Yes, you read it right. Solar energy is all set to become a cheaper source of energy. But Solar energy generation involves a significant capital investment for installation. Wouldn’t that make it more expensive than fossil fuel-generated energy? Not really. Here’s why:
- If you’re not willing to incur capital expenditure for installation, you could always opt for an OPEX financial model (click here to know more).
- Systems like solar net metering (click here to know more) allow you to sell excess units of power generated in your PV system, which may result in your electricity bill be 0 or lesser! This gives great ROI.
- Advances in technology are making Renewable Energy cheaper to use than ever before.
- The use of Batteries and Battery Backup ensure that excess energy isn’t lost if there isn’t any immediate demand for it. It makes having a Residential Solar Panel a more sustainable option because if you store extra energy, you won’t have to buy additional units of electricity during nights or cloudy days.
- The prices of fossil fuels are significantly high and are dependent on many factors including international relations, politics, etc.Meanwhile, sunlight is universally available, free to use and using it for electricity generation is better for the environment.
These are only the basic factors that explain why solar energy is cheaper than its nonrenewable alternatives. Many other factors also play a role in lowering its prices. VEMC, a leading EPC Consultant in Mumbai, is a company that provides comprehensive products and services to streamline your journey to a greener, more pocket-friendly lifestyle. Head over to our website to know more about our offerings!