The Indian economy is known as a developing market economy. As per economic studies, from a broader macroeconomic perspective, there is a close relationship between economic growth in India and renewable energy growth.
There is a robust demand for electricity with the growing Indian economy. It is projected to reach 15,280 TWh in 2040.
The renewable energy source to produce electricity is used globally, by all the countries. One of the reports by the International Energy Agency (IEA) says that renewables make up 26% of the world’s electricity which is expected to grow and reach 30% by 2024.
More solar power production in India means less usage of fossil fuels and a reduction in carbon emissions, making it a clean and green source of electricity energy. Harnessing the energy present in nature to meet our demands is a challenge but we are getting to the point of embracing it and making healthy decisions for our environment.
As per the Government of India, a total of 31,696 MW of grid-connected solar power generation capacity has been commissioned in the country until October 2019 and projects of 17,998 MW capacities are at various stages of installation. Tender projects for another 36,278 MW capacity have already been issued and new tenders of around 15,000 MW are also already planned in the period of 2019-2020 and 2020-2021.
Electricity generated by solar panel roofs helps the country generate power in a sustainable manner, mitigating carbon emissions and reducing the dependence on fossil fuels.
According to the 2018 report by Climate scope, India ranks second among emerging economies to lead a transition to clean energy, making it attractive from the investors’ perspective. It is expected to attract investments of up to $80 Billion in the coming four years. India has also received an FDI inflow of US$ 8.06 Billion between April 2000 and June 2019.
A few known challenges stand in the way of meeting the desired capacity now, and in the future. Eliminating or reducing the effects of these issues will go a long way in increasing the output of renewable energy plants.
Solar Panels require substantial maintenance as they are fragile and can be easily damaged.
The solar PV Modules require large amounts of space to be installed on. On average, the PV plant requires 4 acres of land for fixed tilt per MW and 5 to 6 acres for a single axis plant.
Potential Induced Degradation:
If there is a voltage difference between the earthing and the panel, it can cause potential induced degradation.
The country is aiming for more ambitious targets for solar power production in India, after the commitment of our Prime Minister Mr. Narendra Modi and French President Mr. Emmanuel Macron to the Paris Agreement. The commitment ensures that 40% of the installed power capacity in India will be from non-fossil-fuel based energy sources by 2030. This is a clear expression of India’s efforts and commitment to take measures and tackle global climate change.
According to the target set by Prime Minister Narendra Modi, the country plans to generate 100 GW i.e. 1,00,000 MW of solar power by 2020 of which 40,000 MW should be procured through rooftop solar units alone.
Power generation using solar is set to play an important role in accelerating India’s transition to renewable energy.
QUICK, INTERESTING FACTS ABOUT INDIA’S RENEWABLE SECTOR
- India installed 1 MW of solar capacity every hour, in the first half of 2018.
- As of 2019, India is building a solar power plant in Rajasthan with a capacity of 2255 MW, which will be the world’s largest solar power plant.
- During January – March 2019, the solar sector in India received investments of US$ 2.8 Billion.