Rooftop solar panels- Solar power costs have fallen by 90% in the last two decades and are expected to fall by another 15% to 25% in the upcoming decade. According to a report by Wood Mackenzie, solar energy will be the least expensive method of electricity generation in the United States, Canada, China, and 14 other countries by 2030. It is already the cheapest kind of energy in Spain, Italy, and India.
India is one of the world’s fastest-growing economies and one of the most energy-hungry nations. With the growing energy demand, the need for affordable and sustainable energy sources is becoming increasingly important. Rooftop solar panels have emerged as one of the most promising solutions to meet India’s energy needs. In this blog, we will understand where India stands on the affordability of rooftop solar panels chart.
Factors behind the rising popularity of rooftop solar panels
One of the main reasons for the growing popularity of solar solutions in India is the decreasing cost of solar technology. The cost of solar panels has decreased by almost 90% in the last decade, making it an affordable option for many households and businesses. According to a report by the International Renewable Energy Agency (IRENA), India has the world’s lowest capital costs for solar photovoltaic (PV) projects. Leading to rapid growth in the rooftop solar market in India, with an estimated 6.5 GW installed capacity as of March 2021.
The Indian government has also played a key role in promoting the adoption of rooftop solar panels. The government has launched several schemes and initiatives to encourage the use of solar energy, including subsidies and tax incentives for homeowners and businesses that install rooftop solar panels. The government has also set a target of installing 40 GW of rooftop solar capacity by 2022, further boosting the country’s adoption of rooftop solar panels.
However, despite the decreasing cost and government incentives, several challenges still need to be addressed to make rooftop solar panels more affordable. One of the biggest challenges is the high upfront cost of installing rooftop solar panels. While the cost of solar panels has decreased, installation and maintenance costs are still high, making it difficult for many households and businesses to afford them.
Another challenge is the lack of access to financing options for rooftop solar projects. Many banks and financial institutions are hesitant to provide loans for rooftop solar projects due to the perceived risks involved. This makes it difficult for many households and businesses to finance the upfront costs of installing the panels.
Further, there is a need for more awareness and education about the benefits of rooftop solar panels, which can lead to a slow adoption rate. People need to learn about the cost savings and environmental benefits of installing rooftop solar panels.
In conclusion, India has made significant progress in making rooftop solar panels more affordable and accessible. However, challenges still need to be addressed, such as the high upfront cost and lack of financing options. With continued efforts to address these challenges and increase awareness about the benefits of rooftop solar panels, India can continue to make strides in its affordability.
Nimbus Solar Solutions: Pioneer in renewable energy
Nimbus Solar Solutions was established to extend its products for commercial, industrial, and agricultural purposes. It is backed by a team of skilled and devoted engineers and technicians with the most advanced and sophisticated solar goods.
It has a Pan-India presence, with branch offices in West Bengal, Odisha, Jharkhand, Chhattisgarh, and Rajasthan. It offers highly efficient products and skilled technical assistance for installing and maintaining rooftop solar solutions.
For more information, visit: https://www.nimbussolar.in/