Why On-Grid Solar System is a Great Choice for Home?
For some time, solar energy has become one of the most affordable, dependable, and financially viable sources of energy. Most people are aware of the ‘Eco-friendly’ benefits of solar energy; however, there are other interesting financial rewards associated with solar energy, which are motivating people to replace traditional coal-powered electricity with solar electricity as well. Solar power/energy requires an initial investment where you’ve to purchase a solar system and install it on your home or business property. However, after the initial investment, The whole scenario becomes a lifetime of savings option with lowered energy bills and increased property value. Here are some points that make the solar on-grid solar system a great choice for home:
It offers Instant Savings
These days with new and advanced technology growing faster than ever, the question is not if solar electricity saves money, but how much money does it save. Because of solar panels generating utility-free electricity along with government incentives, you’ll observe your bills plummeting down and savings rise up. Whether you have purchased the solar system using cash or a loan, the solar electricity bill will definitely be less as compared to a traditional utility bill. In fact, you may save money instead of spending money on buying energy.
Every month you’ll experience small energy bill savings, which will add up quickly over a certain period of time. Depending on whether it is cash or loan purchase, those savings will be observed immediately or add up to something big over time.
Everyone experiences different savings, because of the difference in location, sun exposure, and many other factors that affect the solar energy generated. While some may get 30% savings, there may be lucky ones who make 100% savings.
Long term Savings
When a customer invests in a solar on-grid system by UTL Solar, their investment will promise them a return every month. Now, the generated energy from the solar panels leads to a possibility that you don’t have to pay the utility company at all. Not only do you accumulate energy, but it will be credited to your account, proper accounting and adjustment will be done in the form of import/export and banking.
This clearly leads to the fact that whatever is generated extra, that will be adjusted in your peak demand, if there are some extra credit units in your account, it will be paid according to the FIT rates of that year.
This ultimately means that apart from savings you may earn something for the extra units your solar system has generated. So, basically, you will be paid for the extra units sold to DISCOM.
This advantage is given to promote the usage and application of the solar on-grid system in the industrial/commercial segment. 40% AD (accelerated depreciation) can be claimed for the installation of these systems. This facility ultimately affects the tax payment.
Apart from these benefits, there are some other benefits as well such as low gestation period, decreased transmission and distribution losses, improvement in the tail-end grid voltages and reduction of system congestion. Integration of the solar system leads to long term energy and ecological security because of reduction in carbon emission. It has minimal technical losses as power consumption and generation are collocated.