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.