Like every year, MNRE has announced the benchmark cost for grid-connected rooftop solar power generating systems (GCRTSPV system) in India. To regulate the GCRTSPV system’s price, MNRE sets a cap on the pricing by implementing the benchmark cost. The price is reduced to a record low. End customers are being affected, having received a more inadequate quality system, which results in lower ROI despite paying lower CAPEX. Some unethical System integrators are offering low-quality materials and low quality to give the system within benchmark cost
Since 2019, India has been investing more in solar power than coal, for the first time in its history, since its inception. This is a huge development, especially in the Indian context, as brought to us by the International Energy Agency. The rise of solar power in India is augmented at present by the friendly government policies and subsidies in existence.
The arena of solar power is new and experiential, at the time, and the future is now, if you are looking forth to reap benefits, not only for yourself but also for your global community. While we wreathe and panic in the midst of a pandemic, and wait for a post Covid19 universe, we know we would suffer an economic recession that might take a good deal of ten years to deal with. What follows a recession in the economy is an inflation of prices. If you want to remain in business in the next ten years, while reducing energy costs and investment prices, your next best move could be investing in solar. Here are the top 4 reasons why energy experts believe the solar investment is a must:
- Stable Returns: Even with the economy in the grip of a recession, and incoming inflation, your solar investments are essentially lower risk and offers you stable returns that are long term and would keep coming even in an economy that’s directly related to inflation.
- Increasing Demand for Energy: With the economy all set to put itself back on its feet globally, we would see an overwhelming increase in the demand for energy consumption, which would lead to an increase in prices for conventional energy sources which are fossil fuel-based. The International Energy Agency predicts that solar power would be the most predominant source of energy by 2040, and before the prices increase, it might be a good option for you to invest, right at the start.
- Saving on Costs Long-Term: While the improvements in technology have proven to us that solar power investment might be a bit of a hick-up initially, we know from practice and research, that it is supposed to save energy costs enormously for us in the long run. The capital costs are likely to decline further by 15-30% in the next ten years, which spells a great promising market for your investment.
- Giving it back to the environment: With climate change being one of the top dangers lurking amidst us, we can no longer ignore the consequences it might have in store for all of us. Not only does solar power reduce pollution which is produced by the use of fossil fuels, but also it reduces carbon emissions. In countries especially like India, extreme air pollution is one of the biggest problems that we’re trying to battle with extremely low quality of breathable air. If we are not careful, the deaths might go up to cover 1.7 million people, by 2030. Hence, it might be a great option to shift to renewable sources of energy and saving the people around you as well as your loved ones from natural disasters.