Why Should Businesses Consider Solar Power Installations?

Solar Power: A Sustainable Collaboration With Nature

The sun is our biggest source of energy. It is clean, uncompromised, unadulterated, sustainable, and renewable. With at least 300 cloudless, sunny days in a year, India is a prime location for capitalising on solar energy. Moreover, the location and demographic of India makes it conducive for deploying solar energy systems. Therefore, signing a contract with your solar panel manufacturer could be a brilliant way to save money and electricity.

Solar panel installation could mean a world of difference for your business overheads. But do they work for everyone? Apparently so. Statistics say India added 8,811 Mega Watts of solar power capacity within January to September 2021. This number is about 280% higher than the previous year's numbers.

According to the Ministry of New and Renewable Energy (MNRE), solar energy contributes 46% share in the total Renewable Energy segment. This makes solar energy the major contributor of renewable energy, followed by wind energy and bio-power.

If these statistics are not enough to convince you about investing in solar panels, we have the reasons to help you understand why it is a worthwhile investment.

10 Compelling Reasons To Invest In Solar Panel Installation

Solar panel installation is a long-term investment, and it may take a while before you start generating a decent ROI. Therefore, you should consider a few factors before giving the green signal. You need to:

  • Evaluate your current energy supply situation
  • Assess your energy requirements
  • Weigh the pros and cons
  • Assess your budget

Coming back to our topic of discussion, here are some of the top reasons to capitalise on solar power installation:

1. Tax benefits galore

The biggest advantage of investing in solar energy is the tax benefits offered by the state and central governments. The government offers tax incentives and financial programs to show their support and consider the high upfront costs of solar panel installation. The top five support systems offered by the Indian government to promote solar energy are:

  • Capital subsidies like SHRISTI and SAUBAGYA schemes promote rooftop installations in urban and rural areas.
  • Direct and indirect tax benefits include sales tax, custom and excise duty exemptions, and income tax for earnings from solar panels.
  • Gross metering, net-metering incentives, and banking charges benefit the residential and Commercial & Industrial sectors.
  • Assured Power Purchase Agreements (PPAs) to benefit investors who utilise their unused lands for setting up solar power plants.
  • Tradable Renewable Energy Certificates (RECs) provide financial incentives for every unit of power generated.

2. Reduced operational expenses

Solar energy opens the gateway to operating a business almost free of electricity charges. Therefore, no matter how large and profitable your organisation is, a solution with the potential to eliminate such a large expense should be ignored.

A well-designed solar panel system can curb your power bill upto 75%. For example, let's assume you pay Rs.10,000 a month for electricity consumption. Once you've installed solar panels, this number could drop to Rs.2500 per month. You can use the saved money to expand your business or automate your workflow. You could even invest it in a monitoring software that tracks your solar system's energy generation.

The possibilities are endless! So, why miss it?

3. Increased property value

Will your solar panels increase your property taxes? Not likely. Will it increase your property value? Not many people will say no to clean, renewable energy that comes loaded with tax benefits.

Houses and commercial buildings with rooftop solar panel installations have a higher market value than those without them. Moreover, total ownership of the installation allows you to transfer it to the new owner without any hassles.

4. Longevity and sustainability

Solar power is the largest untapped renewable power source with indefinite longevity and sustainability. Every other power source has its limitations.

Hydroelectric power, for example, is clean power but is highly dependent on monsoonal rains. Besides, the need for additional hydroelectric power adds to the risk of flooding premium lands and the destruction of ecosystems. On the other hand, nuclear power is also highly susceptible to accidents and nuclear waste problems. Fossil fuels like coal and petroleum are already facing a bleak future.

Solar power is the clear winner here, harvested as long as the sun blazes on.

5. Low maintenance costs

Commercial solar panels require little maintenance and are virtually silent. The solar cells are encased in a non-corrosive aluminium frame surrounded by tempered, protective glass. As a result, they are built specifically to stand up to the elements, enduring rain, hail, wind, and snow - just about any weather-related threat. Moreover, they are usually located on the roof of commercial buildings, so they are easily accessible for maintenance activities.

6. Low carbon footprint

If you want to be an environmentally responsible business, switching to solar energy would be the best option. Even a small rooftop solar panel can significantly reduce carbon dioxide emissions. Studies suggest that an average 3kW solar system has the potential to power an entire household. Therefore, the carbon emissions produced from one household equals the amount that can be avoided by installing just one solar panel.

7. Elimination of power outages

Unexpected power outages are like a plague for the Indian industrial sector. A single power outage can cause serious problems such as:

  • Missing out on task deadlines
  • Loss of connectivity with clients
  • Compromised product quality
  • Irreversible financial damages

However, the situation is entirely different with solar energy. The chances of facing power outages are almost nil as there is consistent energy input to keep your operations running to full capacity.

8. Generates great ROI

When switching to solar power, you are making an investment rather than an expense. This is an investment that generates better ROI than many of your other investments. Many businesses are wary about taking the plunge with solar power installation because of the initial expenses. However, it doesn't take long to harvest your initial investment once your ROI starts rolling in.

9. Complete energy independence

When you welcome solar energy, you assert your independence from being dependant on commercial energy sources. Being completely energy independent also means that you:

  • Save significantly in miscellaneous costs
  • Have the assurance of reliable power supply
  • Free of connectivity hassles with the power grid
  • Have the option of storing excess energy
  • Utilise backup energy during emergencies

10. Support for the local economy

When you opt for solar panel installation, you are simultaneously providing job opportunities for job installation experts in your locality. You are, thereby, boosting the local economy by increasing the job availability for experienced and deserving candidates. Don't forget that these very workers could end up being your future customers!

Kickstart Your Solar Journey With Nantech, Chennai

Solar power technology is a wise investment that requires the guidance of experts before you give your consent. Nantech Power Systems Pvt Ltd has a team of experts well-versed in the business nuances of this investment. Call us to discuss your strategies and power requirements to make your decision worthwhile in the long run.

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Author: Nantech Team

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