ALL >> Environment >> View Article
Why India’s New Solar Energy Targets Are Amply Achievable
Total Articles: 33
The government’s aggressive thrust on renewable energy has given a much-needed boost to the growth potential of solar IPPs in India. RE’s many unique attributes – rapid deployment, modular nature and eco-friendly status make it an apt energy resource for India, which has a high energy deficit and an inadequate grid infrastructure.
As part of its vision, the new government has raised India’s RE target five-fold to approx 175GW (by end 2022), mandating an investment of about US$200 bn. This includes 100GW – solar, 60GW – wind with the rest incorporating biomass, geothermal and small hydro projects.
The revision of the solar energy generation from the earlier 22GW to 100GW by 2022 has amply demonstrated the government’s intent to proliferate the use of solar power in the country.
Further, the 100 GW solar target is split between 60 GW of utility scale projects and 40 GW of rooftop and other small grid-connected projects. Of the 60 GW, 15 GW is expected to be developed under the National Solar Mission (NSM) by 2019. Not surprisingly, the renewable energy IPP sector is expanding like never before. Already several global majors have announced multi-billion dollar investments in Indian companies set up solar power projects.
The RE summit at New Delhi also witnessed a slew of banks, private firms and FIIs pledging large amounts for investment in India’s wind and solar sectors in particular, with an estimated 30 banks and FIs making a commitment of approx US$57 bn to the RE sector.
The rapid fall in tariffs are also expected to play a major role in boosting the adoption of RE. Tariffs have dropped about 60% over the last four years, from INR 14.90 per kWh (kilowatt-hour) in 2010 to almost INR 5.75 per kWh in 2015 for solar power, rivaling prices of conventional power sources.
However, a lot still needs to be done if the government’s ambitious targets and deadlines are to be met in full, with little margin for error. The transmission grid needs strengthening and financing costs need to be reduced. Most important of all, the policy framework needs to become consistent, stable, predictable and business friendly.
A recent Bridge to India report puts things in perspective by stating that, ´The government has a key role to play in the sector, particularly in the formative years, but its focus needs to gradually shift to enabling private business models. Fundamental reform of open access can unleash market forces by opening up private development and trading of solar power.’
India is clearly one of the most exciting solar energy markets in the world, helped by rapidly improving the commercial viability of solar PV technology, its huge need for power and of course, its social and environmental imperatives, affirms the report.
India is well-placed to achieve its target of 100GW of solar energy by 2022 if it strengthens its transmission grid, lowers financing costs and follows a consistent policy with regard to solar IPP’s in India.
Environment Articles1. Summer Solstice : The Scientific Influence Of The Longest Day Of The Year
2. Healthy Environment For Self-confidence
3. Restop To Discuss Successful Innovations To Manage Human Waste At Sustainable Summits Conference
4. Essential Oil Uses That Helps To Cure Cold Relief
Author: vrinda organics
5. Use Peddle Bins For A Cleaner Environment
Author: Chetan Rathod
6. Restop To Present On Environmentally-friendly Outdoor Sanitation At Overland Expo West
7. Effects Of Harmonics In Power System:
Author: Omprakash M
8. Some Important Steps Taken By The Industries To Manage The Electronic Waste
Author: Pankaj Kumar
9. Brief Relief To Showcase Personal Lavatory Systems At Windpower Expo 2018
10. External And Internal Structure Of Earth
Author: Arun Mohan
11. When You Should Use A Soaker Hose
Author: Jacob James
12. Why Are Investors Turning Significantly Towards Solar Energy?
Author: Zena Winn
13. Tips To Save Money While Working With Junk Removal Service
Author: Dave Kocemba
14. An Impressive Technology To Reduce Waste At Your Commercial Places
Author: Digital marketing manager and content writer
15. Sustain Life With The Waste Management Of Bluestream
Author: Aastha Kapoor