail subsidy will benefit a lot. So just opt 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 NBFC’s 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 one 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’s financial benefits if had you acted sooner. So begin your solar journey with FreyrEnergy and you’ll never regret this minute.