While we spend our youth chasing money, only with age do we realise that managing money is far more important than just making more of it.
How we wish they taught us financial literacy in school! While we spend our youth chasing money, only with age do we realise that managing money is far more important than just making more of it. When it comes to managing money, many Indians turn to their closest confidant, their Chartered Accountant (CA). So the day a CA is convinced to invest in a residential solar system, we can all take it as a sign that such installations are a good investment.
Mr. Pradeep Agarwal is a CA and an Investment Manager, who lives in Sheikh Sarai, New Delhi. He spends his days managing client portfolios and following the stock market and hence for him the calculation for solar was a fairly basic one. His electricity bills were high and by switching to solar, the cost savings would be obvious.
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However, unlike many others, he focused on the concept of inflation.
Just a few days back, the Delhi Government announced an increase in power tariffs. Assuming your electricity bill is Rs 3,000 and ignoring the minuscule fixed charge, a 4% increase in tariff will mean that your new bill is about Rs. 3,120.
That almost doesn’t seem like a steep rise, does it? Now calculate these charges for 25 years and thanks to compounding, you get a bill of about Rs 8,000 in the 25th year. Inflation is a reality that we will have to deal with every year and it was interesting for us to see Mr. Agarwal look at solar investment from this point of view.
As the American Humorist, Will Rogers once said “Invest in inflation, its the only thing going up.”
Solar panels have a life of 25 years. And while they do have some minimal maintenance and replacement costs, imagine the benefit of hedging your power costs for 25 years!
So how do you keep things running smoothly for over two decades? We are all sceptical about long term bets. But this is why organisations like Sunvest strive for best-in-class after sales services.
For Mr. Agarwal, for example, the system has a remote monitoring feature that allows teams to check his daily generation. Also his son monitors our mobile app regularly to check system performance. Such attention definitely pushes us to be more accountable.
Prices rise every day and if you have the choice to hedge your electricity costs, then why not? If a CA did it, it must be financially prudent!
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