With most parts of India has around 300 sunny days, the country endowed with a very vast solar energy potential. Over and above, an average solar radiation incident covering the land ranges of 4-7 kWh/day. The country’s rooftop solar panel system is gaining momentum, and in the last fiscal year, India added more rooftop solar power capacity in comparison to the previous four years combined, making it the fastest growing segment in the country’s clean energy space.
According to the report published by Bloomberg New Energy Finance (BNEF), around 715 megawatts (MW) of systems were added in the preceding financial year up from 227 megawatts (MW) in 2016, taking the country’s total installed capacity to 1.3 gigawatts (GW, 1 GW = 1,000 MW). This medium mainly happened because of cheaper rooftop solar power in comparison to industrial and commercial power in all primary Indian states.
Furthermore, over the last five years costs have bisected. In comparison to the global average between 39% and 50% in India, setting up rooftop solar power systems have become cheaper due to low solar panel prices and increased competition in the solar energy market.
Increasing Scope of Solar Power for Residential Sector
By outperforming other green energy sources, rooftop solar panels system are turning into the most preferred choice for substitute energy due to higher power creating a limit. There has been a remorseless defeat in the cost of significant components in the past ten years, for instance, solar cells. However, the growth of rooftop segment till date is driven by the industrial as well as commercial users. Given the fall in energy prices and the cost of installing the economics yet work for them, on the other hand, the residential sector in the solar market is, however, to take off entirely.
In the solar market, small-scale rooftop projects and residential applications are currently compelling, as the rooftop solar PV System has become less attractive for residential consumers due to high upfront capital expenditure. But, for residential and small-scale industries stiff competition in the market combined with falling prices for the solar components make solar power systems affordable. Additionally, over the last year incentives and policies offered by the Government pushes rooftop solar installations which in turn has contributed to the growth. However, the residential sector is driving to the next level due to lucrative returns topped with smooth and low maintenance.
As a result, with the rising demand for the residential sector, many new freelancers and entrepreneurs wish to tap on the opportunity. Rooftop solar panel system which is the factor influencing the development of the market is convenient to install and extremely user-friendly.
A rooftop solar system is an excellent power generating system. SaveGeo Energy offers cost-effective rooftop solutions with their high skill and state-of-the-art technology. Moreover, with our rooftop solutions, you can transform your rooftop into a solar power plant which is an excellent source of solar energy, for both commercial and residential consumers. We offer comprehensive on-grid solar systems and off-grid solar solution for our residential and commercial consumers.