Read on why more people want to Invest in India’s growing Solar Power Industry. Global energy demand is increasing, and global energy consumption is predicted to expand by several orders of magnitude in the next decades. The push for clean energy means that fossil fuels will be replaced by renewable energy sources. As a result, governments and energy providers around the world have begun to use renewable energy sources such as wind, sun, and biomass to generate electricity. According to a recent study, increased demand for renewable energy has resulted in an increase in green energy projects around the world.
What Solar Means for India?
Solar appears to be the practical and cost-effective option for India, an energy-scarce country with limited coal reserves. Solar power also addresses the problem of high pollution levels in the country’s major centres, such as Delhi NCR, Bangalore, and Mumbai. India, which is located just above the equator and receives more than 300 days of sunshine per year, has free access to the fuel needed for solar power production – sunlight. The country is in a good position to strive for more solar energy development and availability. Furthermore, India’s Paris Conference promises have turned the country into a beehive of renewable energy activity, with solar leading the way. Solar power businesses from all over the world are vying for rooftop and commercial solar market share in India. Indian solar energy companies, on the other hand, are competing by delivering competitive solar panel costs and solar installations that follow government rules.
A Huge Investment Opportunity
In compared to other populous countries such as China, Brazil, and Pakistan, the Indian market is more open and competitive. This, combined with the Indian government’s goal of generating 40% of its total power from renewable sources by 2030, makes India one of the world’s largest energy markets today.
Given that India now generates roughly 15% of its power from renewable sources, there is a big opportunity for investment in renewables in India, and both domestic and international investors have recognized this.
Solar, among other renewables, is gaining traction due to its ease of implementation, scalability, and beautiful Indian skies (as pointed out earlier in this article). In November 2016, India completed the construction of the world’s largest solar power plant, which has the capacity to power approximately 150,000 homes. The goal is to generate 175 gigawatts of clean energy by 2022, with solar accounting for 100 gigawatts of that total. As a result, further investment opportunities in the Indian solar business are already on the way.
Why Invest in India’s Solar Energy Industry Market?
The Indian government is actively encouraging solar growth with a broad list of incentives because it is banking big on solar to revolutionize the Indian energy market. Here are some of the indicators that the moment is right to invest in India’s renewable energy business. India has formed a collaboration with the United States government to fund sustainable energy innovation and research. Are these not enough to convince you to invest in India’s solar market? Okay, here’s more:
The Indian government provides generous subsidies and tax advantages to attract private companies to the solar sector.India’s yearly coal production target has been cut from 660 million tonnes to 600 million tonnes recently. The country also abandoned a proposal to build 14 GW of coal-fired power plants because solar energy has become a more cost-effective alternative.
To increase interest in the Indian solar energy sector, the Indian government plans to construct solar parks, fund novel solar power storage systems, and encourage small grid projects.The government is promoting rooftop solar installations as a way to make more urban and rural homes energy self-sufficient. In India, there are numerous subsidies available for purchasing household solar panel systems, which helps to drive the market
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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