Which is better for me – Buying a Solar PV system or buying solar power?

From the financial return point of view, buying a solar PV system is more beneficial than buying solar power. When you buy a solar system, you become the owner of the solar system and it adds to the property value of your building. Also, once the Return on Investment is achieved within a period of 3~4 years, the power generated by your solar system is available to you virtually for free. The ownership of the solar system also brings the benefits of accelerated depreciation and tax redemptions which is a great financial benefit for commercial and industrial power consumers.

If you choose to buy solar power instead of the solar system, you are relieved from paying the capital cost of the solar system. This reduces the cost of going solar initially as you are required to pay just the per unit cost of solar power that you will be consuming. However, in the longer run, i.e. 20~25 years, the amount spent on the solar power consumed surpasses the capital cost and the operation and maintenance cost of the solar system. Since you won’t own the solar system here, this also takes away the accelerated depreciation and tax redemption benefits that you could have availed if you had owned the solar system. Having said that, buying solar power is a good deal for large power consumers such as an industry or a business setup who have most of their funds employed in their working capital. This way these businesses can enjoy the benefits of low cost power without having to struggle to pay for the capital cost of the solar system upfront.

You can know the estimated cost that you will have to incur in both buying a solar system or buying a solar power by running the MYSUN Solar Calculator.

How can I avail loan for solar PV system?

You have three options that you can go for in order to avail a solar loan for your solar PV system:

Solar loan from your Solar Company: Under this you can check if your solar installer provides any financing facility to make your solar system affordable. At MYSUN, we have pioneered various deferred payment plans to help both residential, commercial and Industrial power consumers go solar in easy and flexible instalment payment plans.

Solar loan from Bank: There are various banks which offer solar specific loans to its consumers. Most of these come with lucrative interest rates and require low collaterals.

Solar loan from NBFCs: You can also explore various Non Banking Financing Companies to avail solar loans. At MYSUN we have partnered with various NBFCs to help our consumers avail solar loans from NBFCs under one roof.

What if I move to another place? Can I relocate my rooftop Solar System?

Yes, Solar PV systems can be easily dismantled and moved. However, the exact possibility depends on the structure on which your solar panels are installed. If the built of your rooftop is as such that dismantling the panels will damage the rooftop, then moving the solar system might not be a good idea. It might cost you for the renovation of the rooftop as well as the dismantling and the installation cost of the solar system in the new location. 

If you have gone solar under the RESCO(PPA) model, then the transferring rights of the solar system will depend on the contract that you have signed with the solar system owner/installer. This might also affect the terms and conditions of the contract and therefore you should discuss the movement with the system owner/installer. 

Relocating the solar system might also affect the insurance and the warranty benefits of your solar system. If you own the solar system, do check the warranty and insurance details before making the relocation.