Managing finances due to the ever-mounting electricity tariff in today’s world is no longer possible – says who? Electricity from renewable energy sources has arrived to save the world, and solar power out of all those sources is the most beneficial and practical option.
If you too want to beat the heat of rising electricity bills, it is about time that you install a solar plant for home. Having a solar system grace your rooftop has countless benefits which we will unveil in this guide.
So, hold that cup of coffee and put on your thinking hat to evaluate whether or not the benefits of switching to solar are worth the hype. Dive in!
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Top 3 Financial Benefits of Installing a Solar Plant for Home
Installing solar at home isn’t just a trend spreading like wildfire because celebrities support the cause. There are countless benefits that many people are experiencing. Let us walk you through the aisles of those benefits.
#1. Saves sizeable money on electricity bills
Let’s talk about some facts here.
The electricity tariff in most Indian states ranges between a minimum of ₹8 to ₹10 per unit. An average Indian household consumes at least 300-400 units of electricity/ month.
The monthly electricity bill you must pay if your power consumption is 300 units/ month and the electricity tariff in your state is ₹10/ unit is ₹3,000.
On the contrary, if you install a 3 KW solar plant for home, the solar system will produce roughly 360 units of electricity/ month. It means you might not have to pay any bill at all.
And even if your consumption increases, your electricity bill will still drop by at least 90%.
- If you save ₹3,000/ month, your yearly savings would be ₹36,000.
- And if the cost of the 3 KW solar system you purchased was, for example, ₹1,65,000, this cost will break even within 3 to 5 years.
Since a tier-1 solar panel won’t die without celebrating its silver jubilee, you will continue saving everything you would have otherwise spent on electricity bills for more than two decades.
Needless to say, the savings we are talking about are in tens of lakhs of rupees. What’s even better is that even after 25 years, the system will continue to work at 70% efficiency. You can explore to know more about how to save money on electricity bills and making a smart choice
#2. Your property will have a higher market value
Do you know that a solar plant for home yields money in more ways than you can imagine?
When a house with a rooftop solar system is put up for sale, it sells at a price much higher than the market value of homes in the same area but without a solar system. Wondering why?
Well, here’s the reason: a solar-powered house produces electricity on its own.
A house running on solar electricity means the owner wouldn’t have to pay hefty electricity bills – this is the bingo point. Lifetime savings on electricity is an enticing offer that multifold the value of a property.
#3. A subsidy can give a helping hand
Did you know that a subsidy is offered to homeowners and housing societies that decide to install a rooftop solar system?
The latest subsidy policy goes by the name DBT (Direct benefit transfer). PM Modi launched it on the 30th of July 2022.
Here’s the financial help that’s extended as a subsidy. The rates are the same for the entire country.
|Up to 3kW
|₹14,588/- per kW
|Above 3kW and up to 10kW
|₹14,588/kW for the first 3kW; thereafter, ₹7294/kW
Should we insist further that if you are eligible for a subsidy, the installation cost will reduce, and so will the break-even period?
Here’s a sneak peek of the eligibility conditions:
- Only homeowners or housing societies can apply
- No subsidy can be availed for commercial purposes
- The solar module should be DCR (made in India) and ALMM-approved
Cookie point of installing a solar plant for home
How often do you get the chance to do something for the planet? Very rarely, right? Well, installing a solar plant for home is that one rare opportunity you shouldn’t let slip from your hands.
Homes that run on solar power do not emit greenhouse gasses. A 1 KW solar system means you are doing the goodness of planting 15 trees.
Imagine, if you install a 3 KW solar system, it will be equivalent to you planting 45 trees in your lifetime.
We see many fictional superheroes in costumes, but installing solar gives you a chance to be a real superhero.
Grab the chance and be the hero that the planet needs.
Now that we are wrapping up, we hope you’ve finally registered that having a solar plant for home is indeed a worthwhile investment.
You will get to save lots of money, receive the government’s help in financing, and get to save the world too. We cannot think of a better way to achieve excellence, can we?