If solar panels are getting cheaper, why should I install it now?

Posted by amaya porwal on June 7th, 2017

Recently in India, Solar tariffs plunged to a low of Rs 2.44 unit for a solar project in Rajasthan. Evolving technology, competition and the economy of scale in the production of Solar Panels have made them cheaper and many expect their prices to drop further. So, it’s natural for fans of to ask if they should hold purchasing Domestic Solar Power System for later. But the right time to buy Home Solar is now not later. We tell you why.

Expected Savings

Rooftop Solar is a long-term investment that gives you returns for 25 years which is a long period of time. The precise amount of savings you can make on the power bill by Domestic Solar Power System depends on your

• Current DISCOM power rate
• Annual power bill
• Expected Energy inflation over next 2 to 3 decades
• Subsidies, taxes and tax incentives over next 2 to 3 decades
• Initial cost, maintenance cost, taxes and interest on loans if any and
• Quality of solar power the roof of your house receives.

Delaying installing Solar Rooftop on your roofs means that you continue to incur the cost of electricity, on which you could have made a lot of savings. This reduces the ‘time value’ of your hard-earned money.

Government Policy

Currently, under National Solar Mission, Government of India subsidises 30% (70% in case of Special Category States like Assam) of the cost of Domestic Solar Power System. These Government schemes have Sunset clause that is, after a particular date they cease to exist unless they are extended by the government. It is prudent to take advantage of these schemes while they are active so you get the existing best deal.

Bottom line

Purchasing Residential Solar System is a long-term investment that gives visible short term and medium term results in the form of your shrunken power bill. However, when weighing options for the right time to install Domestic Solar Power System, short term and medium term developments like price and technology takes far less precedence. To know exactly how much you can save by installing solar panels on the roof of your home, contact us at home@ujaas.com.