As the awareness around environmental degradation grows, countries across the globe are switching to renewable energy. While there are several clean energy sources being employed today, the use of solar power is most prevalent, especially in India. However, a large chunk of the population is still hesitant about shifting to solar energy, largely owing to high solar panel prices in India.
Although the upfront cost to install solar panels is indeed substantial, it is a worthwhile investment. For starters, India receives over 300 days of sunshine every year, making it even easier to harness and utilize solar energy. But there are various other factors to consider that this article will highlight. So, if you’re worried about high solar panel prices in India, here are some reasons you shouldn’t be:
1. Cost-Effectiveness
The most important reason why solar panels make an excellent investment is their cost-effectiveness. For instance, installing photovoltaic (PV) panels will drastically reduce your monthly electricity bills or help you achieve energy independence. While this depends on which type of solar plant you install, savings are guaranteed. Similarly, since solar panels require little to no maintenance, there are hardly any additional expenses involved. However, the initial cost of solar panel installation is high, but it can be easily recovered in a short time span.
2. Long Service Life
Another key reason you shouldn’t worry about high solar panel prices in India is their long service life, as solar panels have an average lifespan of 25 years. Pair this with low maintenance costs and increased monthly savings, and you’re all set. Even better, most manufacturers and companies provide a 25-year performance warranty on solar panels, helping consumers cut down on repair and replacement expenses. All in all, it’s a win-win situation!
3. Energy Security
As the demand for electricity in India grows, energy prices are only set to rise. This will lead to unexpected price hikes and fluctuations, leaving one susceptible to losses in the long run. However, by switching to solar energy and producing your own power, you can achieve energy security as you won’t have to worry about skyrocketing electricity costs. While this is an added advantage for all sectors of the economy, it is especially beneficial for businesses that don’t have a steady income.
4. Reduced Carbon Footprint
As citizens, we all must do our bit for the planet, especially with ongoing environmental challenges like climate change and global warming. And the best way to do that is by switching to clean energy sources like solar power. In addition to being renewable, solar power does not emit any harmful chemicals or gases such as carbon dioxide. Moreover, generating solar energy does not cause pollution, thereby significantly reducing your carbon footprint. While this may not have a direct impact on solar panel prices in India, it is an important factor to consider.
5. Short Break-Even Time
Break-even time refers to the time period it takes an investment to recover its initial cost. For example, if you invested INR 50,000 to install solar panels and you recovered the same amount through monthly savings on electricity bills in 2 years, then the break-even time would be 3 years. Typically, solar panels have a break-even period ranging from 3 to 10 years, but it varies based on several factors, including your power usage. This short break-even time is an added benefit of investing in solar panels.
Now that we have discussed several reasons you shouldn’t be worrying about high solar panel prices in India; it might be time to start looking for top solar solution providers like Luminous. Luminous has been an industry leader in the solar solutions market for over a decade, providing consumers with high-quality, efficient, and best-in-class solar panels. So, what are you waiting for? Check out their website today!
