Solar power in Uttar Pradesh holds a sunshine opportunity for business, tenders, contractors, and start-ups. If you’re planning to invest in a solar project in the state of so-called ‘nawab’ it is a good decision due to many supporting reasons.
For many years, their state government encouraged the participants of private sectors to set up solar power projects in the state. This is done to achieve the following objectives.
i) Support in providing environment-friendly and affordable Power for All.
ii) Promote Research & Development, innovations, and skill development in the State.
iii) Achieve a target of 8% Solar Renewable Purchase Obligation (Solar RPO) by 2022.
Thus, these objectives are accomplished steadily hence, considered as a good sign for businesses who want to make their revenue in the solar power industry.
The Uttar Pradesh solar energy policy of 2017 has brought major changes in the state. Broadly encourage the investors, R&D skill developers, and businesses to go solar and increase the economy. Hence, after two years, 54% of private sector entities had been registered in Uttar Pradesh across different boundaries. One such city is Kanpur and Lucknow. These cities hold the maximum percentage of solar power solutions provided by private solar companies in Lucknow.
Some of the major solar power policies shall be applicable for the following solar project set up within the state.
Business fall-in the category of Utility-scale grid-connected solar power projects shall consider the state for prospering benefits. The project includes both Photovoltaic (PV) as well as Solar Thermal technologies.
Entities hold a position of solar contractors, rooftop solar panel dealers, or rooftop solar panel installation in Kanpur, Uttar Pradesh shall consider this for good reason.
The private solar energy company in Uttar Pradesh which also deals in off-grid solar services may have a good opportunity to earn revenue and get well-support from the state government. The project includes solar street lights, solar-powered agriculture pump sets, and other types off-grid solar products.
From the view of business, the state and the sun both are shown income of opportunity. With so many advantages a business can earn a good return on investment along with tax concession benefits. And, here’s more.
Uttar Pradesh enlists in the top ten solar energy states said by our honorable prime minister of India Mr. Narendra Modi. With lakh of MW capacity available and provided by the government for solar plant set-up. Surely, businesses have a huge possible option to expand their origin.
As the state also received adequate solar radiation for 300 days i.e. consider potentially ample to produce power. Businesses can easily set up solar plants and use solar energy for a lifetime.
Renewable energy is like today’s savings, tomorrow benefits. Thus, industries, tenders, and companies have a good option to save money and brighten the future with solar products such as solar panels, solar heaters, solar street lights, and more.
Talking about finance and capital. Businesses may have the advantage of a federal tax credit. The new business or solar startups who have nearly installed their solar system will receive a federal credit close to 30% of the cost of the system.
Because of all the previously mentioned money related advantages, you will get a decent rate of profitability (ROI) and have the option to develop your business further.
These are major reasons that would help you to facilitate in decision making while thinking to go solar in Uttar Pradesh.