By 2020, installing a solar electricity system for your home has become an obvious choice for many reasons. One of the main factors is the significant drop in the cost of solar equipment, including panels, which has made the initial investment more affordable than ever before.
Another big advantage is the financial support offered by the Government of India. State-level agencies also provide subsidies, and if you live in a Special Category state such as the North-Eastern states, Jammu & Kashmir, Uttarakhand, Himachal Pradesh, Sikkim, or Lakshadweep, you could receive up to 70% off the cost. For grid-connected systems, where excess power is fed back into the grid, the subsidy from the Ministry of New and Renewable Energy (MNRE) can be higher than the standard 30%.
Additionally, there are incentives based on the amount of energy generated. Banks have also been encouraged to treat solar installations as home improvements, offering loans at the same rates as traditional home loans. Many public sector banks have issued guidelines to their branches about this policy, making it easier for homeowners to finance their transition to solar energy.
Setting up a solar system isn’t as complicated as it might seem. The MNRE only provides subsidies if the panels are manufactured in India. Once you choose a provider, they will assess your location and complete the installation within days. A trusted vendor like Genus can guide you through the entire process and ensure you get high-quality equipment. As a general rule, you need around 10 square meters of shadow-free space for a 1 kW system. Your installer will calculate your energy needs based on appliance usage and recommend the right size for your home.
If you don’t have enough roof space or if nearby structures cast shadows, ground-mounted options are available. These can be just as effective, especially in larger homes or commercial spaces.
Before reaching out to a vendor, you might wonder how long it will take for your investment to pay off. The payback period is relatively short compared to the 25-year lifespan of a typical solar system. Even if you move before that, having solar installed can increase your property’s value. According to a study conducted in Madhya Pradesh’s metro cities, with average weather conditions and a 30% government subsidy, a 5 kW system can break even in 4-5 years, while a 3 kW system may take 7 years. Without any subsidy, the payback period is still reasonable—around 6-7 years.
When deciding between an off-grid and grid-connected system, consider your local power supply situation. Off-grid systems are ideal for areas with frequent outages, but they require battery storage, which adds to the cost and requires regular maintenance. Grid-connected systems, on the other hand, eliminate the need for batteries, using the utility grid as a backup. With net metering, you can even earn credits for the extra power you feed back into the grid.
If you’re not keen on a large upfront investment, even with a short payback period, you might want to explore a Renewable Energy Service Company (RESCO). These companies handle the installation and maintenance, and you pay a fixed rate per unit under a Power Purchase Agreement. The RESCO benefits from selling surplus power to the utility, making it a hassle-free option for homeowners.
Whether you're looking to save money, reduce your carbon footprint, or increase your home's value, going solar is a smart decision. Visit Genus today to learn more about the best solar solutions for your home and start your journey toward clean, renewable energy.
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