A pool of benefits allows people around the world to adopt solar panels in their residential, commercial, and industrial settings. Just like household users, enterprises can cut their carbon footprint, increase their property value, and reduce commercial electric bills. With the significant growth in the demand and manufacturing of commercial solar panels, the commercial solar market has been noticing significant growth.
Commercial Solar System Market
The increasing worldwide demand for solar energy has resulted in the significant growth of the commercial solar panel market. By 2032, the Indian solar PV market is estimated to reach 43.23 GW at a 9.8% CAGR. According to the market data, commercial solar panel installation will increase at a CAGR of about 8% from 2019-2025. Additionally, it is expected to grow continuously in the future, providing remarkable opportunities for businesses and investors.
Applications of Commercial Solar Panels
According to market industry research, commercial solar systems are categorized into carport installation, rooftop installation, and ground installation, based on application. Companies not having enough rooftop area required for solar panel installation can consider carport installation. It involves installing solar panels in parking lots, providing energy and shade simultaneously.
Roof installation just like residential rooftop solar panels involves placing solar panels on commercial buildings’ roofs. Ground installation, on the other hand, involves placing solar panels on the ground or any open land like unused areas or fields. Ground solar panels are perfect for large-scale solar power production.
Different Types of Commercial Solar Panels
Commercial solar users can opt for different types of solar panels. It includes monocrystalline, polycrystalline, thin-film, and others. Monocrystalline, polycrystalline, and thin-film solar panels will hold the largest share of the solar market in 2024.
Monocrystalline solar panels consist of a single crystal structure and have higher efficiency. Polycrystalline solar panels have several crystal structures, delivering comparatively lower efficiency.
Monocrystalline panels are more expensive than polycrystalline solar panels. Alongside these, there are some more commercial solar panels featuring alternative technologies with their own benefits and limitations. For example, thin-film solar panels are highly economical and include no toxic equipment. Less cost and no waste production will result in the growing demand of thin-film solar panels in the coming years.
Large-scale installations in commercial buildings usually comprises the use of monocrystalline solar panels. The reason is that they consume less space during their installation and operation than other solar technologies.
Latest Trends in Commercial Solar Systems
A decline in the cost of commercial solar panels is one of the most important top solar trends nowadays. Furthermore, it is considered to be reduced in coming years to make solar adoption affordable for everyone.
This year, 2023, the reduction in the cost will continue at the price rate of INR 85,000 to 75,000 for 1 kilowatt solar panels in India. Technological advancements, rising competition, and economies of scale are driving constant decline in solar system costs.
The following key elements influence the price of commercial solar panels and considered the latest trends –
Government subsidies
The government is offering different types of solar policies to encourage solar power usage in the commercial sectors. Solar subsidies, incentives, and many other tax breaks are available for enterprises to support solar panel use promotion. As a result, the initial installation cost of a solar system for commercial building is balanced and the ROI is increased.
Financing options
Specialized solar finance businesses and traditional lenders offer a wide range of financing alternatives for commercial users. For example, PPAs (power purchase agreements), solar loans, and solar leases. These financing alternatives allow enterprises to use solar power without breaking their bank or incurring upfront capital expenses. This makes solar installation more affordable and easily accessible.
Power storage systems and solutions
The solar system providers have presented several storage systems and solutions to keep a backup of solar power all the time. The seamless integration of commercial solar panels and storage systems like batteries allows cost efficiencies and better control over power consumption. The power storage offsets the irregular nature of solar power. It allows businesses to store surplus electricity produced during the day and use it during night or peak demand.
Technological development
The technological advancements in solar system lifespan and efficiency have updated every aspect right from development to installation. The modern high-efficiency solar panels are more affordable today than ever before.
This allows more enterprises to install solar panels and produce more renewable energy with a reduced footprint. The increased performance qualities and lifespan also result in lower rooftop solar system maintenance and replacement costs throughout their lifetime.
Personalization and scalability
The immense scalability of commercial solar systems allows solar companies to easily adopt the installation size and capacity based on clients’ demand. The excellent adaptability facilitates solar companies to optimize their solar investment based on power requirements, space availability, and budget. Additionally, enterprises can get their solar systems customized for optimum cost-effectiveness and power independence.
Things to Consider When Installing Commercial Solar Panels
To get an excellent return on your commercial solar investment, it is essential to consider certain crucial things. It includes lifetime customer support, reduced maintenance, AMC or annual maintenance contracts, increased cost savings, essential warranties, and customized solutions.
In addition, before incorporating solar panels into your commercial building, thoroughly understand your power requirements. Also, study the feasibility of including solar panels. Experts always recommend examining government subsidies and other policies to enjoy the benefits of tax credit regulations. Investigate the installation company before hiring them to ensure the safe installation of premium-quality solar panels.
Final Words
Just like residential solar panels, commercial solar systems come with several significant benefits. Companies are saving their electric costs and operating expenses by leveraging affordable and renewable solar energy. They can develop a good reputation as environmentally conscious, which eventually strengthens their branding and corporate image.
Now that you very well understand solar system trends and opportunities for commercial buildings, you can make an informed decision. If you want more information, you can reach out to Megamax Solar where experts stay tuned about every minor and major update.