Aiming to promote renewable energy, a Vizag-based startup – RED Solar Private Limited – is working towards promoting the use of solar energy and installing solar panels in residential and commercial buildings in the city.
Founded by Venkatesh Majji and Rajesh Varma Bhupatiraju who did their masters in the US and returned to the city after gaining experience there, RED Solar has already installed five solar energy systems in the current financial year. The company intends to complete 20 such installations in the city by the end of this fiscal.
Speaking to TOI, RED Solar co-founder Venkatesh Majji said, “Both of us (Venkatesh and Rajesh) have worked in the US and are passionate about renewable energy sources. We realised that there is a huge potential for solar energy in India. At the same time, we believe that by investing in solar energy, we can also provide employment to students from core branches such as civil and electrical engineering.”
Furthermore, he said, “Until now, we have set up solar energy systems in two colleges and three residential houses. In addition to reaching out to individual customers, we are reaching out to many EPC contractors and be a sub contractor for them. There are lot of people who are interested in such solar energy systems in Vizag.”
Co-founder Rajesh Varma Bhupatiraju said installing solar energy systems helps reduce the cost of electricity for customers. “The smallest system starts at Rs 85,000 generating about 180 units per month, which is approximately equal to a bill of around Rs 1,000 per month and it goes up to Rs 2 lakh generating 600 units, which is equal to a bill of around Rs 5,000 per month. Apart from installing the systems, we also provide maintenance for a period of five years,” he said.
Elaborating on the advantages, he said, “We provide a complete system based on the grid concept. So, we provide net meter by collaborating with EPDCL. Whatever excess power is generated can be sold to the discom. During the day, people can use the solar energy to meet their requirements and at night power can be drawn from the discom. So customers will be charged only for what they use and the remaining is sold to the discom.”
Mentioning that the startup wants to first focus on the Vizag market, he said eventually they want to set up their presence in other states such as Rajasthan, Gujarat and Maharashtra. “We are targeting a revenue of around Rs 10-20 crore in the next three years and also intend to hire around 30 people for our company.” Nicklas Lidstrom Jersey