With ballooning prices of oil and electricity, Indians have to find an alternative source of energy to prevent a burning hole in the pocket. Solar energy household equipments are the best alternative. The products in this category are solar water heaters, inverters, solar lights and solar charge controllers. Apart from environmental issues, solar power has its own monetary advantages. Let’s see how using solar power can help you in your finances.

Let’s first consider solar water heaters. A solar water heater costs anything within Rs.15,000 whereas standard electrical geyser costs within a range of Rs. 5000 to Rs. 10000. Although the initial cost is far more expensive than normal geysers, post installation, there is no recurring cost attached to solar heaters apart from bi-annual maintenance. Compare that with a geyser which involves a huge monthly bill on electricity. 
Consider the following example if a normal water heater is used by a  family for four:

Apart from saving on power bills, the installer gets subsidized by the state. The state provides 30% capital subsidy or loan at 5% interest on 80% of the benchmark cost. The user has to register with the state nodal agency or through accredited channel partners or the Ministry of New and Renewable Energy.  The user can credit himself to saving almost 140 litres of diesel and saving earth.

Solar Lightings can also be used. The lightings and the bulbs that is used in the exterior part of bungalow or flat can be solar equipments. Solar lamps cost within Rs 1500 and save much on electricity.  Kotak, Tata and many other companies provide solar lamps. You can check out the details by clicking here. Solar LED lights, torches and decorative lights have flooded the market and are high in demand. LED tube lights save over 80% of conventional power and are flicker free. It is claimed by manufacturers, that these bulbs need not be replaced for almost 10 years. They run for almost 50,000 hours. There are special LED office lights which provide illumination according to the requirement of the office set up. 

Solar power is also used for cooking stoves in the rural areas which will soon operate in urban areas as well. These stoves can help save a huge amount, at a time when the Government has reduced the number of subsidised cylinders available in a year for a family.

Apart from that, a company called Borg India has introduced solar power generators which will use the solar power during the day to conventional electricity in the appliances depending upon the product taken. They range from Rs. 50,000 to almost Rs. 3 lakhs . Along with that, there are solar inverters available which saves almost half of the electricity used by the normal inverters. Other products like Solar powered sewing machine, headlamps for midwives, and portable lights for silk farmers are also made for semi-urban and rural areas.

Have a happy solar life!!

Sanket Sheth
Team GettingYouRich.com