Home rooftop solar makes greater financial sense for areas not linked to the grid, but if electricity prices rise, rooftop solar will be the only practical and logical alternative for residential customers. Prices are continuing to fall, but efficiency continues to increase. In most Indian states, rooftop solar rates have approached grid parity. However, in India, individuals are still not installing solar panels at the anticipated rate.
The solar panel system’s only power-generating component is a solar panel. However, when we wish to use this grid electricity, it is not available. We know that power is available in around 92 per cent of India’s areas. Loom Solar has released an AC Module that does not require an inverter battery. The power of an inverter battery is restricted. That implies a 1 kW inverter can handle up to 900W of power. Grid-connected power, on the other hand, provides an endless amount of power and can support several appliances.
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Less amount of free space
In contrast to ground-mounted solar, rooftop solar is especially profitable since it does not necessitate the pricey real estate to be explicitly devoted for it. Rooftop solar may be securely put on terraces of residences and other business buildings with little or no usage of the roofs. A typical rooftop solar system with a capacity of 1 kW takes up 10 square feet of space. Many clients, on the other hand, do not want solar panels on their roofs.
Purchasing a solar system is more expensive than purchasing an air conditioner, television, refrigerator, or fan, for example. The installation and maintenance costs of a solar system are the two most significant expenses. Installing a rooftop solar system is a long-term investment, so proceed with caution and diligence before making the decision. Before you install a rooftop system in your home, you should think about the cost. A typical 1 kW rooftop system will cost between Rs.60,000 and Rs.80,000.
No EMI plans are available
The EMI Plan does not include solar panels. In India, however, bank financing is accessible for rooftop solar. All public sector banks have been ordered to issue loans for rooftop solar systems that are linked to the grid. These loans will fall under the Home Loans/Home Improvement Loans category.
Is solar energy a good option to invest in?
Despite the fact that people still face various big challenges, India has become a hot-selling solar industry. People are interested in installing solar systems, but they are uninformed of their full potential, and little operational challenges or large investment decisions frequently scare them away. The following are the key criticisms/issues that people in India have with solar:
- Some people believe that it is preferable to create a bank account and deposit money there rather than invest in solar.
- Many people lack the necessary area to build a solar system. In India, the majority of people, particularly in large cities, live on rent.
- Some individuals argue that while their power cost is low, investing in a solar system makes little financial sense because the payback period would be longer.
- People want a solar system that not only reduces their electricity costs but also recharges batteries or allows them to use appliances during power outages.
When the entire world is rapidly adopting renewable energy, India is not far behind in establishing itself as the main producer of renewable energy. In order to strive towards sustainable growth and a cleaner environment, the government has set a goal of installing 175 GW of renewable energy capacity. By the end of 2022, the goal for rooftop solar panel installations has been established at 100 GW.
An excellent investment
Because power rates change from time to time, calculating electricity costs for a certain period is challenging. When it comes to energy generated by solar rooftop systems, on the other hand, it is possible since the price of the power generated can be determined (calculate the cost of electricity generation for another 10 years). As a result, investing in rooftop solar systems is a safe bet.
Government assistance is available.
To encourage individuals to embrace solar energy, the Indian government grants tax benefits to both domestic (home solar rooftop) and viable users (commercial rooftop solar panels) who install rooftop solar panels. The Indian government, according to the Ministry of New and Renewable Energy, contributes 30% of the total.
Climate-friendly in India
India is blessed with a favourable geographic location, allowing it to get enough sunlight (almost 300 sunny days with clear skies each year in India). As a result, rooftop solar systems are perfect for usage in India since the turn sunshine into power.
Installation does not necessitate more room, and upkeep is inexpensive.
Rooftop solar panels (on-grid rooftop solar system, off-grid rooftop solar system) may be erected on any sort of roof; therefore, people in India don’t have to leave the land to install rooftop solar panels or rooftop solar systems, and the panels protect the roof of the building where they are located.
We, as Indians, believe in saving money for the future, which is why we attempt to invest in bonds, stocks, SIPs, and other vehicles that provide long-term advantages, and solar systems are one such contemporary means of doing so. When you install a rooftop solar panel in your building, you will be able to create free energy for the whole 25+ year duration of your rooftop solar power plant. And, even if you don’t produce 100% of the energy you need, solar will lower your electricity expenses. You will save a lot of money this way.
Loom Solar proposes a Wall Mounted Structure for RCC (Reinforced Cement Concrete) Wall installation. In India, wall-mounted solar installations are uncommon in the residential sector. However, Loom Solar has made it feasible, and its products may be modified to meet the needs of consumers. It may be put on any wall that gets enough sunshine and can help customers save space on their rooftop.