Solar Energy Incentives & Rebates (2024)
Solar energy is a very efficient, green, & affordable source as compared to grid energy. Adoption of solar power is increasing due to lower upfront costs, and a reduction in the carbon footprint with clean and green sources of energy for the future. Now, It is the time to join the solar revolution and convert your Industry, Commercial Space, and Residential space into Clean, Green, and carbon-neutral.
Today, there is a need to understand some important points of Solar Energy incentives, as mentioned below:
Capital Cost :
The capital cost of a solar power plant can be recovered within 3–4 years, and for the remaining approx. 22–21 years, you can use zero cost with minimal maintenance.
Deprecation benefits:
If you are using solar for commercial use, then depreciation benefits (1st year 40%, 2nd Year 40%, 3rd Year 20% ) can be taken.
OPEX Model Benefits:
In the OPEX model with zero upfront cost, the purchaser will get green energy by paying 30-40% less than grid tariffs. It will not only reduce the burden on the power purchaser but also get an uninterrupted power supply at a fixed rate for the next 25 years.
Net Metering:
Net metering policies allow solar energy system owners to receive credit for excess electricity they generate and feed back into the grid. This credit can offset future electricity bills, effectively reducing the cost of electricity consumed from the grid.
Low-Interest Loans:
Some governments and financial institutions offer low-interest loans to finance solar power projects. These loans can help reduce the financial barrier to adopting solar energy by providing access to affordable financing options.
Schemes and Subsidy:
The government has launched subsidy schemes like the PM Surya Ghar Yojana for households, and the PM Kusum scheme for farmers & developers. Other schemes, like PM Kusum Components A & C, where farmers & developers sell solar power units to the government directly.
Before you install a solar power system on your premises, it’s important to understand its available models, schemes, subsidies, and government policy. At Sun Photonics, our commitment to customer satisfaction shines as bright as the sun. From the initial consultation to the installation and after-sale services, we are with you at every step to provide reliable, cost-effective, and high-quality solar services.
Ready to make your business more sustainable? Embrace solar power with Sun Photonics! Our tailored solutions cater to businesses of all sizes.
