Five reasons why you should buy your solar rooftop plant during a recession
1. Minimum investment, maximum gains
With investment into solar power today being merely negligible, there are numerous financing schemes by banks, NBFCs and private investors that are eager to fund with a minimal interest—which would be paid back by the savings on solar.
2. Cheaper Loans
As governments look to benefit by incentivizing investment during recession or an economic slowdown, newer loan schemes with lower interest rates and higher tenures are expected to be at offer. While solar loans are already cheaper or on par with home loans, even a 1 per cent reduction in interest rate will have huge impact on the payback period.
3. Greater, Faster Support from Installers:
It has been always witnessed that getting higher cash flows is given precedence over making good margins while in a slow-down. This means there is great chance that a lot of installers will be offering seasonal discounts to keep business on wheels. Also, owing to low activity, your rooftop project will be attended to on priority, which would have been otherwise during the busy days.
4.Savings are sweeter in a slowdown:
Factories usually will be at 60% utilization factor during a slowdown. Commercial complexes will be grappling to cut costs, residential owners will look to invest in safer bets—like solar. This duly aids the present scenario, as you will be investing nothing from your pocket and yet saving on monthly power bills—which is of great significance during a slowdown.
5. Bracing for revival:
The end of a slowdown is immediately followed by a massive surge in demand which is usually unmet due to inadequate preparedness. Preparing for revival means you need to save for a large capital expenditure and working capital rise immediately after the recession. This is only possible if you invest now in solar and save for the next 18 months which experts foresee as the time needed for global economic recovery.
*The views expressed in the article are solely that of the author and does not represent those of the company in any form. The author is an expert in Solar Energy and Green Building Practices.
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