Top-7 Reasons Why India should think of switching to Solar Energy

The rapid increase in solar energy production, government subsidies, and escalating environmental issues have led to a significant decrease in the cost of solar energy in India.
The best part is you can use solar energy for both purposes, whether residential or commercial.
All you need is insurance and yearly maintenance on your solar installation, and it keeps giving you energy support, whether electrical or heat years down the line that too for minimal running costs.
It indubitably makes solar energy in India all the more economically viable sources of energy.
The decisions that you make today impact your life as well as the whole world tomorrow.
Going solar not only helps you save big on utility bills but also affects the climate and the economy positively.
Had it been a decade ago, you might have doubted, but currently, almost everyone is aware of how economically viable solar energy is.
Still, for your help here in this article, we have come up with a few most evident and concrete reasons telling you how solar energy in India is economically viable.
So, let's go through these reasons one by one.

Reason#1: Aggressive Targets Set by the Indian Government

The 5th largest solar installer in the world, India is among the fastest adopters of solar energy. The country could cover this journey because it not only set aggressive targets but made streamlined efforts in executing the policies. Moreover, the specified bodies like the Ministry of New and Renewable Energy (MNRE) and the Solar Energy Corporation of India (SECI) formed by the Indian government drove the mission forward even more.

If you look back in 2010 when the Indian government had launched the National Solar Mission, the cost of solar power was INR 17 per unit How India in a short period of time has become the cheapest producer of solar power, which now has hit a record low of Rs2.36 per unit that took place during a bid conducted by SECI Solar power tariff hits new low of ₹2.36/unit.

To contribute to the fast-tracked growth of the solar industry, even the state government in India has been promoting accelerated adoption of solar energy through various policies that include giving concessions related to wheeling & banking facilities.

Reason#2: Pay Less for Electricity

Electricity shortages are common even in many big cities in India forget about remote and rural areas. On top of it, the electricity prices in India keep on increasing. However, switching to solar energy will not only save you money on electricity bills but also help you cope up with electricity shortages. When you start relying on solar power generation more, you will have to buy less electricity from the electricity company. Moreover, switching to solar also guarantees you better financial security due to the significant amount of returns on investment offered by the Indian government.

Reason#3: Get benefitted from an Upturned Value for your property

Property with lesser electricity price will have a higher value as whoever takes the property won't have to pay higher electricity bills or undergo electricity shortage very often. Installing solar energy on your property will augment its worth and that you can not only claim for a better price in return but can also clinch the deal very promptly. The upturned property value is one of the main reasons why solar energy in India is economically viable.

Reason#4: Enjoy Secured Investment

The utility companies are anyway famous for giving inconsistent and unpredictable electricity bills. This is the reason why the majority of people in India are shifting their budget from conventional sources of electrical energy to solar energy. The best part about solar energy apart from being economically viable is if you know simple mathematics, you can easily calculate the cost that will be incurred in the next 20 years as such.

Reason#5: Enjoy Tax Credits and Government Incentives

We already have discussed above how the government is making various policies to encourage the use of clean & green energy. Furthermore, there are many tax benefits that the Indian government offers to promote the consumption of solar energy for both commercial & residential installations. By installing a solar energy device for the electricity, you become eligible to avail various tax credits. Not just that, among other incentives, the government offers incentive-based on electricity generation, easy loans as well as the option to sell the extra electricity. Solar subsidies: Government subsidies and other incentives for installing rooftop solar system in India.

The subsidies and incentives that the Indian Government or Jawaharlal Nehru National Solar Mission (JNNSM) has provided since 2010 have been the key drivers in the adoption of solar energy in India. Let's have a sneak peek at some of these benefits that are currently available:

Tax incentives that offer necessary tax breaks act as a major relief to the solar energy developers
Custom & Excise duty benefits

The above-mentioned tax credits and government incentives are other reasons that make solar energy in India economically viable.

Reason#6: Save Money through Low Maintenance Cost

Another reason why solar energy is economically viable is the low maintenance cost that is usually incurred during the use. If you maintain the device properly, it keeps giving you solar energy for electricity and other purposes almost up to 20 years from the time of installation. Solar energy not only provides electricity, but you may also use it for cooking food, heat water, run generators & cars, and so on. So, there are several purposes that you can solve through it and that too for such a long time. Benefits of rooftop solar panels and factors that further aid their installation in India.

Reason#7: Enjoy Lower Prices

Everyone knows that India is a price-sensitive market and that any industry to sustain itself in the market needs to focus on the price of the product or the service a little more. The Indian solar market has got benefited from this price sensitivity in mainly two ways that are:

Availability of solar products like solar panels, junction boxes, inverters, etc. at more reasonable prices as compared to other countries resulting in comparatively lower solar tariffs
The dipping down of the solar tariffs below grid electricity tariffs has accelerated the solar energy adoption that has further lowered the prices of solar products making solar energy even more economically viable in the country

Wrap Up

Though the year 2020 started with a lot of disappointments due to the COVID-19 pandemic, solar is one of those industries that's still hope. The government of India is taking multiple initiatives to encourage the use of solar energy in the country. With a target to add 100 GW of solar energy by the year 2022, India has already reached a mark of 34 GW installation at present.

So many people still believe that solar energy is not economically viable based on their knowledge of some 5 or 10 years back when solar energy was introduced in the country. However, a lot has changed during the last decade. The efficacy of solar devices is continuously increasing while the material or installation costs are rapidly decreasing. We have discussed this change in detail above. So, if one gets all the benefits of conventional sources of energy from inexhaustible energy like solar for a lesser price and with better value, why wouldn't they opt for the latter. On top of it, they also become even more socially and environmentally responsible human beings by doing so.

Also read:

1) Windmill Or Solar- Which Is The Best For Business In India?
2) How is the future of solar energy in India?
3) Solar Energy Startups in India: Looking at a Shining Future!
4) Why Some Businesses Still Refrain From Using Solar Panels?