Solar energy is becoming increasingly popular as a sustainable and greener energy source, replacing conventional fossil fuels. Solar carports are gaining popularity as an innovative way of utilizing solar energy and sheltering automobiles. In 2022, the size of the commercial solar carport market was estimated to be USD 927.31 million. Globally, the market is expected to expand at a CAGR rate of 9.13% from $991.72 million in 2023 to $1,828.45 million by 20301. We will discuss the economic viability and advantages of solar carport investments in this article, and also look at how they could be a wise financial decision for both communities and businesses as a sustainable energy source in India.
What is Solar Carports?
Solar carports are constructions with solar panels mounted on the roof that are used to both produce electricity from sunlight and shade parked cars. These installations can take many different forms, from simple home setups to huge projects in business and industry. Solar carport structures are usually designed as raised constructions with solar panels installed on top to provide sunlight exposure.
Benefits of Solar Carports
Green energy production
Solar carports provide electricity and support a more sustainable and clean energy infrastructure by transforming sunlight into useful energy. By utilizing solar energy, businesses and communities can reduce their carbon footprint and dependency on non-renewable energy sources.
Making use of unused areas
Solar panel carports usually occupy large areas of land and are not used much during the day. By adding solar panels to carport structures, this area can generate electricity without additional land or infrastructure.
Cost Savings
Producing solar energy reduces dependency on grid electricity, balances traditional energy use, and opens up new financial opportunities through net metering or selling excess electricity back to the grid. Long-term electricity bill reductions are possible with an investment in solar carports.
Environmental Benefits
By lowering greenhouse gas emissions associated with the production of conventional electricity, solar carports help to preserve the environment. Through the use of solar energy, cities, and companies can minimize their environmental effect and contribute to international efforts to combat climate change.
Things to Think About When Investing in Solar Carports
Carports use a lot of space and 95% of carports are idle and in urban areas, open parking lots occupy around 40% of all paved spaces2. So, solar carports can be a worthy investment in the green energy sector in India. Although there are many advantages to solar carports, there are a few things to take into consideration before investing:
Costs of the Initial Investment
When it comes to equipment, installation, and permits, building a solar carport might have a significant initial cost. Solar carport costs can be more affordable for businesses and organizations to use, though, if they take advantage of several financing alternatives including power purchase agreements (PPAs), leases, or solar loans. For a 1MW grid-connected solar carport, installation costs typically range between INR 90 to 100 million 3, which includes the cost of labor, wiring, solar equipment, and carport structure in addition to solar panels.
Durability and maintenance
For solar panel carports to operate at their best and last a long time, frequent maintenance is necessary. This includes evaluating electrical parts, cleaning panels, and quickly resolving any possible problems. Solar carport structures can operate longer and require less maintenance if high-quality materials and reliable solar carport installers are invested.
Investing in solar carports built with durable materials such as steel or aluminum can last 25-30 years or more.
Considerations for Regulation and Permitting
Plans for solar carports might not be economical or feasible to implement due to local laws, building restrictions, and construction rules. Before beginning installation, it is important to establish regulatory compliance by speaking with the appropriate authorities and obtaining all required permissions and approvals.
Site Suitability and Solar Potential
Determining the economic feasibility of solar carport installations requires evaluating the potential of a location for solar energy. Solar panel carport structure energy output capacity can be affected by several factors, including location, shading, and sunlight exposure. Examining the profitability of solar carport projects and optimizing their performance can be achieved by carrying out a thorough site evaluation and feasibility assessment.
To reduce their environmental impact and switch to renewable energy sources, cities, businesses, and organizations can make wise investments by installing solar carports. Solar carports provide an environmentally friendly way to generate electricity while also serving a useful purpose by shading parked cars and making use of unused space. Solar carports are a promising option for sustainable development and energy management, even if there may be initial expenditures and regulatory issues to deal with. Over time, solar carports can have a positive environmental impact and increase property value. Solar carports will become more and more important in the shift to sustainable energy as technology develops and economies of scale drive down costs.
