With the drastic climatic change becoming a pressing scenario worldwide, nations across the globe have pledged to go green with the ever-revolutionary renewable resource hunt. Over the decades, our planet has degraded in the quality of living standards and has left us wondering questionably about our future generations. Solar, as a renewable resource option, also faced harsh counterarguments from the anti-solar group. But, with the technological advancements taking place and solar becoming a convenient option for household as well as commercial and industrial sectors, solar has gained massive grounding over time. Solar energy has become a viable option for consumers and businesses as technology has advanced and the cost has fallen. The popularity of solar panels in India has grown over the decades and is projected for an astounding growth rate ahead.
Renewable energy sources are typically more in demand when the price of fossil fuels is high, but there are still many ways to profit from solar energy both when oil prices are low and when the price of oil rises in the future. Solar is expected to be just as cost-effective as fossil fuels over the coming years. Several publicly-traded companies are involved in the solar industry, from the production of PV to panel installation. Ranked as the best solar EPC company in Gurgaon, Synergy Wave System; has gained its merit with due diligence to the expertise they have earned in the field.
The amount of money you save by investing in solar energy varies, depending on factors including where you live, the incentives available from your state government, and the type of system you install. To calculate the solar panel expected return on investment, you need to get a customized quote for your specific solar panel installation from the best solar company in Gurgaon. Regardless of individual circumstances, the savings are significant.
Solar energy typically works by converting light energy from the sun into electricity. PV energy is created by using flat solar panels that can be affixed to a structure’s roof or arrayed across open spaces. Another way is to go thermal solar, which uses a series of mirrors to focus the sun’s energy on a single point to turn water into steam, which then turns a turbine. For consumer and business applications, photovoltaic solar panels are much more common than other types.
Benefiting from solar panel installation
Most state governments offer some sort of tax subsidy, or grants to encourage more widespread solar panel usage. As a result, the final cost after installation may be less than the sticker price. Tax credits given for solar power could help reduce annual tax bills. And the best way to profit from having solar panels installed on your roof is through net metering. Net metering allows utility customers who generate their own solar electricity to feed some of the energy that they do not use back to the grid.
Start-up costs of solar panel installation
Getting your solar panel investment up and running requires an outlay of around USD 20,000 to purchase a 5KW PV system. This covers the supply and installation of the four components of a system, which are:
- Solar panels, capture the sun’s energy rays and transform them into electrical energy
- Batteries, which store energy for later use
- An inverter, which converts the stored energy to the voltage you need to operate electrical equipment
To get an idea of the start-up cost of a system for your home or commercial site, your best option is to collaborate with top solar EPC companies.
Investing in Solar Stocks
The solar investment tax credit (ITC), introduced in 2006, has created an average annual growth rate in solar of 52%, according to the Solar Energy Industries Association. As the supply gut from the Chinese production is met by increasing demand, the profits of solar companies are likely to increase. One of the most convenient ways to invest in the solar energy sector is through the Invesco Solar ETF (TAN). As of February 2022, the fund has a return of -15.59% (on a year-to-date basis), and a 41.10% return over a three-year period.
Solar power is becoming more affordable and more efficient at turning the sun’s energy into usable electricity. For those seeking an investment option in the solar sector, solar company stocks or ETFs are a good option. People can also profit from solar energy by having solar panels installed by the leading solar EPC company in Delhi, on their own homes or businesses in order to take advantage of net metering to reduce utility bills. Put your trading skills to best use by investing in solar as it is projected to be the brighter future for our planet as well. Invest in Synergy Wave System, the most trusted solar EPC giant today!