Today, the world is adopting renewable power very fast. India is also evolving in this global arena as an important generator of renewable energy. To move towards sustainable development, the government has also set a target to complete 100 GW for solar installation. The leaning towards solar generation has allowed the Nation to overcome the US as well as become the leading country in terms of generating solar power in the world.
India is marching towards achieving the targets for 2022. The best thing is that the solar rooftop panels’ adoption rate is also accelerating. From the period between 2013 to 2016, the installed capacity of the solar panels increased from 116 MW to 1250 MW. Considering this huge growth, the Ministry of New and Renewable Energy has set the target of power of 40GW by 2022 through rooftop solar. This target might seem pushy; however, it is still attainable.
Advantages of Installing Solar Panels at Home
Solar energy is an eco-friendly, inexpensive as well as safe source of energy. India has plenty of sunlight throughout the year. More than 1.5 million houses in India have solar installation. Solar power can harness numerous benefits for commercial as well as residential properties. The list of installing solar panels at home includes
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Reduce Electricity Bill
One of the major benefits is a reduction in the electricity bill to nearly zero. Solar rooftop panel is a one-time investment that has a life of 25 years. By investing in the solar panel, you can save on the local utility. Moreover, you would be paying more money to the utility in comparison to the initial investment in the long run.
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GST Benefits
It is important to note that unlike other systems that come under GST brackets of 12 to 28%, solar rooftop generating systems come under tax brackets of 5%. In India, Solar is one of few goods that come under 5%. Moreover, the basic customs duty on the imported solar cells that are used in solar panels produced in India is 0%.
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Save Water
At the nuclear or thermal plant, the fuels are burnt to produce heat that is used to turn water into steam for producing electricity. Typically, a thermal power plant uses nearly 1800 to 3000 liters of water to produce 1 MWh of energy. Whereas a solar power plant on the roof requires 75 to 100 liters of water for cleaning solar panels and produces 1 MWh of energy. You can save nearly 1700% water and use that for other utilities.
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Fast Shift to Electric Vehicles
The Government of India has set an aspiring goal of selling only electric vehicles by 2030. This transition depends on the quick adoption of renewables such as solar as well as the cost of the batteries. It seems great to imagine the nation without emitting co2 and dust that create gloom in the crowded cities such as Bangalore and Delhi.
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Protection from Future Tariff Raise
Every year, there is an alteration in the electricity tariff. For instance, in Karnataka electricity tariff increased from Rs. 6.90 to Rs. 7.40 from 2016 to 2017. In the preceding year, the tariff amount increased from Rs. 6.35 to Rs. 6.90. It is important to understand that with the population as well as economic growth, the dependency on energy would increase. And, so the electricity tariffs would. With a one-time investment in solar panels, you can hedge against tariff increase in the future.
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Impact of Climate Change
One of the key solar panel benefits is the reduction of emissions of Co2 that is the major reason for climate change. According to IPCC (Inter Panel on Climate Change Report), the carbon emissions need to be reduced steeply to keep Global temperature in control. It is worth noting that 1 KWP of solar rooftop panels would reduce nearly 2kg Co2 each day and 19 tons of Co2 over the lifetime of 25 years.
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Reduce Dependence on Fossil Fuels
In India, the fleet of vehicles run on fossil fuels. Due to the final crisis, the international price of oil has increased. It is important to understand that the faster people transition away from fossil fuels, they would shield themselves from a needless increase in the cost of oil.
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Reduction in Transmission as well Distribution Losses
Today, nearly 21% of electricity is lost in transmission as well as distribution. Unlike hydro, wind, and thermal emergencies, solar energy can be generated on the roof. It can be consumed within your house which means you can save energy and transmission and distribution losses are almost zero.
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Help Turning Dream of 24*7 Power Supply into Reality
On a priority basis, the generated power is supplied to urban and then semi-urban areas first. And, most of the villages are left in the dark either partially or completely where 60% population of India live. It is important to note that in comparison to cities the power consumption in the villages is very less. With the adoption of solar energy in the cities, you can get a power supply 24*7 as well as help the government to provide power in the villages.
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Creation of Local Jobs
The power sources such as hydro as well as coal are fitted at MW scale remotely and then shipped to the homes. Whereas the solar power plant could be set up at your house with the help of the local workforce. Opting for installing solar panels at your home would create jobs within your locality.
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Earn Money
Yes, it is true. In Karnataka, the ESCOM (Electricity Supply Companies) such as BESCOM (Bangalore Electricity Supply Company) are paying nearly Rs. 7.05 up to 10 KWP system. This is the maximum that most of the houses require, for additional solar energy that is transferred back to the grid. Most Utilities purchase other energy forms at lower prices. The investment for a smaller system would help you get an IRR of 9% and 20% for the big roofs.
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Increase in Geopolitical Security
Today, India imports nearly 200 to 230 million tons of petroleum products from the parts of the world that are unstable politically. The list of such countries includes Iran, Syria, Sudan, etc. With the abundant solar energy in the country, people can become energy independent by shifting to EV vehicles powered by solar from combustion vehicles. 1 KWP solar power can generate the energy to drive EV cars up to 14,000 Km in one year.
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Increase Value of Home
The advantage of installing solar rooftop panels today would carry forward to the coming 25 years. Therefore, any solar investment in the house would increase the values of your house.
Apart from these, solar panel benefits in one more way i.e., reducing the risk of loss of spices. The fourth IPCC report states that in case of global average warming surpasses 1.4 to 2.5 degrees Celsius, nearly 20 to 30% of species are at risk of extinction. However, a quicker shift to renewables can help to reverse this process.
Factors to Consider Before Getting Solar Panels at Home
Investing in green as well as renewable sources not only helps you save on electricity bills; however, it is beneficial for the environment as well. Solar power produces no water or air pollution and not even greenhouse gas effects. When solar panels produce electricity, there are no harmful emissions. The best thing is that the solar panels help reduce the requirement for finite resources. However, before you get solar panels, it is essential to pay attention to few key aspects
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Types of Solar System
First, you need to know about the kinds of systems. There are three kinds of solar systems i.e. on-grid, off-grid, and hybrid. The on-grid system is the one in which the solar panels are integrated with the main grid supply. It allows the use of power from the grid supply in case the solar system cannot supply the needed power. This can help you earn revenues as the additional power generated would be fed to the grid for which the distribution companies pay compensation.
Whereas the off-grid system runs on its battery. The solar power generated through panels charges the battery that is used to power several appliances. It is quite useful when the supply is inconsistent with frequent breakdowns or there is no grid supply. And, in a hybrid system, both off-grid as well as on-grid systems work in tandem. In this system, there is a use of the battery. The benefit is that after charging the battery fully excess power is fed to the grid and there is revenue generation.
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Feasibility of Rooftops
Another significant factor is to determine the feasibility of the roof. The factors that require consideration for calculating power generation include the availability of sunlight, the area available on the rooftop. By harnessing direct sunlight for one hour home solar panels can produce around 290 watts. And, with 8 hours of sunlight, the panels can produce nearly 2320 watts.
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Area of Rooftop to be Used
Depending on the space available on the roof and the availability of sunlight, you can determine the maximum power that can be produced. After that, you can finalize the space to be used for generating electric power.
Along with these, ensure you consider the cost-benefit factor. Being a homeowner, you can make a cost analysis. This includes considering solar panel price, your power needs, and power that can be exported to the grid for generating additional revenues.