Today, more and more companies are embracing solar energy than ever before. Going green and reducing their carbon footprint are the key reasons for this all-important shift.
Let us look at other factors contributing to this trend in our country.
Long-term planning leads to a greater return on investment (ROI)
The solar project installation cost has decreased considerably in recent years. In the long run, companies can enjoy a 40-70% decrease in their electricity bill. A well-maintained solar power system lasts about 25–30 years. The average time for the investment to pay off is 3 to 4 years, after which business owners can easily avail free electricity.
Organisations are tapping into the full potential of solar power by employing the services of professional and experienced solar energy companies in India. These companies possess the right technology and skills to position, install and maintain optimal performance and have the technological bandwidth to offer facilities like utilising solar automation software.
Cutting fuel dependency
With non-renewable resources such as coal and oil being limited in supply, the price of traditional power is likely to keep rising, especially in a growing economy like India. On the other hand, solar energy companies in India have witnessed substantial growth and reduced costs over the last decade. Not to forget, leveraging such renewable energy sources can increase sustainability for any business.
Role of the government
The government, primarily through bodies like the Ministry of New and Renewable Energy (MNRE) and subsequently the Solar Energy Corporation of India (SECI), has played a pivotal role in helping Indian businesses become one of the fastest adopters of solar power. The subsidies and incentives provided by the Jawaharlal Nehru National Solar Mission (JNNSM) since 2010 have positively influenced solar energy companies in India. Some of the key tax incentives that have contributed to the growth are the Accelerated Depreciation Benefit and Tax Holiday, announced under 80-1A in the initial years between 2010 and 2015, which have provided significant relief to solar developers by offering necessary tax breaks. (1)
Easy availability of land
In 2016, the MNRE Solar Park Policy introduced guidelines that facilitated state governments to identify large tracts of land with appropriate insolation levels and prioritise the use of government waste/non-agricultural land to speed up the acquisition process for setting up solar parks. One of the probable reasons for the record low tariff of INR. 2.44 was that the risk and uncertainty associated with the land acquisition were erased from the project cost of large-scale solar projects. (2)
Favourable climatic conditions (there are almost 300 sunny days a year across the country) and the easy availability of land have prompted many companies to adopt solar energy.
Low cost of labour
Low labour cost has allowed solar energy companies in India to employ many people, resulting in speedy project completion at the lowest cost. Solar energy companies in India have utilised affordable labour not only to offer consumers the lowest cost of power but also to create ample employment opportunities.
Nimbus Solar Solutions: Leading the way
Big companies have woken up to the fact that now is the right time to adopt long-term behavioural changes and energy efficiency, supported by advanced and innovative technology. Investing in solar projects harnesses the sun’s power effectively and re-energises the renewable-energy production business.
Nimbus Solar Solutions is one of the most prominent solar energy companies in India. As a brand that evokes trust, reliability and tremendous experience in the sector, it has played a significant role in the solar revolution in the country. Today, the group generously contributes to our flagging economy by guiding companies into taking the right decisions when it concerns their solar power needs.
For more details, visit www.nimbussolar.in
Sources:
1. Map Solar Group. [Online]. Available at: http://mapsolargroup.com/cheapest-producer-of-solar-power-india-4/
2. Economic Times. [Online]. Available at:https://economictimes.indiatimes.com/small-biz/productline/power-generation/how-india-in-a-short-period-of-time-has-become-the-cheapest-producer-of-solar-power/articleshow/70325301.cms?from=mdr
