Is Investing In A Solar-Powered Home Worth It?
Solar energy is rapidly taking over the world's energy demand. A solar-powered home not only helps in the reduction of carbon emission by utilizing sustainable energy for its energy consumption but also lowers electricity bills and increases home value.
Benefits Of Opting For Residential Solar Rooftop Solutions In India
1. Reduces carbon footprint- Solar energy is clean energy. The rooftop or ground mounted solar system will convert solar energy into electricity with the help of photovoltaic cells. This energy production process doesn't emit any carbon dioxide into the environment, hence reducing your carbon footprint.
2. Lowers electricity bills- Solar powered homes rely on solar energy for their energy consumption, the energy generated by the solar system fully or partially meets their energy demand. It reduces their reliance on utility companies and results in lowering the electricity bills.
3. Act as a passive income source- If the amount of the total solar power generated by the solar system is more than the energy consumption of the home, you can sell excess power back to your utility company. Your passive income will depend on the amount of power you sell each month.
4. Increases your home value- Solar PV module price is a little on the high side but investing in solar panels significantly raises your home value. It helps in tax deductions, lowers monthly costs, and increases your home's resale value.
Solar powered homes come with many benefits but the high initial cost makes solar panel installation a crucial financial decision. For some homes, installing a solar system may not be worth the money because of low electricity expenses or sun exposure in the area. Let us take a look at some things to consider before investing in solar products in India.
Rooftop Solar
Wood or slate tiles are less compatible with the panels. And if the slope angle is steep, installing solar panels can be risky. Opt for remodelling your rooftop before solar panel installation.
Initial Cost
Solar rooftop requires a high initial cost. Let us find out if it is a good investment option for your home or not.
Estimating The Expense Of Solar Panels For Residential Project
- Find out the cost of the solar power system required to cover the desired residential area from solar panel manufacturers in India.
- Calculate the average amount of energy the solar system will produce on a monthly basis
- Compare it with your monthly electricity expense
- Calculate how many years it will take to balance the initial cost in terms of saved energy costs. Five years is considered a sound time to pay off the investment.
Subsidy Benefits On A Solar Rooftop For Indian Homeowners
The Indian government provides solar subsidies for residential homes. The homeowner can only benefit from the subsidy if the solar system is connected to the grid. The amount of subsidy varies with the capacity of residential rooftops solar systems.
If the solar system has a capacity from 1KW to 3KW, the solar subsidy is 40%. Whereas, if the solar system capacity is between 4KW to 10KW, the solar subsidy is 20%. For a solar system with a capacity of more than 10KW, no subsidy is provided by the government. If you install a solar system through a subsidy scheme, the solar installation company will also provide 5 years of performance warranty.
Now that you know everything about solar-powered houses, let us power our homes with solar energy.