Madhya Pradesh, the second largest state of India, is one of the fastest-growing economies in the country. The state’s GSDP grew at a CAGR of 13.78% between 2015-16 and 2019-20. With a GSDP of Rs. 9.07 trillion the state ranks 10th in the country. The state also enjoys a good reputation in the ease of doing business and has recently moved up to the 4th position in this metric, after Andhra Pradesh, Uttar Pradesh and Telangana. The state has witnessed an increase in the number of MSMEs over the years from over 19,000 in 2012~13 to over 87,000 today. Businesses operating in such a conducive environment have the potential to grow exponentially given an optimum utilization of resources. And going solar is one of the ways to achieve this as it helps keep business expenses low, by helping you save up to 80% on your power expenses.

The growth prospect offered by the economy of Madhya Pradesh is just one of the reasons why businesses in the region should consider optimizing their power expenses. Today with the help of this blog, we will bring forth you 5 more strong reasons explaining why you should solarize your business in MP today.

1. Solar Potential of Madhya Pradesh

Located in the central part of India, Madhya Pradesh is a land of high solar radiation. With around 5.5 kWh/ sq.m/per day the state possesses the potential to meet the power requirement of every business/industry under the sun. A testimony to this is the state’s rising solar capacity which increased from 400 MW in 2012 to 5000 MW today. This potential of the state to generate solar energy can also be assessed with the state’s recently set new solar target of achieving 10,000 MW of solar capacity by the year 2022.

2. Solar Saving Potential of Businesses in Madhya Pradesh

Given the huge solar potential of the state, businesses in Madhya Pradesh are naturally bestowed with an opportunity to save big on their power expenses every year. Going solar makes businesses power independent. This reduces their consumption of electricity from the grid and other traditional sources of energy, thus saving lakhs in the process every year. An evidence to this is the various clients of MYSUN who are saving millions with solar not only in Madhya Pradesh but across India.

One of the ways to access the solar savings potential of your business is to run the MYSUN Solar Calculator. Designed with advanced algorithms and mapped with the solar radiation and electricity tariff of every pincode in India, the MYSUN Solar Calculator helps you pre-determine your savings from solar in a matter of just ten seconds. For example, as per the MYSUN Solar Calculator, a business unit in Indore with an average electricity bill of Rs 10 Lakhs can save approximately 43% on power bills every month under a commercial power category and 41% every month under industrial power category.

Estimated Savings from Solar for a Commercial Business Unit in Indore

Estimated Savings from Solar for an Industrial Business Unit in Indore

3. Solar Policy of Madhya Pradesh

Along with the immediate savings, that businesses in Madhya Pradesh can reap by generating their own electricity, the businesses in the state can also enhance this savings with the help of net-metering offered under the state’s solar policy. As per the policy, businesses can export the surplus energy generated by their solar system to the grid in exchange for compensation which increases the overall financial benefits. Not only this, but the solar policy of Madhya Pradesh also allows businesses in the state to avail an Accelerated Depreciation benefit of 40% on their solar system cost and a 10 year tax holiday on solar projects. There are provisions of solar loans too under a priority sector lending.

4. Businesses are already Saving a Fortune with Solar in Madhya Pradesh

Numerous businesses in Madhya Pradesh have already identified the benefits of solar and are reaping the benefits right at this moment. One such business is this leading insulation material manufacturing company in Pithampur which is saving approximately Rs 93 Lakhs on power bills every year after going solar with MYSUN. Just like the stated example, several of your competitors are already evaluating solar, which would give them a competitive edge. Make your decision to go solar today, to stay ahead in the race.

5. Easy Availability of Solar Financing Options

Given the high requirement of energy by businesses, going solar requires a sizeable investment. This might make solar appear an unfeasible option for numerous businesses but the fact is that with MYSUN’s Solar Financing Solutions buying solar is now easy for every business in Madhya Pradesh and across India. Businesses can easily avoid the upfront payment of the solar system and split it into easy instalments. With MYSUN Power Purchase agreement, businesses can even choose to go solar without paying the capital cost of the solar system.

We hope these five points might have helped you access the benefits of solarizing your business unit in Madhya Pradesh. Therefore take the first step now and start your solar journey today.

In a support to the domestic solar panel manufacturing industry, India may soon impose a Basic Customs Duty on imported solar modules and cells in the country. Reported in various media releases, the plans to levy a basic customs duty of 40% on solar modules and 25% on solar cells is underway as mentioned by power and renewable energy minister Mr Raj Kumar Singh.

The Backdrop of the Customs Duty

Over 80% of the solar modules used in solar projects in India are imported from countries like China and Malaysia. The imposition is therefore said to be a part of the Atmanirbhar Bharat or Self-Reliant India strategy which seeks to increase the dependence of the industry on domestically manufactured solar modules and cells. Currently, there is a safeguard duty of 15% which is levied on such imports. The basic customs duty once in effect will replace the safeguard duty. The duty is being said to be implemented from April of 2022.

MYSUN’s Take: How will the imposition of the duty impact you as a Power Consumer?

The Basic Customs Duty, even though being said to be implemented with the objective to build a sustainable solar manufacturing industry in the country, might not have a very favourable impact on the power consumers of the nation initially. The duty once in place will lead to a rise in price for both imported and the home manufactured solar modules which in turn will further increase the cost of solar systems for consumers across categories. Being still at an early stage of growth, the domestic module manufacturing industry might also struggle to keep up with the demands and quality, and thereby impact the progress of the ongoing solar projects negatively.

India is a growing economy which has the potential to meet the solar requirements of countries around the world. We hope any development or changes in the policies ahead leads to a harmonious growth of the industry and the consumers alike.

Madhya Pradesh is one of the fastest-growing states in India. With a GSDP of around ₹9.62 lakh crores, the state ranks 10th in the nation and is consistently growing at a rate of 12~14.2%. There has been a tremendous increase in the state’s commercial capabilities over the years where the number of registered MSME units alone has grown from over 19,000 in 2012~13 to over 87,000 today. Given such an increase in economic activity, access to affordable power is a significant requirement.

The below MYSUN Client, i.e a manufacturer of insulation material, based out of Pithampur in Madhya Pradesh has been able to achieve a savings of millions of Rupees by going solar. Having a massive power expenditure worth hundreds of lakhs of rupees every year, the business owners decided to go solar and become an independent power producer. With the help of a 897kWp Solar System, they are now saving approximately Rs 93 Lakhs on their power bills every year.

Can Your Business Unit in Madhya Pradesh Save Big with Solar too?

Similar to the above business, going solar can bring financial benefits for any business set up in Madhya Pradesh. Located in a geographically conducive environment, Madhya Pradesh, like many other states of India, receives ample sunlight throughout the year to fulfil the complete power requirement of your business.

Moreover, with a conducive solar policy of Madhya Pradesh which facilitates the functionality of net-metering, your business can not only reduce its power bills but also enhance its savings by selling the excess energy generated from its solar system to the local DISCOM. Not to mention the additional benefit of 40% Accelerated Depreciation which your business can avail by owning a solar system.

Check the Solar Potential of Your Business Unit in Madhya Pradesh

With the MYSUN Solar Calculator, estimating the solar potential is easy for any business across India. Designed with sophisticated algorithms considering the solar irradiance of every place in the country, the MYSUN Solar Calculator will help you pre-estimate the savings that your business will make on its monthly and yearly power bills after going solar.

For example, if your business is a commercial unit based out of Bhopal and consumes electricity worth an average of Rs 10 Lakhs a month, then going solar can help it reduce its electricity bill by almost 42%. That’s a savings of Rs 4.2 lakhs per month and a lifetime savings Rs 11.5 crores.

Similarly, if your business is a textile industrial unit based out of Indore in Madhya Pradesh with an average monthly electricity bill of Rs 25 lakhs, it can save almost Rs 10.3 lakhs every month, and Rs 27.8 crores in 25 yrs.

Solarize your Business today with Easy Financing Solutions today

With numerous solar financing options available from MYSUN, solarizing your business is more affordable than ever. Your business can either choose to pay the capital cost of the solar system upfront and thus get the best pricing or defer the cost in easy monthly instalments. Your business can also choose to go solar at the pay per unit model under a power purchase agreement. To know more about these options you can get in touch with MYSUN Solar Advisors by submitting your interest for solar financing here or read our blog on the topic - CAPEX vs MYSUN DPA vs PPA: How to Pick the Right Financing Model to Go Solar.

As evident in the above example of the MYSUN client in Pithampur, investing in solar has brought proven financial gains for the Manufacturing company. It has also brought in positive results for many other MYSUN clients across India. With the available financing options, favourable geographical conditions and solar policy of Madhya Pradesh, you have no reason to not solarize your business, be it is Bhopal, Indore, Ujjain, Gwalior, Jabalpur, Satna, Sagar or any other city of Madhya Pradesh.

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