With the increase in the capacity of solar energy in India and the affordable cost of installation, the use of renewable energy has now increased in many states in the country. And one of them is Madhya Pradesh. The chief minister of the state Mr Shivraj Singh just announce the approval of the proposal for commissioning a solar power plant in the Rewa District. And the solar power plant is going to be one of the largest in the world. Madhya Pradesh is currently in the sixth position in the country when it comes to solar power installed capacity but will be in the first position after this project is complete. The project is estimated to generate more than one billion units of electricity every year which will offset up to one million tonnes of carbon dioxide emissions.
The state also has a good reputation when it comes to ease of doing business and it’s in the fourth position in this category in the country. Therefore, businesses in this state can grow tremendously when they are given full access to the right resources. And one of these resources is the solar system. Going solar will reduces their expenses on power to about 80% which will help them to save more. The growth potential provided by the economy of the state is also a major reason many businesses in the state should consider switching to solar to optimize their electricity expenses.
Read on as Boaz Augustin, the former managing director of Borg Energy India, a company that gives renewable energy products takes us through why businesses should switch to renewable energy in Madhya Pradesh.
Solar power increases savings
Switching to solar will help business generate their electricity therefore, they don’t have to pay a huge amount of money to the electricity companies. This helps them save tonnes of money explained Boaz Augustin. Some business in Madhya Pradesh have gone solar and already reaping the benefits which have to make them ahead of their competitors. Therefore, you need to choose to go solar today if you want to save big and be ahead of your competitors.
Madhya Pradesh has a good solar policy
Apart from the huge savings, businesses in Madhya Pradesh will see by generating their electricity, they can also boost their savings through net metering according to the state policy. The state offers compensation to businesses that send excess energy generated by their solar system. The state solar policy also offers Accelerated Depreciation benefits for businesses on their solar system which is up to 40%. They provide tax reductions on solar projects and solar loans are also available but it is under priority sector lending
The state has high solar radiation
Madhya Pradesh is one of the states in India that has high solar radiation which is beneficial for the solar system. It has around 300days of sunlight which can provide over 5.5kW/h/sq.m per day. This gives the state the ability to generate all the power needed by every business under the sun. This was proven when the state rises from providing 400MW solar capacity in 2012 to 500MW today. The state has also set a target to generate a solar capacity of about 10,000MW by 2022.
Switching to solar reduces expenses
Electricity is one of the most important resources needed by every business and with renewable energy, many businesses in Madhya Pradesh will be able to generate their electricity making them power independent. This reduces their electricity consumption from the traditional source and helps them save more money.
Provision of solar financing option
With the amount of energy needed by businesses, switching to solar energy will require a lot of investment which often makes it inconvenient and unattainable for many businesses. But the provision of solar financing options in Madhya Pradesh has made purchasing and installing solar very easy and affordable for many businesses. These options include paying some deposit while paying the rest by instalment. Some also give the option of not paying any deposit before installation says, Boaz Augustin. With this solar financial option, businesses can easily increase revenue and don’t have to empty their pocket or go bankrupt to start using renewable energy.