Choosing to use solar panels gives a company benefits around three components, i.e. better
performance in social, environmental (or ecological) and financial frameworks. It helps a
company maximize ROI (Return on Investment) by offering better solutions for both people
and the planet. The efficiency of solar installation can be recorded by noticing how
companies like Amazon, Facebook, IKEA etc. have increased their solar capacities every
year. Even the mid-sized and small companies are taking part in this marathon including
many Indian companies like Hatsun, Infosys, Agro etc.
Components Driving Solar Adoption
In order to understand the components driving solar adoption, it is necessary to go through
the business requirements step by step.
Energy is a basic requirement for any company, be it mid-sized, small or large. This
requirement increases with the strength of the company. With that in mind, it is common
knowledge that fossil fuel reserves are depleting every year and the population is on the rise,
which will lead to the imbalance in energy distribution. Developing countries like India are
already suffering from energy deficiency and thereby, installation of solar panel systems is
regarded as a smart move. It is anticipated that the solar power market can grow up to 10,000
MW by 2023.
On the other hand, conventional energy expenses are expected to rise, cutting down on
business profits. The best way to save on these expenses is to generate the power yourself.
In such a situation, solar energy is the best solution, which saves money in the long run and is
efficient in satisfying energy requirements. A motivating example is the Indian IT giant
Infosys, satisfying 43% of its energy requirement from solar power generation, saving big on
its electricity expenses.
Solar energy also helps in reducing carbon emissions, which is a necessity for commercial
entities in the present day. Statistically, 1kW of green energy reduces more than 3000 pounds
of CO2 annually, and in this situation, solar is the most viable option for commercial
organizations to support and promote restoration of the climate.
Obstacles in Sight
Surprisingly, some policies that could have supported the growth of renewable energy (solar
power) in the commercial sector, are posing to be challenged. For example, delays in implementing net-metering, hike in GST rates on projects, delays in providing subsidies etc.
Furthermore, implementation of 25% of safeguard duties on SEZ based domestic solar
manufacturers and lack of flexible financing options for solar projects are hampering the
growth of solar energy in India.
Concludingly, we find that solar power has a bright future in Indian commercial sector. The
commercial entities are trying to follow in the footsteps of international companies and are
pro green energy transition. Even though, the cost of solar panel installation has decreased
in the last 5 years, some concession by the Government over certain policies would go a
long way in helping the growth of solar power generation in India.