Solar Rooftop

Owing to the current economical situation of our nation, everyone is looking for ways to maximize their savings. People tend to put their money in the banking industry to ensure a safe way to increase their earnings but lately, with the popularisation of renewable sources of energy, the solar energy industry is booming with investments.

Rate of return

In India, putting your savings in a bank gives you returns at 7 to 8%. By investing in solar you can increase that number by 40% at the very least, reaching up to 80%. The rate of return for solar power depends on the size of the solar plant in which an individual is investing.

If an individual is investing in a 5kwh solar rooftop to generate the electricity in their household then it will cost him around 1.5 lakhs. It will be a one-time investment. But it will generate electricity for the upcoming 25 years without having to pay any additional electricity cost bill. Hence if we compare the amount that traditional grid electricity will incur over the solar rooftop, it is much higher. Therefore enabling the individual to save more.

Apart from the higher rate of return, an individual can also curb the problems of ever-increasing electricity rates and can also help in creating a cleaner, more sustainable environment

Tax

Another reason for investing in a solar rooftop is the savings or income generated from here is tax-free whereas the interest income from bank deposits is taxable by the government.

Net metering

Excess electricity produced can be sold back to the grid and the individual can make extra savings by monitoring the use of solar power.

You can check out a solar company in India here.