SAVINGS WITH SOLAR

Understanding Savings on Solar Energy: In-depth analysis.

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Figure here is a graphical representation of comparison between expenditure/earning on electricity consumption with or without Solar Installation.

SAVINGS WITH SOLAR

We have compared a case of one consumer spending money on installation of solar rooftop power plant on his roof and generated solar energy offsets some of his electricity bill and the rest of the bill he pay from his pocket and another consumer who invests equal amount of money at interest rate of 8% per annum and pays his bills out of this corpus monthly instead of spending money on installation of solar energy. Example shown above is for installation of 3kW Solar Rooftop Plant without considering subsidies. Comparison is drawn of financial journey for a period of 300 months (or 25 years -accepted lifespan of solar panels) duly accounting for drop in efficiency of generation with time.

Explaining the Financial Journey

Case-A (without switching to solar energy)

Cost of installation in above example for a 3kW solar power rooftop plant is take as 1.80 L. Hence consumer A starts his journey with positive corpus of 1.8L in his hand and invests this money for an annual return of 8% and continues to pay his monthly bill of 350 units per month from his pocket. His journey is represented by Green Line in the graph where his corpus continues to fall for 25 years. His total spent on this journey is about 14L in addition to his initial corpus of the  1.8L. 

Case-B (After switching to solar energy)

Consumer-B utilizes that same initial corpus of 1.8L for installation of Solar Power System on his roof. Assuming that person is living in Gwalior, Madhya Pradesh average energy generation is 4 units of power per day per 1kW of solar capacity installation. Hence his daily power generation is 12 units resulting in monthly power generation of 360 units. This is about the same capacity as his average monthly electricity bill. Consumer-B has to pay electricity charges after some years due to drop in efficiency of solar panels which has been taken into account. He has to pay overall about 4L including his initial cost of solar installation His financial journey is represented by Yellow Line in the graph.

Conclusion

As it is apparent from the comparison above, consumer-B had to spend a lol less to meet his electricity requirement throughout the period of 25 years. His Savings are represented by Orange Line on the graph leading to a total savings of more than 10L during this period. He managed to save a huge amount of money in terms of energy consumption in addition to doing something for the environment. He manages to offset 4kg of CO2 emission on every 1 unit of electricity generated by solar panels. Become a wiser consumer with installation of solar installation on your rooftop and save huge amounts of money.

 

NOTE – Above analysis is representative actual numbers may vary depending upon several factors 

3 things you need to know about solar financing in India.

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Know more about solar financing.

Solar financing is easier way of getting started with solar energy without delay, let's discuss key aspects -

Switching to solar energy can be a big step for Indian homeowners, but the initial cost often holds many back. According to a survey, the main reason people hesitate to go solar is because it can be expensive upfront. But there's good news! There are ways to finance solar panels that can make it easier for you to make the switch and start saving money on your energy bills.

First, let's talk about buying solar panels with cash. This means you pay for the panels all at once, without taking out a loan. It's great because you don't have to worry about paying interest, and you can take advantage of tax credits and other benefits. But for many people, coming up with the money to buy solar panels outright is tough.

That's where solar loans come in. These work like any other loan—you borrow money from a lender to pay for the panels, then pay it back over time. There are different kinds of solar loans, some where your home is used as collateral and others where it's not. The downside is that you'll have to pay interest, but the good part is you'll own the panels and can get tax credits.

Another option is a cash-out refinance or a Home Equity Line of Credit (HELOC). With these, you borrow against the equity in your home to pay for the solar panels. They can have lower interest rates than other loans, but if you can't pay them back, you could lose your home.

Lastly, there are solar leases and Power Purchase Agreements (PPAs). These are like renting solar panels instead of buying them. You pay a monthly fee to use the panels, and the company that owns them takes care of maintenance. The downside is you don't get tax credits, and you might have to pay fees if you want to end the lease early.

So, which option is best for you? It depends on your budget and how long you plan to stay in your home. If you can afford it, buying solar panels with cash is usually the best choice. But if you need to finance, look at all your options carefully and choose the one that works best for you.

Switching to solar energy is a great way to save money and help the environment. With the right financing option, it's easier than ever to make the switch and start enjoying the benefits of solar power!

You can also switch to solar with solar loan, contact us for consultation and we will guide you through the entire process. 

SPVRT Capacity Chart

How to determine capacity of Rooftop Solar Installation required for my house/ business?

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What capacity of rooftop solar you need to completely offset your daily electricity consumption?

We have tried to explain in simple terms, how the output of Solar Installation is calculated and produces a general guide to help consumers determine required capacity of rooftop solar for their home -

Centrally located Madhya Pradesh (MP) is the second largest (308.25 km2) and the sixth most populated Indian state (72 million as per Census, 2011). The average annual per capita power consumption of MP is 739 units against the Indian average of 1010 units (both 2015 values). The average annual per capita income was Rupees 56,182 against the Indian average of Rupees 103,219 in 2016–17. MP has high solar potential of 300 days of sunshine along with high solar insolation of 5.5 kWh/m2/day.

If you are an average middle class household in Madhya Pradesh then potentially your monthly electricity consumption is not more than 739 units i.e. 739kWh per month. 

Assuming your monthly electricity consumption is 750 kWh then you need to install about the same capacity of a solar power plant so that it completely offsets your entire energy consumption for the year. Now, as per statistical data, Madhya Pradesh receives about 300 days of sunshine in a year along with high solar insolation of 5.5kWh/m2/day. 

Let’s calculate the yearly consumption of your household i.e. 750 kWh per month X 12 month per year = 9000 kWh per year or 9000 units per year.

Assuming you have done your fair share of research and know about different types of solar PV Modules available in the market, you know that Monocrystalline PV Modules are high efficient modules used for domestic rooftop or small commercial rooftop systems. These modules have efficiency of 18-21 %. 

Let’s be conservative here and assume that the solar PV Modules are giving you an efficiency of 18% (which is a considerable underestimation for Monocrystalline PV Modules). 

Total energy that can be generated in a 

year per m2 of Solar Power Plant = 5.5 kWh/m2/day *300 clear days per year * efficiency

= 5.5 x 300 x 0.18

= 297 kWh/m2/year

Hence, total area that will be required to completely offset your energy consumption will be = 9000/297

= 30.30 m2

Hence, capacity of Rooftop Solar Plant = 1 kW/m2 x 30.30 m2 x 0.18 

= 5.45 kW

Conclusion: 

 If you are a middle class household with average electricity consumption, all you need to do is install a rooftop solar plant of 5.45 kW capacity to completely offset your energy consumption and boast of not contributing to global warming. 

To make your task easier, we have produced below a chart for determining the suitable capacity of a rooftop solar power plant/ installation for your home. Just read the value corresponding to your average monthly units of electricity consumption. It is advisable to determine the average electricity consumption by average last 12 month's electricity bills.

 

Solar in Gwalior - solarmeter a solar panel installation service

Note - Values produced below are reached after some reasonable assumptions and are derived for Madhya Pradesh, actual output may vary depending upon several factors such as location, efficiency of PV Modules, time of the year etc. It is always better to receive consultation from installation professionals.

To get free consultation from Solarmeter.in click here

How Major Solar Power plants are accelerating growth of renewable energy in India.

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Major Solar Power plants of India - Introduction

India is rapidly emerging as a global leader in solar energy deployment, with numerous major solar power plants contributing significantly to the country's renewable energy capacity. Here are introductions to some of the major solar power plants in India:

  1. Bhadla Solar Park, Rajasthan:
    • Bhadla Solar Park, located in Rajasthan's Jodhpur district, is one of the largest solar parks not only in India but also globally. It covers an extensive area of over 14,000 acres and has a total installed capacity exceeding 2,245 MW. The park is a testament to Rajasthan's favorable solar irradiation levels and conducive regulatory environment for solar energy development.
    • Bhadla Solar Park consists of multiple solar projects developed by various public and private sector entities, including Adani Green Energy, Azure Power, and ACME Solar Holdings, among others. These projects utilize both photovoltaic (PV) and concentrated solar power (CSP) technologies to harness solar energy efficiently.
    • The park plays a crucial role in India's renewable energy transition, contributing significantly to the country's ambitious target of achieving 175 GW of renewable energy capacity by 2022 and 450 GW by 2030. It also facilitates job creation, attracts investments, and strengthens Rajasthan's position as a key player in India's solar energy landscape.
  2. Kurnool Ultra Mega Solar Park, Andhra Pradesh:
    • Situated in the Kurnool district of Andhra Pradesh, the Kurnool Ultra Mega Solar Park is one of the largest solar parks in India, covering approximately 5,932 acres of land. The park boasts a total installed capacity of 1,000 MW and comprises multiple solar power projects developed by leading renewable energy developers.
    • The Kurnool Ultra Mega Solar Park has been pivotal in promoting sustainable energy development in Andhra Pradesh and reducing the state's reliance on conventional fossil fuels. It has attracted significant investments, fostered technological innovation, and created employment opportunities across the solar value chain.
    • The park's strategic location, abundant solar resources, and supportive policy framework have positioned Andhra Pradesh as a frontrunner in India's solar energy sector. It serves as a model for other states seeking to leverage solar power to meet their energy demands and address climate change challenges.
  3. Pavagada Solar Park, Karnataka:
    • Pavagada Solar Park, located in Karnataka's Tumakuru district, is one of the largest single-location solar parks in the world. Spanning an area of approximately 13,000 acres, the park has a total installed capacity exceeding 2,000 MW, making it a key contributor to Karnataka's renewable energy goals.
    • The Pavagada Solar Park has been developed in multiple phases and hosts solar projects implemented by various developers, including ACME Solar Holdings, Tata Power Renewable Energy, and Fortum India, among others. The park's successful development underscores Karnataka's commitment to promoting clean energy and fostering sustainable development.
    • Pavagada Solar Park has not only bolstered Karnataka's renewable energy capacity but also contributed to job creation, rural electrification, and socio-economic development in the region. Its establishment reflects Karnataka's proactive approach towards embracing renewable energy technologies and transitioning towards a low-carbon future.
  4. Rewa Ultra Mega Solar Park, Madhya Pradesh:
    • The Rewa Ultra Mega Solar Park, located in the Rewa district of Madhya Pradesh, is one of the largest single-site solar parks in India. It covers an area of approximately 1,590 acres and has a total installed capacity of 750 MW. The park consists of three solar generating units developed by leading solar energy companies.
    • The Rewa Solar Park gained international attention for hosting one of the world's lowest solar tariffs at the time of its auction. It exemplifies the competitive pricing and economic viability of solar power in India's energy landscape. The park's successful implementation reflects Madhya Pradesh's commitment to renewable energy and sustainable development.
  5. Charanka Solar Park, Gujarat:
    • Charanka Solar Park, situated in the Patan district of Gujarat, was one of the first solar parks to be developed in India. It covers an area of approximately 5,384 acres and has a cumulative capacity of over 790 MW. The park hosts several solar power projects implemented by various developers, including Gujarat State Electricity Corporation Limited (GSECL) and private sector entities.
    • Charanka Solar Park is renowned for its innovative solar energy initiatives and efficient use of renewable resources. It has significantly contributed to Gujarat's renewable energy capacity and helped the state emerge as a leader in solar power generation in India. The park's success has inspired similar solar initiatives across the country, fostering the growth of the solar energy sector.

These major solar power plants exemplify India's remarkable progress in renewable energy deployment and underscore the country's transition towards a cleaner, more sustainable energy mix. Through continued investments, innovation, and policy support, India aims to further accelerate the adoption of solar energy and achieve its ambitious renewable energy targets in the years to come.