Things to Know About Home Solar Electricity in 2020
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By 2020, installing a solar electricity system for your home has become a no-brainer, thanks to several compelling reasons. The primary factor is the steep decline in the price of solar equipment, including panels, which has significantly reduced the initial capital investment required.
Additionally, the Government of India provides substantial subsidies, and various state-level agencies also offer financial incentives depending on your location. For instance, in special category states such as those in the Northeast, Jammu & Kashmir, Uttarakhand, Himachal Pradesh, Sikkim, and Lakshadweep, the subsidy can reach up to 70%. If you opt for a grid-connected system where excess electricity is fed back into the grid, the Ministry of New and Renewable Energy (MNRE) offers a higher subsidy—more than the standard 30%.
Other benefits include generation-based incentives, which you can learn more about by visiting relevant resources. To encourage homeowners to transition to solar energy, banks are encouraged to treat these installations as home improvements, offering loans at rates comparable to traditional home loans. Many public sector banks have already begun promoting this initiative.
While the MNRE requires that solar panels be manufactured in India to qualify for the subsidy, the entire process from assessment to installation is relatively straightforward. Leading vendors like Genus can guide you through every step and ensure you receive high-quality equipment. Generally, a 1 kW installation requires about 10 square meters of shadow-free space. Factors such as the efficiency of the modules, local weather conditions, solar radiation levels, and roof angles influence this requirement. Once your appliance load is calculated, you’ll know exactly how many kilowatts you need.
But what if you don’t have sufficient roof space or encounter shading issues? Fear not—ground-mounted options are available too.
If you’re curious about the return on investment, the payback period is surprisingly short compared to the 25-year lifespan of most solar systems. Even if you decide to move before the system pays for itself, the property value will increase with the installation. According to a study conducted in Madhya Pradesh’s metro cities, under typical weather conditions and with the current 30% central government subsidy, a 5 kW system reaches its break-even point in 4-5 years, while a 3 kW system takes around 7 years. Without any subsidy, the payback period extends slightly to 6 years for a 5 kW system (and 7 years for a 3 kW system).
When deciding between an off-grid and grid-connected system, both have their advantages and disadvantages. Off-grid systems are ideal for areas prone to frequent and prolonged power outages. However, they require a battery storage system to store excess power for cloudy days or nighttime use, which increases the overall cost and necessitates periodic battery replacements.
In contrast, grid-connected systems eliminate the need for batteries since the utility grid acts as a backup. With a net-metering setup, any excess power you generate is credited to your account, effectively functioning like a savings account. This arrangement is unsuitable for regions with regular power cuts.
If upfront costs remain a concern despite the short payback period, consider partnering with a Renewable Energy Service Company (RESCO). These companies handle all installation and maintenance expenses, charging you a fixed rate per unit based on a Power Purchase Agreement. The RESCO then profits from selling surplus power back to the utility grid.
For further information, visit Genus. While the process may seem complex initially, it’s far simpler than many imagine. With the right guidance and vendor support, transitioning to solar energy can be a smart and rewarding decision.