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Increasing awareness and proven financial benefits of rooftop solar plants is making Indian residential consumers more inclined towards the use of solar energy: Bonafide Research

Growth of the solar industry over the last few years has been driven in large part byrising awareness towards the environment conservation and financial benefits of using green solar energy. Solar energy is available in abundant throughout the country and it is the cleanest energy source that can be used commercially with a small amount of initial investment, large government subsidy benefits and less years of return on investment, unlike wind energy. These perceived financial benefits have been driving strong growth of industry with solar rooftop installation on private, institutional and government buildings.Due to evolving preferences of Indian residential solar rooftop consumers, is seems possible to achieve the national solar mission target of 40 GW solar rooftop capacity by 2022. Preservation of environment is one of the most important subject in India and over the world. Energy source used so far all around the globe is majorly the fossil fuels that pollute the environment by emitting carbon dioxide. It was the need of hour to find an alternative source of energy that is renewable and present worldwide. Hydro and wind is one such energy source both having their own limitations and constrains. Solar energy is also one such renewable energy with overcomes most of those constrains and India is jam pecked with this renewable energy source. According to the NISE-Ministry of New and Renewable Energy total solar power potential of India is mammoth 748 GW. According to recently published report of Bonafide Research, "India Solar Photovoltaic Market Outlook 2022",India will be the home ofgigantic solar energy installed capacity with annual new capacity addition of 12-15 GW to reach its set target of 100 GW installed solar capacity to be installed by 2022 under Jawaharlal Nehru National Solar Mission. Out of the total target to be achieved under the mission, a share of 40%or 40 GW is to be accomplish through rooftop solar plant installations. Domestic, commercial and institutional sectors are being encouraged to install the solar panels at their facility. Various central and state government awareness programs and subsidies are enabled to encourage these installations. A subsidy of 30-40% is offered on solar panel installation on the rooftop. For residential consumers, the most attractive part of installing such solar panels would be not only the cost saving on traditional thermal based electricity but also it is a source of income. In a new tariff mechanism called net metering, based on the type of ownership of the rooftop solar plant, either self-owned, third part or on lease a roof basis, the owner can sell the energy generated from solar plant installed at their location to the electricity board or electricity grid. The total energy generated from the rooftop solar plant will be preliminary feed to fulfil the consumer’s load requirements. Any excess energy generated by the solar plant, say during the odd hours of afternoon, will be transmitted to the utility grid and the corresponding number of units transferred will be credited to the consumers net tariff. This is the biggest advantage of rooftop solar plants in addition to its low maintenance cost and early return on investment. The rooftop solar plant requires a very less initial investing, depending on the individual load requirements, and the return on that investment also pays off in less than 5 years. With decreasing global and hence domestic prices of solar photovoltaic modules, which are imported from outside India, mostly from china, the installation and overall cost of the rooftop solar plant is falling rapidly. With this, a lot of manufacturers and system integrators and linking in to the business across the nation. The per unit cost of solar energy in India fell as low as Rs. 2.44, lower than that of currently used traditional thermal based electricity. This encouraged many foreign and domestic investorsto invest in solar energy sector in India which has indirectly impacted the growth of rooftop solar plants installations. In all, people are now much aware about solar energy, its benefits and to use it as an alternative energy source over the traditional energy, hence there is a wide scope of business in this market which is certainly going to grow in forthcoming years. Major domestic companies operating in the solar photovoltaic market of India areVikram Solar Pvt. Ltd., Waaree Energies Pvt. Ltd., Tata Power Solar System Limited, Moser Baer Solar Limited, XL Energy Limited, Alpex Exports Pvt. Ltd., Renwsys India, Emmvee Photovoltics Pvt Ltd, Lanco Solar, Saatvik Green Energy, Kotak Urja Pvt Ltd, Goldi Green Technoligies Pvt Ltd, Surana Solar.


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