The global energy demand is rising and the energy usage worldwide is expected to increase several times over in the coming decades. The push for clean energy means, fossils will be eschewed in the favour of renewable energy sources. Therefore, the world governments and energy producers have started tapping renewable energy sources such as wind, solar and biomass for power generation. A recent study shows that the rise in demands for renewable energy has resulted in a boom in green energy projects throughout the world.
or India, an energy-starved nation with limited coal reserves, solar seems to be the viable and economical choice. Additionally, solar power also solves the problem of high pollution environmental pollution that pervades the country’s urban centres like Delhi NCR, Bangalore, and Mumbai. India is located just above the equator and gets more than 300 days of sunshine during a year, which gives it an unrestricted access to the fuel required for solar power production — sunlight. the country is in an advantageous position to push for greater generation of and access to solar energy.
Moreover, India's Paris Conference commitments have made the country a hotbed of activity for renewable power, with solar leading the charge. Solar power companies from all over the world are targeting the Indian rooftop solar and commercial solar markets. However, Indian solar energy companies are also in the fray, offering lucrative solar panel prices and solar installations as per government guidelines.
The Indian market is more open and competitive in comparison to other populous countries like China, Brazil and Pakistan. This, along with the fact that the Indian government wants to generate 40% of its total power from renewable sources by 2030, makes India one of the biggest energy markets in the world today. Since India generates somewhere around 15% of its power from renewable sources at present, there is a huge opportunity for investment in renewables in India and the domestic as well as global investors have realised that
Solar is receiving special attention among other renewables because of the its easy implementation, scalability and sunny Indian skies (as pointed out earlier in this article). In November 2016, India built the world's largest solar power plant that can generate enough power to light nearly 150,000 homes. The target for 2022 is to generate 175 gigawatts of clean energy, with solar contributing 100 gigawatt of it. Which means more opportunities for investment in Indian solar market are already on the way.
Since the Indian government is betting big on solar for revolutionising the Indian energy sector, the government is actively driving its growth with a long list of incentives. Here are some of the factors that signal that the time is ripe to invest in the renewable energy market in India.
In all estimation, the Indian solar energy market will continue to grow in the coming decades. With 1.3 billion and rising, the Indian population will require more energy and the only clean energy source capable of fulfilling that demand is solar. Also, technological innovation may soon make electrical vehicles more affordable for the masses, which means the fossils are on their way out, and solar is in.
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