India has ample sunlight throughout the year. It means we can use solar energy for our electricity production.
Solar energy is one of the safe, inexpensive and eco-friendly source of energy. Currently, around 1.4 million homes have a solar installation in India. Solar power can harness various financial benefits for your residential, commercial and industrial property. To list here are five financial benefits of solar energy.
1. Solar power is cheaper than the electricity grid.
Thermal energy production comes more costly contrarily than rooftop solar energy which offers a one-time investment for your property. Since solar technology has moved very far in India, it is sufficient enough to meet one’s daily consumption of electricity. A person can save money with the production of solar electricity at home. With the constant rise in the price of electricity, it is a better option available to consumers for their electricity needs. Developing countries like India offer a good amount of Return on Investment with better financial security to the homeowners.
Related Read: 7 Reasons Why Solar Panel is Good for Your Home
2. Increase in property value:
In addition to huge saving benefits, getting a solar installation can offer a benefit of an increase in property value. Therefore, while selling, leasing, or renting the property can give you the advantage of claiming a better cost in return. Solar installation can last long up to 30 years where a person can enjoy saving benefits on hefty electricity bills.
3. Energy Independence:
Even though India today may be called as sufficient energy developer but in reality, the lack of proper infrastructure can result in a power shortage in many remote as well as urban areas in the country. Solar installation can offer an independent structure of energy to your property without spending tons of money on traditional power grid lines.
4. Government Incentives:
Those who wish to go for solar panel installation can avail the sector loan of amount 10 lakhs from nationalized banks. The current policy of the Ministry of New and Renewable, the central government offers 30 per cent of the installation cost for the rooftop PV system. Both the central and state government provides a subsidy to the people installing rooftop PV system because it encourages people to adopt the renewable sources of energy for their homes and cut their electricity bills into half the amount. Some states which come under special categories such as Uttarakhand, Sikkim, Himachal Pradesh, Jammu & Kashmir get a subsidy of 70 per cent for installation cost. These schemes are available only for residential, institutional and social sectors.
5. Tax benefits:
Investors in the solar installation are eligible for accelerated tax depreciation during their financial year in which the installation has taken place. Besides these benefits, income from solar energy can be exempted from tax for the next 10 consecutive years. This provision can vary from state to state.