Global energy consumption is increasing and is expected to grow several times in the next few decades. In the push for clean energy, fossil fuels will be replaced by renewable energy sources. The world’s governments and energy producers are now utilizing renewable energy sources like wind, solar, and biomass to generate power. Recent research shows that the increase in demand for renewable energy is resulting in an explosion of green energy projects around the world.
What does solar mean for India?
Solar power is a viable and cost-effective option for India, a country with a limited amount of coal reserves. Solar power can also help to reduce the high levels of pollution in urban areas like Delhi NCR and Bangalore. India, located above the equator, enjoys more than 300 sunny days per year. This gives it unrestricted use of the fuel needed for solar energy production – sunlight. The country is in a good position to promote greater access and presentation of solar energy.
Solar power is the leading source of renewable energy in India, thanks to the commitments made at the Paris Conference. Solar power companies are targeting the Indian commercial solar and rooftop solar markets. Indian solar energy firms are also competing, offering solar panels at attractive prices and solar installations in accordance with government guidelines.
A Huge Investment Opportunity
India’s market is open and more competitive than other large countries such as China, Brazil, and Pakistan. India is one of the largest energy markets today, thanks to the government’s goal of generating 40% of India’s total power through renewable sources by 2030. India currently generates around 15% of its electricity from renewable sources. This presents a great opportunity for investors to invest in renewables. Both domestic and global investors are aware of this.
Solar has received special attention in comparison to other renewables due to its ease of implementation, scalability, and the sunny Indian sky (as mentioned earlier in this article). India constructed the largest solar power station in the world, which can produce enough electricity to power nearly 150,000 homes. Solar energy will contribute 100 gigawatts to the 175 gigawatts needed by 2022. This means that there are more investment opportunities in the Indian solar market.
Why invest in India’s Solar Market?
The Indian government has a list of incentives to encourage solar energy growth. Here are a few factors that indicate that it is the right time to invest in India’s renewable energy market.
India and the American government have formed a partnership to fund research and innovation in the clean energy industry.
Private investors are attracted to the solar industry by the generous subsidies and tax breaks offered by India’s government.
India’s coal production target was reduced recently from 660 to 600 million tonnes. India has even abandoned a plan to build 14GW of coal power plants, as solar energy is now a cheaper alternative.
The Indian government plans to create solar parks and support innovative solar energy storage solutions and mini-grid projects in order to increase interest in the Indian market for solar energy.
Rooftop Solar Installations receive a lot of support from the government, which plans to increase energy independence for urban and rural homes. In India, there are many subsidies available for purchasing home solar panel systems. This makes the market an attractive investment.
All estimates indicate that the Indian solar market will continue growing in the next decade. Solar energy is the only source of clean energy that can meet the growing energy needs of India’s population. Solar energy is also likely to become more affordable in the future due to technological advancements.