India is ripe with untapped solar energy, with strategic geo-tropical location. It has the potential to yield approximately 5,000 trillion kWh of solar energy annually. Blessed with over 10 months of average sunlight, we are qualified to generate over 1000 GW of solar energy, which is four times the current demand.
Indian Government aids in renewable change
- The Indian policy for renewable energy aims to boost the solar grid capacity from approximately 24GW to 100 GW by the end of 2022
- Many government policies such as JNNSM Feed-in-Tariff, Renewable Purchase Obligations (RPO), and Renewable Energy Certificates (RECs) have aided and accelerated its growth and usage
- Under the Central Finance Assistance scheme, the Government will bear 30% of the investor’s project cost (for projects such as solar parks or ultra-mega solar power projects) or will provide the enterprise with a subsidy of 2 million rupees
- An additional 2.5 million rupees will also be provided by the Government for the generation of Detailed Project Reports (DPRs) and for conducting surveys
“Renewable energy costs have fallen 50% in two years and Prediction shows a continuous decline. As ever-cheaper renewable energy comes online, increasingly expensive coal generation will fall further from profitability,” says Silvio Marcacci, Director of Energy Innovations Communications.
Why solar should be the first priority
- The generation and consumption of solar energy is recognized to be a viable, profitable and ecological source in developed and developing countries
- This vast industry is predicted to last for a much longer time than the conventional coal and oil reserves that are predicted to deplete within the next 3-4 decades
- As per experts, this has proven to be more reliable and is expected to reap more economic benefits than traditional sources
- Solar panel in India is now 20% cheaper than the average price at which nuclear energy is produced. The decreasing costs of renewable resources are generating a competitive Indian market and creating a subsequent scope of innovation
It is time to switch to solar energy solutions as Indian solar companies in India have successfully increased their presence and technical capacity by 40%. It is one of the most rapidly growing industries and is expected to have a wider, more convincing influence on the market.
The solar energy system providers are full of potential with the Government of India has released a roadmap to achieve 175 GW capacity in renewable energy by 2022.