Are Solar Panels Worth the Investment? (2024)

Lately, there’s been a significant focus on green and sustainable forms of energy. The government is actively encouraging the use of renewable energy sources such as solar, wind, and hydro thermal energy.

Many individuals are making the transition to solar power by installing solar panels on their homes. Doing so can decrease your electricity costs and be a smart long-term investment. The government has set a goal of installing nearly 100 GW of rooftop solar panels by 2022.

The primary concern with solar panels is whether the investment is worthwhile. The answer is unequivocally yes. Solar panels offer numerous advantages beyond electricity cost savings. They are both cost-efficient and reliable, making them a wise investment if you choose reputable installation companies.

Should you install Solar Panel in your home?

We spoke about the different benefits of Installing Solar Panels in your home, now, let’s talk about whether installing a solar panel for your home is the right choice.

Solar Panels is a good investment for you if your home meets the following criteria:

• Receives a lot of sunlight- If your house is located in an area that receives a lot of sunlight, a solar panel will be a great investment for you that is the reason. Karnataka is the top solar state in India. If your house is surrounded by a lot of trees and shade, solar energy won’t be too efficient for you.
  
• Proper space on your roof- If you want to install solar panels in your roof, you require a roof with plenty of space, clear of any chimneys or other fixtures. You can install a smaller system to compensate for your limited space but, smaller systems are usually expensive than the normal ones. It would be difficult to install solar systems on roofs with steeper slopes, it would be more expensive and would require high labor costs as well.
  
• High electricity bills- High electricity bills are probably one of the major reasons for shifting to solar energy. The amount of money invested in solar panels will be less than half of your electricity bill. If electricity bills are one of your major concerns every month then, installing solar panels should be your next step. According to a recent survey, a solar rooftop installation can reduce 80-90% of the electricity bill every month, also an A5kW system can generate around 600 units and save Rs. 4,200 per month.

• Not enough sunlight- Solar energy in simple words is Solar energy is simply the light and heat that comes from the sun and if your house is situated in a shady with a lot of trees or buildings around, Solar panels may not be the right fit for you.
  
• Steeper Roof- To install solar panels, you require a huge space. Small solar systems are quite expensive when compared to huge ones. Older or historic homes usually have a steeper roof and are not the perfect fit for installing solar panels.
  
• Ineligible for incentives and rebates- Most municipalities and utility companies offer incentives and various subsidies on solar technology. If your local government does not offer any incentives or subsidies, a solar investment may not be the right choice for your home.
  

1) Suitable for Indian Climate-

Solar panels not only require ample area for installation, but they also require enough sunlight to convert them into electricity. India is luckily situated in an area that receives sufficient sunlight.

2) Low maintenance and no additional costs-

Installing a solar system is a one-time cost and does not require any additional cost apart from the usual maintenance cost. Solar panels require very little maintenance at a very low cost.

They often come with a service life of 20+ years with proper maintenance making it a great solar power return on investment. The ROI on solar is comparatively higher than other forms of sustainable energy. Solar promises an ROI of 20-30%. With attractive ROI and longer payback periods, it is one of the safest forms of investment.

3) Long term financial benefits-

Solar systems are a long-term investment that is modern and sustainable. Solar systems usually come with a service life of more than 20 years with proper maintenance. They are a clean, sustainable source of energy and will help you to cut down your electricity costs in the future.

Solar promises an ROI of  25-30%. Investing in rooftop solar is one of the safest investments as it promises attractive paybacks; with a payback period of 3-5 years.

Solar panel systems come with many advantages, but they can only be realized with the guidance of a reliable solar specialist. A 5 kW solar panel system translates to saving 7.3 tons of carbon dioxide annually.

If your house satisfies the conditions listed earlier, opting for a solar system is the correct decision for you. Choosing solar for your home is a move forward towards a clean, sustainable, and financially beneficial future.