The following piece is a contribution by guest author Koyel Ghosh of Allied Analytics:
It does not take a genius to understand how important it is to shift to sustainable energy sources instead of continuing to rely on non-viable ones. One of the first and foremost advantages offered by rooftop solar is that it is economical: A number of surveys have been conducted that revealed that the price rates for rooftop solar when compared to commercial and industrial price rates are reasonable at 27% and 17% respectively. Also, building owners tend to believe that the installation of rooftop panels helps curtail down electricity bills to a significant extent.
Rooftop systems fork out electricity to buildings. In doing so, companies need to purchase less electricity from the network, thereby keeping energy costs in check. As electricity tariffs tend to be quite fluctuating in nature, it becomes tough to estimate the outlay on electricity for a certain period of time. Nevertheless, when it is about electricity brought about by solar rooftops, the price of power generated can be planned easily. Also, one can even estimate the cost of electricity production for few years to come. So, there is practically no doubt about it being a secure investment. In the last few years, the government has also taken the initiative to render certain tax credits to those who install solar panels for commercial as well as residential purposes. And there cannot be a better way to motivate people to adopt solar energy.
Cost-effective source of electricity
Although, shortage of power in India is falling rapidly, still there are many rural areas that hardly have proper access to electricity. So, backups like diesel generators are the only alternatives out there. When they have harmful impacts on the health of people, they also turn out to be eruptive in terms of operating expenses. In such a context, solar energy gives out as a cost-effective source of electricity. The fact that rooftop solar systems happen to yoke the power of the sun to produce electricity, they are quite likely to come out as an environment-friendly choice. Moreover, their cost of operation is also constant, as they use sunlight to transform it into electricity.
According to Allied Market Research, the global rooftop solar photovoltaic installation market is expected to grow at a significant CAGR from 2017–2023. Increase in demand for rooftop solar among residential applications, and surge in initiatives taken by government drive the growth of the market. On the other hand, inadequate smart grid infrastructure is expected to pose a veritable threat to such growth. Nevertheless, high price of fossil fuels has almost moderated the restraining factor and led to a plethora of opportunities in the industry.
Face up to climatic change
Briefly, rooftop solar PV installation can be defined as an electrical induction that transforms solar energy into electricity. In the last few years, solar photovoltaic rooftop has come out as a prospective green technology to face up to climatic change by bringing down dependence on standard fossil fuel-based energy. Rooftop solar PV systems tend to dole out electricity within the prevailing distribution network which helps link up with buildings energy needs in more than one way. Being pretty convenient and handy in nature, RTPV systems are fitted on commercial and residential buildings. Last but not the least; solar energy, as a sustainable source of energy, also aids in lighting on the country specific policy goals for safe, consistent, and reasonable energy by laying out electricity access with lower price variations. To conclude, it can be asserted that the market is growing pretty exponentially, and is projected to expand yet more in the next few years. (mfo)
