Things to Know About Home Solar Electricity in 2020
By 2020, installing a solar electricity system for your home has become an obvious and smart decision. One of the biggest reasons is the significant drop in the cost of solar equipment, including panels, which has made the initial investment more affordable than ever before. Another major advantage is the government subsidy provided by the Government of India. In addition, various state nodal agencies also offer financial support depending on the region. For instance, residents in Special Category states like the North-Eastern states, Jammu & Kashmir, Uttarakhand, Himachal Pradesh, Sikkim, and Lakshadweep can receive up to 70% subsidies. For grid-connected systems that feed surplus energy back into the grid, the Ministry of New and Renewable Energy (MNRE) offers even higher subsidies—often exceeding the standard 30%. In addition to these incentives, there are also generation-based benefits available. These rewards are based on how much energy your system produces, making it even more financially attractive. Moreover, banks have been encouraged to treat solar installations as home improvement projects, allowing you to get a loan at the same interest rate as regular home loans. Many public sector banks have already communicated this policy to their branches, making it easier for homeowners to access financing. Getting started with solar isn’t complicated, though the subsidy process can sometimes take longer due to bureaucratic delays. The MNRE only provides subsidies if you purchase Indian-made solar panels. Once you choose a provider, they will assess your location and complete the installation within a few days. A leading vendor like Genus can guide you through the entire process and ensure you get high-quality, original equipment. Depending on panel efficiency, local weather, solar radiation, and roof angle, you’ll typically need about 10 square meters of shadow-free space for a 1 kW system. By calculating your appliance load, you can determine the right system size for your needs. If you don’t have enough space on your roof or if nearby structures cast shadows, ground-mounted options are also available. These provide flexibility without compromising performance. Before reaching out to a vendor, you might wonder how long it will take for your investment to pay off. The good news is that the payback period is relatively short compared to the 25-year lifespan of the system. Even if you move before the full payback, your property value will likely increase due to the solar installation. According to a study conducted in Madhya Pradesh’s metro cities, under typical conditions and with the 30% GOI subsidy, a 5 kW system can break even in 4-5 years, while a 3 kW unit may take 7 years. Without any subsidy, the payback period is still around 6-7 years. When choosing between off-grid and grid-connected systems, consider your specific needs. An off-grid system is ideal for areas with frequent power outages. It includes battery storage to supply power during cloudy days or at night. However, batteries add to the cost and require periodic replacement. On the other hand, a grid-connected system doesn’t need batteries. Instead, it uses the utility grid as a backup and allows you to sell excess energy back through net-metering, effectively acting like a bank account for your electricity. If you’re not ready to invest upfront, even with a short payback period, you can opt for a Renewable Energy Service Company (RESCO). They handle all the installation and maintenance costs, and you pay a fixed rate per unit based on a Power Purchase Agreement. The RESCO then benefits from selling any surplus power to the utility company. Whether you're looking for financial incentives, environmental benefits, or energy independence, going solar is a smart and practical choice. If you want more information, visit Genus today and start your journey toward sustainable energy. Life-size animated pumpkin man statue
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