Everyone becomes used to the price of everything increasing day by day & the fluctuation of price just makes people go crazy. But the photovoltaic panel cost has been on the decreasing track for several years. There are so many reasons for this fact. The number of solar panel manufacturers is growing continuously around the world and government is also subsidies the solar panel plants on a large scale.
The price of solar energy panels has dropped down by 50% in the last some years. The government of India is now providing subsidy on placing solar panels at your residential and commercial areas. Since when the government starts to provide a subsidy, the prices get reduced. But these low prices generates a problem of oversupply. Oversupply in the renewable energy market is a big problem for the industry right now. Whenever an oversupply happens in a particular industry segment, 3 things are going to occur over time. One is going to see the lower cost for the particular products, a growing market, & great investments. The solar energy industry will be no exception. Low-cost solar energy panels are going to be average & the price will be pressured lower still. This industry will stabilize & only the strong will survive. This will help us, so what are the benefits can the business & the homeowner expect? And that is to save money on the solar power panels or plants. A lot of money! A lot of benefits that we can enjoy. These are:-
Social Benefits – We can help to reduce air pollution, also reduce our dependency on fossil fuels, & help utility providers with more electricity during peak periods. This supports the environment by restricting the need for additional power plants. That means we can social helps.
Increases home value – A recent study estimated that a house’s resale value is enhanced by 3-4% when a solar panel has been installed. 2 types of values are added – the consumption value and investment value. The investment value is for long-term & consumption value can be availed every month through the lower electricity bills. The study stated that the total cost of the solar energy panel is usually recovered upon the sale of your house.
In conclusion, we get many benefits of placing a solar panel at home and the government of India is making easy for us by providing the solar panel subsidy at a low cost.
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