Blog

5 Financial Benefits of Solar Energy

One Comment

India has ample sunlight throughout the year. It means we can use solar energy for our electricity production. 

Solar energy is one of the safe, inexpensive and eco-friendly source of energy. Currently, around 1.4 million homes have a solar installation in India. Solar power can harness various financial benefits for your residential, commercial and industrial property. To list here are five financial benefits of solar energy.

1. Solar power is cheaper than the electricity grid.

Thermal energy production comes more costly contrarily than rooftop solar energy which offers a one-time investment for your property. Since solar technology has moved very far in India, it is sufficient enough to meet one’s daily consumption of electricity. A person can save money with the production of solar electricity at home. With the constant rise in the price of electricity, it is a better option available to consumers for their electricity needs. Developing countries like India offer a good amount of Return on Investment with better financial security to the homeowners.

Related Read: 7 Reasons Why Solar Panel is Good for Your Home

2. Increase in property value:

In addition to huge saving benefits, getting a solar installation can offer a benefit of an increase in property value. Therefore, while selling, leasing, or renting the property can give you the advantage of claiming a better cost in return. Solar installation can last long up to 30 years where a person can enjoy saving benefits on hefty electricity bills.

3. Energy Independence:

Even though India today may be called as sufficient energy developer but in reality, the lack of proper infrastructure can result in a power shortage in many remote as well as urban areas in the country. Solar installation can offer an independent structure of energy to your property without spending tons of money on traditional power grid lines.

4. Government Incentives:

Those who wish to go for solar panel installation can avail the sector loan of amount 10 lakhs from nationalized banks. The current policy of the Ministry of New and Renewable, the central government offers 30 per cent of the installation cost for the rooftop PV system. Both the central and state government provides a subsidy to the people installing rooftop PV system because it encourages people to adopt the renewable sources of energy for their homes and cut their electricity bills into half the amount. Some states which come under special categories such as Uttarakhand, Sikkim, Himachal Pradesh, Jammu & Kashmir get a subsidy of 70 per cent for installation cost. These schemes are available only for residential, institutional and social sectors.

5. Tax benefits:

Investors in the solar installation are eligible for accelerated tax depreciation during their financial year in which the installation has taken place. Besides these benefits, income from solar energy can be exempted from tax for the next 10 consecutive years. This provision can vary from state to state.

Need any more reasons to go for solar? Contact us today to get a free solar panel installation quote or call us at +91 772-199-4477 or visit https://galaxysolarenergy.com.

Blog

What is Net Metering and How it Works?

No Comments

The concept of Net Metering holds importance because it works as an incentive for both – the supplier and the consumer. Through this process, Grid receives surplus power generated by the consumer. Other consumers connected to the grid receive this excess power for their consumption. This process of sending the excess energy to the power grid is commonly referred to as Net Metering all over the globe. The solar panel owners first consume the electricity that is being produced by the solar panel. Excess energy produced is then pushed back to the power grid. Other houses connected to the grid, use this power for their consumption.

With the constant rise in energy prices, it is a wise decision to switch to Solar Rooftop panel at your home, office or anywhere the sunlight falls. The net metering system was initiated in India as a course of action to make distributed renewable energy more accessible and economical for consumers across India. It works by considering the difference between the export of power generated by the consumer’s rooftop panel, and the import of power from distribution companies. Consumers then compensated for the surplus power generated at a price determined by their respective state net metering policy. The Net Metering system is the most common solar metering system in India. In this metering system, the distribution panel and solar inverter are mounted together for converting the DC to the AC. Additional to that a bi-directional meter to measure the exported and imported electricity.

 

Let us explain to you how the Net Metering works:

Your Solar Installation will generate the most power during the daytime. This is the time when your home uses less amount of power. Other homes connected to the grid use this excess energy.. In return, You receive a credit for the power that you share with the grid. In fact, your Bi-directional meter will show reverse reading to reflect your contribution.

Related Read: 7 Reasons Why Solar Panel is Good for Your Home

During the evening, panels create no power and your home consumes a considerable amount of power. At this time, your home will need to get the energy from the power grid lines. The installed Bi-directional (Net) meter moves forward again, counting the amount of electricity in which your home is consuming. At the end of the month, you receive a credit if you contribute more energy to the grid than your consumption.

This scenario is more common in the case of warmer months, for instance in summer where the longer days and higher solar insolation levels let your solar installation for producing more power. For those months where your home consumes more electricity from the power grid than you contribute, you will only pay the net difference amount between what you contribute to the power grid and what your house has consumed. This is how the Net Metering system works.

Interested in reducing your electricity bills?

Let us give you the right solution for your home. Contact us today to get a free solar panel installation quote.

Blog

Understanding the Two Solar Business Models: CAPEX & RESCO

One Comment

Solar Energy is one of the most reliable sources of renewable energy available to us today. The world is currently racing to make this technology widespread, especially with the ever-looming threat of global warming. Renewable energy, which has minimal to none carbon footprint, is essential to make our world and our environment a better and healthier place to be in.

The government of India is encouraging every Indian to opt for clean and green solar energy. To promote convenient adoption and use of solar energy, public and private sectors have been informed by the Ministry of Finance to offer a loan at the minimal interest rate for encouraging Solar Ideology to every home, business, office, and other places. It is vital for the customer and investor that they choose the right business model to minimize the risk and maximize the Return on Investment.

There are two Solar Business Models in India, and both models have their pros and cons. It all depends on your objectives. An in-depth analysis is very important to find out which solar business model is suitable for your business. As per the project size, investment amount, and different financial needs, two solar business models are followed in India.

1. CAPEX Model.

It is the most common model form of the solar power plant business model in India. In this model, the customer generally hires a solar EPC (Engineering, Procurement, and Construction) company that provides the installation of the entire solar power system and hand over access to the consumer. One of the major advantages of this model is that the customer is eligible to claim the accelerated depreciation to gain tax savings from the government.CAPEX Business Model

Highlights:

  • Allows Residential, Industrial, and Commercial to own the system.
  • The customer sets up the rooftop solar project with the intent to reduce his power costs.
  • The customer bears the entire capital expenditure of the project.
  • The customer gets benefit by selling the surplus power generated to the DISCOM.
  • The gains from tariff savings accrue to the roof and solar power plant owner.
  • Commercial & Institutional clients can also claim the accelerated depreciation.
  • EPC also performs the annual operation and maintained (O&M) of the plant on mutually agreed cost per annum. 

       

2. RESCO Model.

Renewable Energy Service Company is an energy service company which provides energy to the customer from renewable energy sources usually from Solar Photovoltaic, Wind Power or Hydropower. RESCO about pays as you consume electricity. Since it is operated and maintained by the RESCO, it carries a longer production run than the CAPEX model.Highlights:

  • Solar Power Plant is owned by the RESCO and ENERCO (Energy Company).
  • The customer service does not own any rights on the solar energy system.
  • Customers have to sign the Power Purchase Agreement (PPA) with an actual investor at a mutually agreed tariff and tenure.
  • The customer only pays for electricity consumed as per units for power basis.
  • RESCO developer is responsible for its annual operation and maintenance.
  • RESCO gets the benefit by selling surplus power generated to the DISCOM.

Contact us today to get a free solar panel installation quote.

Blog

7 Reasons Why Solar Panel is Good for Your Home

No Comments

In urban and rural India, many homes are switching to this clean energy for various reasons which give them ample benefits which we will be discussing in this blog. There is nothing wrong with switching to a better option for energy production other than the traditional grid system. Most of the people are aware that solar is a home efficient upgrade and eager to reduce the carbon footprints from their surroundings.

In terms of economic, environmental and personal, Solar Installation carries various benefits and let us give you some insightful reasons why solar energy is good for your home.

1. Drastic change in the electricity bill.

It doesn’t matter if you are a homeowner, business or a non-profit organization, the electricity bill can take up a large portion of your expenses. With having Solar panels at your rooftop, you can save up to 60% amount in your electricity bill. Also, you’ll be generating the electricity for free for the next 25 to 30 years without being dependent on the electricity grid.

2. Less maintenance cost for solar panels.

Solar panels don’t have any moving parts which remove the chances of wear and tear of any parts. Therefore it involves fewer maintenance costs. Solar panels are meant to be tested to withstand high winds and extreme weather conditions which makes them so durable and long-lasting.

3. Earn a great return on investment.

Solar panels are not the expense; they are the best investment for the future. Net metering policy in India allows you to sell your excess generated power to the government. Tariff of this excess power is different in different-different states. Please refer to your state net metering policy.

4. Increase your property value.

Due to recent estate reports, it has been noticed that the houses or any place with an installed solar panel system gets higher property values and sell more quickly than non-solar homes. Those who are looking to sell their place with solar installed can enjoy this option while calculating their property value.

5. Protection of the environment.

Solar is an excellent way to reduce your carbon footprint. A typical residential solar panel will eliminate three to four tons of carbon emissions each year—the equivalent of planting over 100 trees annually.

6. Be independent for your electricity consumption.

One of the best advantages of having a solar panel at your home is you don’t have to be at the mercy of utility providers. The electricity board raises their cost at any point in time, but you won’t be affected because you produce your solar electricity.

7. Be futuristic.

Technology is changing day by day, and if you are upgrading with it, then nothing is better than that. Many reports have stated the fact that it is going to be the ‘Solar age’ ahead of where every gadget will going to be with Solar cells. Now it is up to you whether you be in a traditional way or welcome the future with open arms.

We hope you got the idea why Solar panel is good for your home. Contact us today to get a free solar panel installation quote.

Blog

What is Solar Panel and How Does it Work?

No Comments

Solar Energy is one of the biggest booms worldwide known as ‘clean energy’ and is available in abundant quantity. Our sun is a natural nuclear reactor that releases a packet of energy called photons that travel to millions of miles away from the sun to the earth in about 8.5 minutes. Every hour, enough photons reach and impact our planet to generate solar energy for our household and commercial purpose.

Solar Panels are the devices that absorb the sun’s rays and convert them into electricity or even heat for that matter. It is a collection of solar or photovoltaic cells, which can be used to generate electricity through a photovoltaic effect. The cells are arranged in a grid-like pattern where they store and convert the energy. We can all have ample benefits by tapping into this resource, but the real question arises – How do rooftop solar panels work?

Sun releases atom in the atmosphere where the solar rooftop attracts these atoms and separate electrons and atoms. Photons are particles of light. The process of separating the photons from their atoms produces solar electricity.

Let’s have a look at how solar panels work:
Step 1:

Solar Panel collects sunlight where the photovoltaic (PV) cells are installed. PV cells take photons and convert them into electricity. It produces the Direct Current (DC) electricity, but DC power can’t power your home on its own. That’s where the Solar Inverter comes into the picture.

Step 2

Solar Inverter helps in converting the type of current. The most important thing to know about the solar inverter is it converts the Direct Current (DC) into Alternating Current (AC). This can be useful for the power to be used at your home.

Step 3

Solar Electricity then passes through Net Meter, which makes it more suitable for the application of your home. In some cases, where the solar panel is not producing enough electricity for the usage of your home, there Net Meter helps you to get electricity from the traditional electricity grid in your area. It also keeps track of the solar electricity units produced as well as consumed by your house and sent back to the electricity grid. 

Step 4:

If your solar energy produces more than it consumes, the net meter sends the excess energy back to the electricity grid. You get a concession for providing the electricity to the grid in your next month’s electricity bill as per the agreement between you, your solar provider, and energy company in your area. Solar Panel generates electricity when the sun is up and shining, but we use electricity most during the night time when we are not producing solar power. That is why you should stay connected with your electricity grid.

That’s how the Solar Panel works. Interested in going Solar? Galaxy Solar offers you some really good deal and professional service for your residential, commercial, and industrial solar installation. 

Contact us today to get a free solar panel installation quote.

Blog

5 Benefits of Solar Energy to the Environment

2 Comments

Solar Energy is a safe solution for everyone, including homeowners and business owners. It is an affordable, clean, and sustainable way to generate electricity for the place. Nowadays, many people are switching to solar energy solutions for their homes, workplace, factory, and many more places. The reason is it helps in reducing the cost of electricity and carbon footprints in the environment.

If you are thinking of switching to solar rooftop system in your home or at your workplace, now is the time, and we’ll give you the benefits of having solar energy in your surroundings.

1. Solar solution is the best investment.

If you are struggling with heavy loads of electricity bill at your place, solar power solutions can offset your cost of electricity. Solar rooftop panels offer year-round efficiency in producing electricity from the sun and converts into electricity for your household purposes. Depending on the size of solar panel and orientation relative to the sun, a solar panel produces more electricity than your household consumes. Most of the electricity rates are rising nowadays, but due to solar power solution, the person can pay predictable rates for the next 25 years. It is the best investment you can do for your place!

2. Solar rooftop panels have diverse applications.

Due to Photovoltaic cells and solar thermals in solar panels, it can produce electricity even in the areas where the electricity is limited or none. It can be beneficial for various purposes, e.g., if you own a water distillation plant and the electricity grid is making a heavy hole in your pocket, You can easily switch to solar solution for your need for electricity. By installing solar panels, you can gain energy independence.

3. Solar energy reduces green gas emission.

Electricity generated by fossil fuel has more green gas emission, which leads to rising global temperature levels and climate change such as extreme weather events, rising sea levels, and disturbed eco-system. By choosing solar power, the person can reduce the greenhouse effect and shrink the carbon footprint in the surroundings.

4. Solar power is plentiful energy.

The solar energy from the sun harness in all areas of the world, and it is available every day. We cannot fall short of solar energy, unlike other kinds of energy. It will be accessible energy for all as long as the sun lives in our solar system.

5. Solar Solution requires less maintenance cost.

Solar rooftop panels generally don’t require much maintenance. It just requires cleaning and periodic service to keep the smooth working going on. There are many solar system service providers available who can give you the right service to your solar panels. As there are no moving parts, it has no problem with wear and tear. Only the inverter needs to be changed every 5 to 10 years, depending upon their working conditions. It is a one-time big investment in setting up the Solar power solution; later on, you need to sit back and relax from heavy electricity bills.

Hopefully, we gave you some factual benefits which can change your way towards green energy. Contact us today to get a free solar panel installation quote.

Posts navigation