What The Future Holds For Solar Energy | Amplus Solar

January 5, 2022

Melting glaciers, rising sea levels, unpredictable forest fires — everything is linked to the increase in global carbon emissions and the excessive use of fossil fuels is its largest contributor. The planet is getting warmer every year which is changing the natural course of evolution amongst animals. Renewable energy, especially solar energy, is not just an evolving trend but the way forward. This sank further when the recent coal crisis had people worrying about electricity costs and power outages.

Fortunately, India’s solar future is quite promising. India is a diverse country with both urban cities and remote villages. Despite varying levels of modernisation, it has seen record-breaking growth in the solar energy sector over the last few years. India has got into gear to achieve 500 GW of renewable energy capacity by 2030. The lion’s share of 280 GW (over 60%) will come from solar.

The country is one of the hottest solar investment destinations as it leads the world in the installed capacity of solar energy. In fact, Ernst & Young’s renewable energy survey ranks India third in renewable energy investments.

Recent Developments in the Field of Solar

India has 48.56 GW of solar power capacity on 30th November 2021. To achieve its RE commitments, the government has launched many schemes to boost solar power generation. A few cases in point are PM-KUSUM, CPSU scheme Phase II, and Solar Rooftop Phase II.

In addition, the new government policies are incentivising residential as well as commercial and industrial sectors for solar adoption. Large power consumers particularly from Industrial and Commercial segment are being encouraged to add fresh green energy capacities every year. Several schemes are also giving impetus to Solar Parks and Ultra Mega Solar Power Projects.

The period between April 2000 to June 2021 saw a significant FDI inflow (US$ 10.28 billion) into India’s non-conventional energy sector, including the solar industry. Solar is powering a wide range of sectors, including transport. The giant Rewa solar park is one of India’s celebrated solar projects that powers the New Delhi metro. This advanced rail system is a widespread network serving over 2.6 million commuters in National capital region every day.

Upcoming Solar Technology

Not every country has ample space to install ground-mount solar systems. Moreover, for India, the process of land acquisition is always a tough one and sometimes include a long battle. Floating solar farms are an alternative solar energy solution. The system is easy to install and dismantle, more efficient in terms of power generation and can adapt to different electrical configurations. India too is ready to set up its largest floating solar power plant of 25 MW capacity in Andhra Pradesh.

Another promising technology is bio-solar cells that can continuously generate electricity. The energy is produced via the photosynthesis and respiratory activities of cyanobacteria – a kind of bacteria. Although energy generation lacks efficiency, there is a good window for future developments in this solar energy solution.

Future Costs of Solar

The cost of solar energy in the future and other renewable energy sources is expected to reduce by exorbitant amounts. A global study shows that India generates the lowest-cost rooftop solar energy at $66 per MegaWatt/hour. Also, the current trends in India and several other countries show a smooth decline in solar energy prices. A record-breaking impact on cost can be seen each time the total solar capacity doubles worldwide. From 2010 to 2020, the prices plummeted consistently by a factor of about 5 to 8.

Also, building new solar power plants in India has become increasingly low-cost and competitive compared to setting up new fossil power plants. The current prices are as low as Rs. 2.7 per unit in some regions of India.

Considering the remarkable decline of solar costs, sunny countries like India will soon have ultra-cheap solar energy by 2030 or 2035. In fact, the cost of establishing a solar plant is expected to fall below the operating cost of existing fossil fuel plants. Though this future is disruptive for coal power plants, most areas in India will enjoy access to the cheap electricity.

The Input of Government on the Global Level

Reducing carbon emissions and meeting the energy demands of a growing population is at the heart of India’s green energy goals. In a brief period, India is already leading the world by example where in solar electricity will be cheaper than coal-fired energy by 2030. To achieve its solar targets, India will be moving toward a more sustainable path away from current policy choices.

As a rising renewable energy and battery storage powerhouse, India is among the few countries which are on track to achieve most of its Paris agreement goals. This momentum will eventually reduce the country’s energy import cost and offset the investments made in renewables.

Conclusion

India is on the path to becoming a model for other countries by progressing consistently towards sustainable growth and a clean energy future. If you are ready to jump on the bandwagon with a rooftop solar PV system or a ground-mounted solar plant, get in touch with us and Amplus Solar will fulfill your clean energy requirements.

As one of the leading rooftop solar companies in India, we provide end-to-end clean energy solutions to commercial and industrial customers with our on-site and off-site (open access) solar plants. To help you capture the maximum solar energy, we also offer small-scale and large-scale battery integrated solar storage systems and remote monitoring solutions.

Our on-site solar and off-site solar installations can help you reduce or even eliminate your dependency on coal-fired electricity.

Contact us to learn about cost-effective solar systems for industrial use and commercial as well as the schemes you can take advantage of.