In 2024, people are shifting to renewable energy sources, considering the importance of energy sources. Thus, it becomes essential to gain insight into the cost of rooftop solar installations. Prime Minister Narendra Modi targets his new scheme to improve the usage of solar energy across the country. It restores faith and enthusiasm about the affordability and availability of rooftop solar installations.
PM Modi’s recent scheme rapidly increases the installation of rooftop solar power plant in residential, commercial, and industrial sectors. The scheme provides several subsidies, and financial support, making the rooftop solar power plant more affordable and convincing for customers. The scheme seeks to bring down the costs of installation and increase the number of people adopting solar energy.
Know more about Prime Minister Narendra Modi’s recent scheme: Pradhan Mantri Suryodaya Yojana
The cost of Rooftop solar power plant depends on the following factors:
1. System Size: The cost of Rooftop solar power plant is primarily affected by the size of the plant. Bigger plant systems with higher power tend to be more expensive than smaller plants with less capacity.
2. Equipment and Components: The cost of Rooftop solar power plant directly depends on the cost of panels, inverters, hardware etc. The biggest impact that PM Modi’s scheme brings is the reduction in the cost of solar components and equipment. This scheme focuses on the domestic manufacturing of solar panels, inverters, batteries, etc which reduce their cost and transportation charges.
3. Installation Costs: The cost of rooftop solar installation depends on the complexity of the project, roof type, labor costs, etc. The labor cost is affected by the local labor rates in the area. The expenses for obtaining the permits, inspections, and connection with the grid are also included in the installation cost.
4. Roof Condition and Orientation: The state and positioning of the roof will significantly affect the cost of Rooftop solar installation. Primary expenses include the structural modifications or new construction which is required to support the weight of the solar panels. Roof orientations and shade also have an impact on energy production.
5. Location and Regulations: The geographical location of the project site plays a significant part in the cost of rooftop solar installations due to the variability of solar radiations, weather conditions, and local regulations. Tax credits, rebates, and net metering policies provide strong incentives for the cost reduction and financial feasibility of solar projects.
6. Enhanced Financing Options: Rooftop solar power plant installations can be increased by paying attention to customer-friendly solar leasing, PPAs, green bonds, etc. Through these customers can build solar panels on their roofs without upfront costs. Under this scheme, they make their payments in a constant flow.
7. Maintenance and Operation: Apart from the installations, the closures and the laying of the pipes, upgrades, cleaning, and repairs of the system etc. all these also add to the cost of the system throughout the lifespan of rooftop solar power plant. These expenses should be included in the complete costs of planning the project and they should be made public to the customers at the starting point.
8. Financial Incentives and Subsidies: Under the new scheme, the government will reward and offer subsidies to rooftop solar installations. Capital support, interest-free credits, tax waivers, etc are some other offers provided by the government through this scheme. These types of incentives could make a solar panel installation even lower than the initial investment.
The final costing of rooftop solar power plant:
The final estimated price of a rooftop solar power project can be calculated by professional solar contractors who already have enough experience or by electronic solar calculators considering all the factors like system size, solar production factors, roof characteristics, and financing options.
Know more: Rooftop Solar Panel Subsidy in India
Under PM Narendra Modi’s new scheme the installation cost of rooftop solar panels has undergone a massive drop and revamp. This scheme provides financial support, reduces equipment costs, easy and rapid regulation process along with easy access to the scheme. This scheme has increased the affordability, accessibility, and popularity of rooftop solar power plant. Through the use of solar energy, India aims to have a sustainable future and reduce carbon footprints.