The Future of Solar Energy in the India - What To Expect?

Posted by reek on November 28th, 2017

Solar today is one of the most passionately talked about topics in India and is on its way to become a leading source of energy for millions of energy consumers in the years to come. In past 2-3 years, there has been a significant rise in the installation of solar panels in India according to the solar panel manufacturers in India. While rooftop solar has made an obvious contribution, we believe that this segment is going to play an even bigger role in the future. Out of the determined government target of 100GW for solar, 40GW is expected from installations made on rooftops or from off-grid installations

India’s plan to incline up solar power generation to 100 GW by 2022 is among the largest in the world. It will help fetch sustainable, clean, climate-friendly electricity to millions of India’s people. India’s government has announced a 100 GW solar target. The only policy that is in line with it the planned revision of RPO targets to 10%

Considering India as one of the fastest emerging even The World Bank Group (WBG) is helping India carry on its campaign with more than billion in lending over FY 2017. This is the Bank’s largest-ever support for solar power to any country.

The World Bank Group is also supporting the India-led International Solar Alliance which targets to promote solar power use globally by mobilizing trillion in investments by 2030.

In India the sun is probably the most basic and effortlessly available source of renewable energy today. Conventionally, the sun has provided energy for practically all living creatures on earth, we all know how through the process of photosynthesis, in which plants absorb solar rays and convert it into stored energy for growth and development. There has been much talk and an equal amount of confusion about the future of India’s solar market. It is not easy to predict the growth rates or future of solar power market, because of the market dynamism.

The future of solar power in India seems bright. Even our Prime Minister Narendra Modiji has, on several occasions, stated his assurance to make India a 100 GW solar market in five years’ time with almost 40 GW of that coming from scattered generation.  Compare that to the German market, which is only 38 GW as on today. In line with this objective, the government is at present pushing through parliament a modification to the Electricity Act (2003) to raise the solar renewable purchase obligations (RPOs) of the discoms and other obligated entities to 10% in five years – roughly in line with the 100 GW target. However, the implementation of these RPO targets will have to be executed at the state level. And it becomes very important for state government to co-operate and support in the vision of making our country one of the leading solar power producer. Local or state governments can encourage builders and developers to design and build solar-ready homes and commercial buildings, so architects and builders can choose to use more of solar power.