Why Solar Power is a new Business upturn?

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Solar Power
Solar Power

As we know that the world is slowly moving towards renewable sources of energy in order to stay aligned with sustainable development goals, Paris Agreement and cutting GHG Emissions. So, in this aspect, let us discuss how solar power can be a major upturn for the businesses?

  • Business as Consumers: The first and foremost benefit to businesses is that setting up of solar panels in their plants, offices and branches would lead to significant reduction in electricity bills. It is said that if a 5kW solar panel is set up, it would reduce annual electricity cost by Rs. 5 lacs and monthly savings can range from Rs. 4,000/- to Rs. 4,500/- per month. More so, Government is currently providing good subsidy amount for setting up the same. Almost 40% of the cost is paid by government so it is a good time to set up. There will be net inflow in this Capital Budget. Therefore, depending upon the scale of operations, this cost can be reduced with simple steps.
  • Business as Producers: It is a great opportunity for new businesses and expansion of existing businesses as well. As slowly and steadily, users are moving towards this source of energy, it can give good profits in long-term. It is estimated that in a tenure of 10 years, most houses would have this system installed at least with minimum capacity. Moreover, since government has launched ‘PM Surya Ghar Muft Bijli Yojana’, its demand is increasing. Now, National Portal for Rooftop Solar is also set up from where any user can easily apply. So, considering demand-supply intersection, it may give good pricing and consequently profits in future.

Therefore, it is high time that entrepreneurs should look forward to this arena for multiple benefits.

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