4 Factors That Helped Solar Power Become Affordable In The Last Few Years

Installing solar panels in industries to bring down the electricity bills and make a step closer to green energy is no more experimental. There were times when the commercial sector rejected offers to install solar panels on their premises. The demand was low and solar panel installation companies had no option but to increase the price to counter less demand.

Let's have a look at the factors that brought down the prices of solar panels, thus making it possible for the commercial sector to install it on their premises.

• The technology has become inexpensive

The price of solar modules has gone down in the last few years. However, it can get costly if you are planning on installing a solar power plant because here the costs of all the equipment and licences get included in the total expense.

• Banks are now flexible in approving loans foreseeing the rising demand

Banks hardly give a loan to companies that don't have a good credit record. A few years into the past, solar panel installation companies still didn't have the market and demand to increase production was on the rise. Hence banks found it difficult to approve loans to solar EPC companies. This is not the case now as banks grant easy loans to solar panel installation industries. Thus the interest rates that these companies have to pay are low and so is the cost that businesses pay to avail solar energy in their premises.

• Policies have been introduced that aim to make solar power affordable

One more reason that has brought down the price of solar energy is the worldwide demand for a green and clean energy source. The governments across the world have been taking necessary steps to avail solar energy to the commercial hubs in their countries at an affordable rate. Licenses are being easily given to solar panel installation companies as a part of government policy. As the competition increases, the cost of solar PV and availing solar energy is going down.

• Marketing is cheap now

Marketing costs have gone low in the last decade. All thanks to the Internet. The solar panel installation companies no longer have to pour money in advertising banners, and door-to-door salesperson. A website and the correct digital marketing strategies are enough to allure commercial sectors to the benefits of installing solar panels on their premises.

The market has a high demand and the prices are predicted to fall even more. However, if you are considering installing solar panels for your business, then it would be better if you take the decision to install it right away.

MI Solar holds a prestigious place among the top solar companies in India, offering the best solar EPC solutions. We are providing the best renewable energy services with 45 years of trust, commissioning solar power solutions of capacity as high as 120 MW.