Wednesday, July 02, 2014: In a bid to vigorously promote the adoption of solar power among homeowners, the Ministry of New and Renewable Energy looks all set to introduce a number of key tax incentives to help homeowners gain financial benefits for generating surplus electrical power and selling the same to the Indian energy grid. The proposal currently awaits an approval by India’s Ministry of Finance and holds key to maintain the strong momentum that has been generated around the production and utilisation of solar power in recent times here.
The Ministry of Finance is currently evaluating the proposal to ascertain its feasability in the current economic scenario. Due to a lack of tax incentives for homeowners when it comes to solar adoption, solar power has yet to become sufficiently popular within the residential sector. Even those who are embracing it use the same only through utilities. The recent step could mean homeowners making better use of solar power though solar energy systems installed on their properties.
Huge costs associated with solar power has largely deterred homeowners to actively tap into the potential of the power of the sun. The huge costs of installing solar panels on a property drives most of them away from the idea of it. Meanwhile, majority of solar power companies currently operational in India do not offer leasing programs for their solar power systems.
