Do you think shifting to Solar is beneficial in 2020?
The answer to this is ‘YES’
Shifting Solar has many Benefits as below:
Solar power system is robust & reliable. Few of the components are Solar Modules, Solar Inverter, Cables, etc. There are many companies selling Solar modules, few are Navitas, Vikram, Waaree, Panasonic, Havells etc.
Solar modules have standard warranty of 25 years which consists of Product warranty of 10 years & performance warranty of 25 years.
Similarly Solar Inverter has warranties ranging from 5 years to 12 years, depending on brand to brand.
Life expectancy of Solar modules is considered to be almost 45 years.
2) Saving of Electricity Bill
Installing Solar power system will actually reduce your monthly electricity bill by almost 90%. If you go for Off Grid Solar power plant u can save on electricity bill by 100%, though off grid solar power plant have some disadvantages. The recurring cost of battaries make off grid solar power plant little expensive.
3) Lower Maintenance Cost
We normally think the cost of Solar power system is huge, but the maintenance is very little? Why is it so?
Basically the most expensive component in Solar power system is Solar modules. These solar modules are made from Silicon cells, one of the rare material because the depletion time is very low. Which makes solar modules maintenance free.
Major maintenance part for solar modules is…… Regular cleaning of Solar panels. Just because of dirt formed on solar panels decreases the efficieny & so the generation. The next part of maintenance includes time to time checking of Solar Inverter.
4) Early Paybacks
As the system cost is more….. Hence the advantages are more. A typical small solar system of capacity 5KW costs upto three & half lacs. Considering advantages for residential systems, it will reduce monthly electricity bill by 6000 to 6500. So tentative payback goes around 4.8 years and we get free electricity for almost lifetime.
Similarly if we consider a commercial system: Lets go with an example. Say Mr. Henry has and ice cream parlor & having monthly electricity bill of say 15000 and consuming units of 1000 units average. So Mr. Henry pays almost one lac eighty thousand rupees yearly to the Utility. If he installs solar power system he will be saving on monthly electricity bills.
A Typical 10 KW Solar is required. Cost of Installation of 10KW Solar rooftop system is around six lacs.
After Installing Solar power system, Mr. Henry will save 15000 monthly and his payback will go around 3.2 years. Also Mr. Henry will save on income tax around 40%.
- 1st year 40% of investment will be reduced from taxable income – 2.4 lac
- 2nd year 40% of pending balance will be reduced – 1.44 lac
- 3rd year 40% of pending balance will be reduced - 0.86 lac
- And so on.