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Tata Capital > Blog > Loan for Home > Home Solar System: Can they Be Considered as the Future of Residential Housing Projects?

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Home Solar System: Can they Be Considered as the Future of Residential Housing Projects?

Home Solar System: Can they Be Considered as the Future of Residential Housing Projects?

With the growing awareness around green alternatives and sustainable practices, there has been a rapid shift towards solar energy. Today, solar power has become a game-changer across various sectors, including real estate! Wondering how? Read on.

The future of residential housing projects

According to the suggestions of The International Energy Agency, solar energy could contribute to 27% of the world's electricity usage by 2050; if governments provide active support through action-oriented policies. 

That's why it isn’t surprising that more and more people are starting to use solar energy to power their homes and combat electricity challenges. As the need for sustainable energy sources is increasing, many buyers are opting for solar panels on rooftops of newly constructed houses.

Alongside buyer's interest, the various plans from governments to build solar farms and solar cities have also contributed to the growing use of solar power.

This is why the future scope for solar power in real estate looks particularly optimistic. Let's take a deeper look below.

Cost savings

Even though the initial costs of installing a solar power system are high, you end up saving a lot in the long run. However, once installed, you can harness solar power to generate electricity in a non-polluting manner and considerably reduce the cost of power generation.

You can also opt for housing finance to make your new house ready for optimal solar energy generation. Today, many lenders offer convenient loans at affordable home loan interest rates, so you can avail of a loan easily.

Additional Read: What Are the Things Home Buyers Should Expect from Budget 2021?

Easy and low maintenance

Solar panels are easy to install, depending upon the space and location available. They also have a low cost of maintenance, as they only require regular cleaning. When you buy a home with a solar power system installed, be assured that it will work for decades. Plus, they are less prone to wear and tear, which makes them durable and reliable.

Eco-friendly

Apart from being energy-efficient, solar power for houses also helps keep the pollution levels in check. This renewable source of energy promotes a clean environment and effectively reduces the carbon footprint. If you buy a house that uses solar power, you're essentially investing in a healthy atmosphere for your family.

Tax advantages

To encourage the use of solar energy, the government also offers tax benefits on the installation of roof panels in the residential and commercial sectors. As a dealer/buyer, you can get up to a 30% subsidy on the cost to install a solar panel or other products in the house. You can take advantage of such incentives and save extra bucks if you're paying home loan EMIs. 

Additional Read: All You Need to Know About Buying a Residential Property in DLF City

In conclusion

While solar energy technologies are still nascent, they can certainly do wonders for residential realty. If you're looking to invest in green energy, purchasing a solar-ready house is a great option.

At Tata Capital, we offer a wide range of home loan options to help finance your dream home. With our 100% contactless application process, you can now download a digital, editable form and apply online in just seconds. Contact us today for a hassle-free lending process!

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