With climate change and issues with the environment rampant all over the world, the need to preserve energy has become increasingly important. And with so many people currently facing financial turmoil, the need to save money has become even more important.
The problem with electricity is that the more you use it, the more you have to pay for it. The digital age only adds to this problem. Which is where solar panels come into the picture. Harnessed from the inexhaustible sun, they are one of the most popular renewable energy sources.
So how do they work exactly?
Solar panels collect the heat or energy of the sun and convert it into electricity through either direct conversion or thermal conversion. And the best part is, it’s a one-time investment that can help you save a lot of energy and money!
According to Arshi Chadha, Chief Operating Officer of Sunson Energy, ‘homeowners who install solar panels can save upto Rs. 5,500 on their electricity bills by installing 5 kW rooftop solar system.’
To give a better idea of the possible savings, say your monthly electricity bill is Rs. 3000. With the installation of 5 kW solar panels, your electricity bill will be ZERO!
However, since solar panels are quite expensive depending on the requirements of the household or business, it can take a bit of motivation to completely change the way you consume energy.
And a solar calculator can help you gather that motivation. A solar calculator helps you estimate the savings that come with going solar and it’s simple to use! To determine the potential savings, all you need to do is input your location, your average electricity cost, and electricity consumption category.
Though solar panels might require you to pay more upfront, they will save more money and energy in the long run.
However, if you are still skeptical as to how you will pay for these panels, solar financing is an option. Solar financing or a solar loan is used to acquire and intall rooftop solar panels.
EFL offers a solar loan with a maximum loan amount of upto 75% of the total installation cost, a loan term of up to 4 years, flexible interest rates, and 7 day loan disbursement.
Benefits of EFL solar loan:
- It helps you install roof-top solar panels which will reduce electricity costs and increase savings.
- Accelerated depreciation benefits help taxation.
- No collateral for loan amount upto Rs. 15 lakhs.
If you want to conserve energy and money, apply for EFL’s solar loan.