Financial Benefits of Installing Solar Plants for Industries

solar epc

Industries across the economy are increasingly looking for energy alternatives. This is because of rising energy costs and increasing environmental concerns. Solar energy has emerged as one of the favorite sources of energy on many accounts. Solar energy is safe, inexpensive, abundant, and low-cost. Between 2023 and 2028, solar energy is expected to grow at a CAGR of 3.71%. VEMC is the solar epc based in Mumbai.

We take you through the financial benefits of solar plants for industries

Lower cost of energy

Being completely dependent on the electricity grid may subject businesses to electricity cost fluctuations and sudden spikes. In such situations, solar plants can provide a price buffer to businesses, thus keeping their operational costs under check. Having a solar plant makes a business self-sufficient and reduces its dependence on the commercial power grid. Even partial self-sufficiency can slash bills significantly.

Excellent ROI

Solar power plants are an excellent investment. On average, the entire investment is recovered within five years. Solar panels have a considerably long life span of 25-30 years. But most importantly, investing in solar power systems means benefitting from fixed utility rates for decades.

Lower overhead costs

Overheads such as supplies, utilities, and operational materials add up to a huge amount. With solar energy, businesses can significantly reduce these costs and improve their bottom line. 

Government and tax incentives

As solar energy has gained traction across the world, governments are promoting their installation through various financial incentives, subsidies, and tax benefits. Businesses in India can benefit from schemes wherein the government contributes some amount to install the plant. Besides, they can also claim accelerated depreciation on solar power systems which can reduce their tax liability significantly. 

Net metering

With an on-grid solar system in place, in case a business is generating more energy than it is consuming, it can actually export it to the grid. The amount exported will then be offset against the electricity consumed, thus reducing the electricity bill from the grid significantly.

Sustainability

Energy costs can skyrocket in the coming days as environment-related taxes are levied. With concepts such as Carbon Tax and Polluter Pays Principle over the horizon, sustainable operations have to be ensured. Only those businesses that are sustainable will be able to escape the scourge of such taxes due to lesser pollution or carbon emissions. Thus being a sustainable business can translate to significant financial benefits.

Improved reputation

Installing solar power systems can improve the reputation of a business, especially among the environment-sensitive public. Although indirectly, this could significantly boost the company’s image and entail greater revenue.

If you want to know more about how solar power systems can benefit your business, feel free to get in touch by calling 022 43436655 or emailing us at marketing@vemc.co.in. VEMC is the leading solar power company based in Mumbai and deals in end-to-end installation and maintenance of solar rooftop systems. It is the best solar company when it comes to solar consulting and offering unique solutions for your business needs.