4 Reasons to Invest in Residential Rooftop Solar
Today, many people choose to invest in solar panels for various reasons, be it having solar panels on their roof or on a ground-mounted array. But is it effective for everyone? Is it worth spending so much money? Well, it seems the answer is YES.
According to recent statistics shared by JMK Research, India added 8,811 Megawatts of solar energy capacity, between January - September 2021. And this figure is almost 280% greater than last year's. The Ministry of New and Renewable Energy has also stated that solar energy accounts for 46% of the overall renewable energy category. While on the other hand, wind and bio-power make up the second and third largest renewable energy sources, respectively.
If you’ve always wondered what makes people invest in solar panels, look no further, because we are giving you 4 reasons based on what our customers have said.
Top 4 Reasons to Invest in Residential Rooftop Solar
1. Environmental Benefits
Installing solar rooftop panels not only saves you money but it's also good for the environment. You actually decrease your carbon footprint and increase overall energy production by installing solar. With less pollution and cleaner air, we'll be able to reduce our reliance on fossil fuels to the absolute minimum.
2. Financial Benefits
Indians have a strong belief in saving for the future and that’s why we usually strive to invest in conventional techniques like bonds, stocks, and SIPs that provide long-term returns. Investing in solar panels is one example of a modern technique to save money. During the 25+ year lifespan of a solar power system, you generate free electricity and save a lot of money on your electricity bills.
3. Tax Benefits
State and federal tax incentives are the most important reason to invest in solar panels for residential projects. In order to express their support and take into account the high upfront expenses of solar panel installation, the government provides tax benefits and financial schemes.
Talking about Gujarat in particular, the government offers a subsidy (under the residential rooftop solar project scheme 2021) of 40% subsidy upto 3 kw and 20% subsidy for projects ranging above 3kw upto 10kw to boost the installation of roof-top solar panels.
4. Property Value Appreciation
Solar-equipped properties have better property values and sell more rapidly than those that don't have solar systems. When compared to other similar properties in the market, a house with solar panels has a higher value and is, therefore, more valuable. Demand for solar-powered homes will continue to rise as more people become aware of its benefits.
Conclusion
The safest, cheapest, smartest, and most environmentally friendly way to generate electricity is to use solar panels. India has 1.4 million homes with solar panels, which may provide enormous financial advantages for personal, industrial, and commercial properties.