How Going Solar Can Save Money and Boost Profits for Businesses in India
Numerous Indian businesses are turning to solar energy to cut costs, improve sustainability, and boost their brand reputation in response to the rising demand for energy. We will discuss the advantages of solar energy for Indian businesses and offer advice on how to get the most out of this renewable energy source in this article.
What is On Grid Solar Power System ?
Solar On Grid system is a system that works on reference voltage alongside the grid. It means it will work only when grid power is available & there are no batteries involved in this system. Solar On Grid System is also known as Solar Grid Connected System or Solar On Grid Rooftop Power Plant.
It means: If grid is available than during day time, solar on grid system will sync with grid & will generate power to run loads connected to the building. In this case, initially the load will run on Solar power and balance on the grid.
Let us understand with an example: Consider a residence with a connected load of 15 KW and a solar power plant of 10 KW.
Case 1: During day time at at point of time, when grid is available, solar is generating 10 KW and running load is 15 KW, it means at that time, import from grid is only for 5 KW.
Case 2: During day time at at point of time, when grid is available, solar is generating 10 KW and running load is 10 KW, it means at that time, import from grid is Nil. Meter is not running.
Case 3: During day time at at point of time, when grid is available, solar is generating 10 KW and running load is 4 KW, it means at that time, import from grid is Nil. In this case, balance excess 6 KW is flowing back to the grid, which can be noted by local electricity department only when net metering is done.
This means that any excess or deficiency of power can be fed to the grid through net metering i.e. bi-directional meter which saves the record for both incoming & outgoing of power.
There are Five Key Benefits of On Grid Solar Power System to Businesses in India. They are as follows:
Cost Savings from Solar Power
One of the most significant advantages of solar power for Indian businesses is cost savings. Businesses can significantly cut their energy costs by installing solar panels, which generate their own electricity. This can be especially helpful for businesses that use a lot of energy, like factories, hospitals, and data centers.
In addition, businesses in India have access to government subsidies and incentives for solar energy. For instance, the Ministry of New and Renewable Energy (MNRE) provides 30% subsidy on residential solar projects and GST Input & benefit of 40% accelerated depreciation can be claimed in commercial and industrial solar projects, which can assist in lowering the initial cost of installation.
Improved Corporate Social Responsibility and Sustainability
Going solar can also improve the sustainability of Indian businesses because it reduces their reliance on fossil fuels and their carbon footprint. Businesses that are committed to sustainable practices and corporate social responsibility may find this to be a crucial factor.
Businesses can also align themselves with the United Nations' Sustainable Development Goals (SDGs), particularly Goal 7: Clean and affordable energy This has the potential to boost their brand's reputation and bring in customers who are looking for businesses that care about the environment.
Increased Energy Reliability and Security
Another advantage of solar energy for Indian businesses is increased energy reliability and security. Even during power outages and grid failures, solar panels are designed to supply power continuously. Hospitals, banks, and data centers, among others, rely on an uninterrupted power supply, so this can be especially crucial.
Solar energy can also be used by businesses to supplement their existing power supply, reducing their reliance on the grid and guaranteeing a reliable energy supply. Businesses can benefit from this by avoiding losses and disruptions caused by voltage fluctuations or power outages.
Improved Return on Investment
Solar energy can help businesses in India get a good return on their investment (ROI) because it can help cut energy costs and make money from producing too much energy. Businesses can recoup their investment over time and earn money by selling excess energy back to the grid.
Solar energy can also help businesses save money on maintenance and improve their operational effectiveness. Solar panels, for instance, can last up to 25 years with minimal upkeep and provide benefits and savings over the long term.
Competitive advantage and spur innovation
Last but not least, going solar may be able to give Indian businesses a competitive advantage and spur innovation. Businesses have the ability to differentiate themselves from their rivals and boost their bottom lines by implementing cutting-edge technologies and procedures.
Additionally, solar-powered chargers, lighting systems, and appliances are examples of new products and services that can be developed by businesses using solar energy. Businesses may be positioned as leaders in the renewable energy sector as a result, opening up new markets and revenue streams.
In conclusion, solar energy has numerous and significant advantages for Indian businesses. Solar energy has the potential to support the success and expansion of businesses by lowering expenses, enhancing sustainability, enhancing energy security, delivering a favorable return on investment, and driving innovation. So, businesses that want to save money on energy and be more sustainable should seriously think about going solar and look into the various incentives and opportunities that are available to them.
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