There are many reasons why homeowners, industries, business and non-profit organizations go solar, but improving the environment and cutting energy costs are the most common. Whether your motivations for going solar are economic, environmental, or personal, solar power benefits will have something for everyone.
1. Drastically reduce or even eliminate your electric bills
Whether you’re a homeowner, business, or nonprofit, electricity costs can make up a large portion of your monthly expenses. With a solar panel system, you’ll generate free power for your system’s entire 25+ year lifecycle. Even if you don’t produce 100 percent of the energy you consume, solar will reduce your utility bills and you’ll still save a lot of money.
2. Earn a great return on your investment
Solar system aren’t an expense – they’re one of the best ways to invest, with returns rivaling those of more traditional investments like stocks and bonds. Thanks to substantial electricity bill savings, the average pays payback period for solar panel systems are 3 to 5 years and sees an ROI of 25 percent or more.
3. Protect against rising energy cost
One of the most clear-cut benefits of solar panels is the ability to hedge utility prices. In the past ten years, residential/commercial electricity prices have gone up by an average of three percent annually. By investing in a solar energy system now, you can fix your electricity rate and protect against unpredictable increases in electricity costs. If you’re a business or homeowner with fluctuating cash flow, going solar also helps you better forecast and manage your expenses.
4. Clean and Sustainable Power
Unlike fossil fuels such as coal and oil that emit toxic fumes, solar energy provides clean and sustainable power. A typical 5kW solar system installation is as effective as planting over 80 trees annually and reduce 8 tonnes of greenhouse gas annually.
5. Low Maintenance
Grid-connected solar PV systems are generally very low maintenance. With occasional cleaning and a regular health-check O&M team, solar panels should last around 25 years. It is likely the inverter will need to be replaced at least once in that time.
6.Connected to Electricity Grid
Once you have our approval from DISCOM for Net Metering and your solar PV system is connected to the grid, you may have the option of exporting and selling your unused solar power back to your DISCOM (Subject to availability of Net Metering Scheme ).