The green-energy targets of India will be at the higher peak of the plan. The renewables sub-sector is expected to stay powerful in 2023. This is because more wind and solar energy projects become functional. There has been seen an increasing demand for solar micro grid services and other solar technologies. To meet India’s goal of 500GW of renewable energy, 280GW is believed to come from the solar sector.
Renewable energy workers have noticed a growth in compensation. It is over 17 percent in 2022. The transition from traditional to sources is no longer a future plan because there is an increasing growth in the substantial investment into renewable sectors.
India successfully managed to achieve the stated goal about 4 years ahead of the timeline. Additionally, more than 42 solar parks have been founded across the nation to confirm the availability of large spaces for solar plant promoters. Amongst all the green energy sources, solar power alone is recognized for holding more than 38% of the installed capacity. Last year in 2022, India has installed 63GW of solar-energy capacity, which is higher than (14GW) in previous years.
In May 2022, the German chancellor in Berlin promised to contribute €10bn to assist India in achieving their mission of producing 500GW of electricity from renewable resources by the year 2030.
In the present era, green energy sources make up 121GW of the 411GW power-producing capacity of the nation, when India’s Prime Minister Narendra Modi and the German chancellor met in Berlin. Alongside rooftop solar installation, the nation has a 30.8GW target of solar pumps under the KUSUM scheme.
Reasons why solar energy has a huge scope in India
The above facts are strong enough to demonstrate the higher growth of the renewable energy industry in India. However, there are some more things that show the enormous potential for future expansion of the solar energy sector.
Since India is in a tropical region, it benefits the most from the solar power industry. The nation is capable enough to generate power that meets its own energy requirements but also fulfills the extensive energy demand of the whole world. It receives a significant amount of solar power throughout the year, approximately 3,000 long hours of sunlight. Many Indian states have the potential to generate a tremendous quantity of solar power even on overcast (cloudy) days.
India’s upcoming solar projects
Some of the states of India have a great amount of potential to generate solar power, owing to their strategic region. These states include Rajasthan, Haryana, Andhra Pradesh, Maharashtra, Madhya Pradesh, and Gujarat.
Currently, the Thar area in Rajasthan is considered the abode of India’s some of the leading solar projects, producing nearly 2100GW of solar energy. Gujarat has India’s one of largest solar power plants. Moreover, the Indian government has approved the leading plan predicting the upgradation of India’s 50 cities to growing solar cities.
The solar energy industry will support India’s Aatma Nirbhar mission
India is highly dependent on China for the import of various solar technologies like solar batteries and solar inverters. The newly launched policies of the government aim to make India highly self-dependent and increase the independence of domestic producers.
To reduce the expensive cost of solar components, developing a local solar manufacturing ecosystem is quite important. The implementation of government policies in favor of the solar energy sector and the motivation of domestic manufacturers will make India Aatma Nirbhar.
Cost-effective solutions with longevity
Solar panels and other solar technologies are slightly costly to buy. But, these systems provide a great advantage in saving money once you install them. Solar panels are worth the money in all aspects because they have the capacity of producing solar energy with an expected capacity for about 25-30 years. Switching from conventional electricity sources to solar energy will reduce the dependency on expensive sources resulting in costly utility bills for getting a regular supply of electricity.
Good foreign investment prospect
In the past few years, there has been a drastic decrease in India’s solar energy tariff. The open market system and the reducing solar energy tariff have motivated some great foreign investments in the growing solar power industry.
As per the study reports, Solar Philippines will enter India’s solar energy sector with a goal of approximately 500MW solar farm installation in India. The open market system of India put no compulsion for foreign investors to cooperate with India’s local businesses.
The use of solar power projects is a long-impending and imminent process as in the coming time the whole solar power industry will come to the top. Many residential, commercial, and industrial users will switch to this renewable source of energy.
This transition will improve the biggest problem of unemployment in India as several solar energy companies will emerge in the nation. This results in the development of new sector employment prospects. It will provide a bright career even to the unemployed youth of the country.
The rising power prices
Since India is an economically developing country with a quickly increasing population, energy use has been increasing at a faster pace. This significant growth in the power demand of the nation will soon go beyond the energy generation rate.
There is a huge pressure on the coal and the power sources of electrical and cylinder gases are falling. Hence, it is expected that solar power will convert one of the most important components of the energy portfolio of India in the coming decade. Investment in the solar sector in the present time will generate great profit in the future as it will emerge into multiple billion-dollar firms.
The renewable power capacity of India is expected to grow with an increasing speed with 35-40GW added yearly through to the 2029/2030 fiscal year. The leading companies working in the solar sector commit to providing support in the combined additional capacity targets.
Financially strong investors like some biggest global investors, the Indian government, and domestic conglomerates are giving their contributions to meet capacity addition targets. You too can contribute with the installation of solar systems in your homes.
You can take advantage of collateral-free solar loan to get the most cost-effective solutions. This loan provides cheaper rooftop solar systems than grid power. It consists of less processing time, no pre-closure and collateral charges. The remaining amount of the solar loan will be paid within 3-5 years. There is still a long journey to cover before making India a complete solar country. So, it’s the right time to start ahead.