Solar is an ideal investment than any other traditional investments. The returns are guaranteed in the form of savings ranging from 10% to 40% and more. The payback period of solar power plant is 3 to 4 years and the life of solar plant is 25 years. So one can earn out from this investment for almost 21-22 years.
There are multiple ways Solar Energy helps you save money. Going Solar also grants you aTax Benefit through Accelerated Depreciation. Additionally, a 30% of State or Central Subsidy is available to consumers who install Solar Panels.
As long as there is sunshine, solar energy can be deployed anywhere. This is particularly useful for remote regions with no access to any other source of electricity. There is a vast amount of people around the world with no access to electricity. Independent solar systems could be deployed in those regions and improve the lives of millions of people. Moreover, solar energy is also used to power up spacecrafts and boats.
At last not the least, with the use of solar energy we can save our environment. Solar energy has the least negative impact on the environment compared to any other energy source. It does not produce greenhouse gases and does not pollute the water. It also requires very little water for its maintenance,unlike nuclear power plants for example, needing 20 times more water. Solar energy production does not create any noise, which is major benefit, since a lot of solar installations are in urban areas.
Solar energy systems generally don’t require a lot of maintenance. You only need to keep themrelatively clean, so cleaning them a couple of times in a month will do the job. Solar panel manufacturers offer 25 years warranty and can be replaced free of cost if it stop performing. Also, as there are no moving parts, there is no wear and tear. The inverter is usually the only part that needs to changed sometime after 10-15 years because it is continuously working to convert solar energy into electricity. Apart from the inverter, the cables also need maintenance to ensure your solar power system runs at maximum efficiency. So, after covering the initial cost of the solar system, you can expect very little spending on maintenance and repair work
Sunlight hits a solar panel on the roof. The panels convert the energy to DC current, which flows to an inverter. The inverter converts the electricity from DC to AC, which you can then use to power your home. It’s beautifully simple and clean, and it’s getting more efficient and affordable all the time.However, what happens if you’re not home to use the electricity your solar panels are generating every sunny day? And what happens at night when your solar system is not generating power in real time? Don’t worry, you still benefit through a system called “net metering.” A typical grid-tied PV system, during peak daylight hours, frequently produces more energy than one customer needs, so that excess energy is fed back into the grid for use elsewhere. The customer gets credit for the excess energy produced, and can use that credit to draw from the conventional grid at night or on cloudy days. A net meter records the energy sent compared to the energy received from the grid.
When you have a rooftop solar system, it can often generate more electricity than you consume during daylight hours. With net metering, the homeowner is only billed for the “net” energy used each month, that is, the difference between the energy produced by the solar power system and the energy consumed by the house over the monthly billing period. When your house or business is net-metered, you’ll see the meter run backwards, and that means, depending upon local policies, you may get a credit to hedge against the electricity you use from the grid when it’s not sunny or at nighttime. You are then billed only for your “net” energy use.