The world has adopted different sources of renewable energy in the past decade. India has emerged as the 2nd largest country in terms of developing solar power. The Indian government has set a target to achieve 100GW of renewable energy from solar installations.
There has been a huge rise in the installation of solar panels in the past decade. The capacity of rooftop solar panels has increased to 1250MW in 2016 from 117 MW in 2013. The Ministry of New and Renewable Energy is aiming to achieve a capacity of 40GW from the rooftop solar panels by the end of 2022.
Rooftop solar power plant cost are yet to become accessible for common public usage. Engineers however are open to such reliable, renewable and clean energy sources for infrastructure and other constructions. The benefits of rooftop solar panels are mentioned below.
- It is cost efficient
Implementing rooftop solar plants can cut down energy expenses significantly and return the investment made initially over the years. The expenses in case of solar panels are lower by 17% and 27% compared to residential and commercial tariff rates. Solar panels provide electricity directly to the building that reduces energy consumption. The rooftop solar power plant cost of maintenance is also minimal and they can have a service life of up to 20 years if maintained properly.
The exact savings an individual can avail by installing solar panels depend on multiple factors –
- Electricity consumption of the particular building
- The size of the solar panels and their capacity
- Hours of daylight the panels get everyday
- The angle and size of the roof
- The rate of electricity for the particular region.
2. It increases access to energy in rural areas
The energy deficiency in the urban areas in India has reduced significantly over the past few decades. There are still a few rural areas which do not get sufficient electricity and may have to rely on harmful alternatives like diesel generators. Introducing rooftop solar panels in such areas will provide an eco-friendly alternative to the energy requirements. Moreover, rooftop solar power plant cost of operation is also stable so it will be affordable in the rural areas too.
3. It helps to reduce carbon footprints
Solar panels generate electricity by utilising sunlight. It does not pollute the environment like conventional sources of energy. It can be used to control the carbon footprint that is leading to climate change.
4. The government provides subsidies for installation
The Government of India has taken several steps to encourage citizens to install a rooftop solar panel. As per the Ministry of New and Renewable Energy, individuals who install rooftop solar panels on residential or commercial properties are eligible to avail tax credits. The government also provides 30% of rooftop solar power plant cost for installation as subsidy. You can take a loan for engineers to fund the expenses required for installation.
There is a lack of available back-end support for the installation and maintenance of such panels. As such, engineers with a working knowledge of the system are among the only individuals who opt for such installations in their residential spaces.
They can refer to subsidised purchases. Or they can more commonly avail among a larger loan for an overall upgrade of their residential space.
Financial institutions like Bajaj Finserv offer Loans for Engineers with ample loan amounts at affordable interest rates for engineers to integrate such renewable sources of energy.
Some of the other features that they provide are-
- Loans up to RS. 35 Lakh
- Flexible tenors
- Loan disbursal in 24 hours
India is located at an ideal geographical location to receive ample sunlight. There are about 300 sunny days in India with clear skies making it an ideal place to set up rooftop solar panels. With the government providing subsidy on rooftop solar power plant cost for installation, it is now affordable to use as an energy source to provide electricity to rural homes as well.