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How to Buy a Solar Panel on Loan?

The amount of power used in residences has been rising over time. Season to season brings about a change. A household's power cost can easily go from Rs. 2000 during the rainy season to Rs. 5000 during the hot summer days, which is pricey for the average person. The family is wary of using air conditioners at home against their better judgement since they are worried about the hefty power cost. A homeowner in this position starts seeking solutions to lower his electrical expenditure. The use of solar energy and the creation of free power is one such incredibly efficient solution. But building a solar system might be difficult for certain folks.

I ) There is no financial finance available for the installation of solar systems;

ii) Utilising solar system net metres.

Buying a solar system is much like buying any other product, like a car. In fact, the accessibility of loans and EMI alternatives has made it easier for people to buy and own automobiles, residences, and mobile phones these days. Do you know how to get a solar system on credit? Everyone knows how to purchase mobile phones, vehicles, and homes on EMI.

Anyone with a credit card may simply use the EMI option for a solar panel on loan, but is this option available to those with debit cards as well? An estimated 80 billion Indians have bank cards, of whom about 30 billion have a Pradhan Mantri Jan Dhan Yojana debit card (ATM card). Only 50 lakh individuals, or around 1% of the population, have credit cards that allow them to use the EMI option for solar system installation.

In order to obtain loans for a solar system, there are two options.

Option 1: Use a debit card to purchase solar panels on EMI.

By enabling customers to view the loan eligibility requirements, a few institutions, including SBI, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, and Federal Bank, have already made it simpler to apply for a loan.

If a potential consumer already has an account with HDFC bank, he must send an SMS with the keyword DCEMI to the number 56767. To send this text message, the same cellphone number that is associated with the bank should be used. On the same phone, you will receive a response with your loan status. If you are qualified, a notification with your eligibility amount will be sent to you.

The chances of a loan being approved is merely 0.02 percent, and the bank's internal database and criteria determine whether the cardholder is approved for a loan.

2 : How to Apply for a Bank Loan for Home Improvements

A few banks, including the State Bank of India, offer loans for house improvements up to Rs. 1 lakh with an interest rate of about 8%. It will take 4-5 years to pay off the debt. Such loans are available to customers for solar system installation.

Wrapping up

Om Solar Solutions has been in the market for years and has a staff of highly qualified technicians that can easily and quickly install solar panels and other equipment. And it is for this reason that we are known as the best solar panel in Kanpur, India.

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Solar Energy Reduces Or Even Eliminates Electric Bills

Solar energy is a fantastic method to reduce your monthly electric cost. You may purchase solar panels, have them put on the roof of your home or place of business, and then utilise the power generated for all of your requirements. By using this simple method, you may lessen your dependency on the grid and make money from the sun. There are other methods to use solar energy without installing panels as well. You can purchase a Solar System in Haryana  credit or lease a system.

To reduce your hot water expenditure, you may also install a solar thermal water heater on a sunny roof. Another quick and simple approach to take use of solar electricity without making a significant investment is to install a solar yard light. Solar energy is a fantastic method to lower your carbon footprint and save money on your power bill, regardless of the path you take.

Your home gets electricity from solar panels, which may also power other appliances.

You may produce power for your home using solar panels. They may be used to run electric cars, pool pumps, and other equipment like water heaters. Because it originates from the sun, which will not run out of fuel in our lifetime, Solar energy is both clean and renewable. Photovoltaic cells are used in solar panel systems to convert solar energy into electrical current. This power is then transformed by the solar panel system into AC or DC so that it may be utilised by appliances in the home or on the grid.

Speak with a business like Big Sky Energy if you're thinking about putting solar panels in your home.

Ask a business like Big Sky Energy about their services and costs if you're thinking about putting solar panels at your home. Checking out the "solar map" on the Energy Sage website is the first step in determining if solar energy is suitable for you. Along with additional information like the price of power and whether or not there are governmental incentives available, the map indicates which states have a lot of sunlight. Install the system if there are lots of sunny days and it isn't too overcast. Depending on the architecture of your property, installation can be done in a variety of methods, but once installed, this renewable energy source will significantly lower your monthly power bill while simultaneously promoting environmental protection.

If you have additional questions about solar Energy or would like to speak with Us. Feel free to contact us or WhatsApp at +91 787 4615 662

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5 Benefits of using Solar Energy

The sun's beams Provide solar energy, which may be converted into electricity or heat. It's free, and with technical advances, we can now harness even more of the sun's energy, which is constantly available.

Solar Energy's Environmental Benefits 

 Requires Less Water Compared to any other energy source, solar energy has the least negative environmental impact. It does not produce greenhouse gases or harm the environment. In comparison to nuclear power plants, which require 20 times the quantity of water, it also requires very little water for maintenance. Because many solar systems, such as residential solar panels, are located in urban areas, solar energy generation makes little noise.

Lower Your Energy Costs

If you create your own energy, you will need less electricity from the utility company. Right now, this will save you money on your energy bill. You may also make money by selling any excess electricity you create back to the grid. By taking advantage of available solar panel incentives, you may boost the value of your green investment.

The more energy you generate, the less energy you'll need from a source, resulting in increased energy independence.

Solar Energy Can Be Used Almost Anywhere

As long as there is sunlight, solar energy may be used wherever. This is particularly useful in remote locations when there is no other source of electricity. Most of the people throughout the world do not have access to electricity.

Self-contained solar systems might be installed in those places, improving the lives of millions of people. Solar energy is also used to power spacecraft and vessels.

Less Electricity Lost During Long-Distance Transport 

 Less Energy Loss Around 3-5 percent of the energy used in transit and distribution is lost. The longer the distance between production and supply points, the more energy is lost. These losses may not appear to be significant, but in highly populated regions, they might have an influence on the installation's performance.

Having solar panels on the roof reduces this distance significantly, increasing the efficacy of the solar panels.

It enhances grid security.

It is less vulnerable to blackouts if there are numerous power plants dispersed around the system. Hundreds of widely spread energy production centres are found in a system with a high sun penetration. In the case of grid overload, natural disasters, or human-caused disasters, this boosts grid security.

Creating Jobs

One of the many advantages of solar energy is the creation of jobs. The cost of installing solar panels makes up a significant amount of the overall system cost. This aids in the creation of jobs in the region. Solar energy benefits the economy while also benefiting the local community.

Wrapping up

Om Solar is the ideal partner for cutting-edge solar panel systems. A Solar panel for home in Kanpur is committed to meeting your solar energy requirements.

At Om Solar, we work with the goal of making solar panels accessible to all  Rewari Solar Solutions families. With a wide variety of performance guarantees, our solar panel price in Lucknow  is intended to satisfy your energy needs.

We strive toward the goal of lowering your power expenses. Our unwavering commitment and professionalism set us apart from our competition.

To learn more about solar power options, contact us. We would be delighted to be your solar partner.

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How Net Metering Works!

Net metering, also called net energy metering or NEM, is a utility rate policy that forces your electric provider to acquire the surplus solar energy produced by your solar panels at full retail price.

This means that if your solar energy system produces more electricity than your home uses, the surplus is sent to the power grid, where your utility will reimburse you. Because of net metering, rooftop solar panels are a fantastic way to save money! In reality, the greatest states for solar installation are those with the best net metering rules, not those with the most sunlight.

How does it work?

In a word, net metering gives you credit for returning solar energy to the grid while also offsetting future electricity from the utility, giving you the full economic value of all the solar energy your solar panels create. You may be able to eliminate all of your monthly power expenditures if your solar system is suitably sized.

When the sun is shining brightly in the middle of the day, solar panels provide the most energy. The problem is that you use the least amount of electricity during the warmest time of the day. So your panels are generating considerably more power than your home requires at that moment.

Solar panels create more energy than a home consumes, thus the excess is sent into the grid. This is where net metering comes into play. When a net metered system transmits solar energy to the grid, your electric metre spins backwards, and the full retail value of power is credited to your account by your provider.

You then use power from the grid at night when your solar panels aren't generating, turning your electric metre forward once more. The utility nets how much power you provided to the grid vs Net metering refers to how much you utilised to calculate your overall cost at the conclusion of the billing month.

Wrapping up

OmSolar is the ideal partner for cutting-edge solar panel systems. Solar Company Kanpur is committed to meeting your solar energy requirements.

At Om Solar, we work with the goal of making solar panels accessible to all  Rewari Solar Solutions families. With a wide variety of performance guarantees, our Rooftop Solar panel in Kanpur is intended to satisfy your energy needs.

We strive toward the goal of lowering your power expenses. Our unwavering commitment and professionalism set us apart from our competition.

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Which is cheaper on Grid or Off Grid Solar System

While there are three types of solar power systems (on-grid, off-grid, and hybrid), they all operate on the same fundamental principles.

The photovoltaic (PV) effect converts solar energy or sunshine into direct current (DC) electricity, which is then used by the solar panels.

This DC electricity may then be stored in a battery or converted to alternative current (AC) power by a solar converter, which can then be utilized to power your household appliances.

Excess solar energy may be released back into your public electricity grid, giving you with credits on your energy account as well as lower electricity prices, depending on the sort of solar power system you have.

In this article, we'll look at the differences, benefits, and drawbacks of two of the most common types of solar power systems.

Also Read: Difference Between On Grip or Off Grid Solar panel System

Solar panels that are connected to the on-grid

The most prevalent and commonly utilized solar system for homes and businesses in India is on-grid.

These systems make use of standard solar inverters and are often mounted on the roof.

However, most people choose on-grid solar systems since they are connected to your local utility's GRID.

This means that any surplus solar power you create is exported back into your local energy grid, allowing you to get a 'feed-in-tariff' (FiT) or accumulate credits that you can payout 'Net metering' is a method that allows you to save money at the end of the year.

Most residential residences will utilize this on-grid option since you are insured if your solar system under- or over-produces. Basically,

On-grid solutions have several advantages.

This utility is a 100 percent efficient battery in itself, so you don't need to acquire an expensive battery backup system to store any surplus energy.

You will not need to make any changes to your lifestyle or methods of energy conservation.

You'll be thrilled to receive credits from your local power grid supplier for any unused energy you've created (on top of your already lower electricity costs!)

On-grid solutions have certain drawbacks.

Because on-grid solar systems do not have batteries, they cannot work or generate power during a blackout for safety concerns. Because blackouts often occur when the energy system is destroyed, if the solar inverter continued to supply electricity into a damaged grid, it would jeopardize the safety of those working to fix the network's faults.

At night or when there is no sunshine, they are unable to create solar energy and hence minimize your electricity cost.

They give you less of an incentive to save energy!

Off-grid solar system

Off-grid solar systems require their own battery storage system in addition to the solar panels and inverter since they are not connected to the local power grid.

The electricity generated by the system is used to power the home and appliances, with any surplus stored in batteries for later use in the evening or on a rainy day.

Off-grid systems are frequently required in remote areas that are too far from the local electricity grid. As a consiquences, they must be designed to generate enough power throughout the year and have enough battery capacity to meet the needs of the premises – even when there is less sunlight in the winter.

Off-grid systems are more expensive than on-grid systems due to the increased expense of batteries.

However, battery costs are fast decreasing, indicating an increasing interest in off-grid solutions in cities and towns.

Off-grid solar systems have several advantages.

If you utilize an off-grid system, you are completely self-sufficient in terms of energy usage because you are not connected to the local grid's power system or utility company.

Because you may amortize the cost of purchase and installation over the life of the system, the cost of your energy is predictable. A good warranty might ensure that the return on investment can be assessed without any unforeseen future charges. When compared to business energy expenses, which are sometimes high and changing, this is a compelling proposal.

These systems are expandable as your energy requirements vary over time.

They encourage you to utilize your power efficiently, which is beneficial for the environment.

Off-grid solutions have several drawbacks.

A backup battery is required for off-grid devices, which can be huge and expensive.

Regular maintenance is required for solar battery installations.

Off-grid solutions do not contain the feed-in-tariff since they are not connected to the grid in any way.