India could well be the next hotspot for a solar innovation. Haunt by red tape, corruption and land acquisition controversy in the past, the new Indian ministry is all set to handle these situations as it sets its eye on expanding investments in the Indian solar energy sector. What is amusing is the fact that the new ministry led by Prime Minister Modi has so far been truly fortunate in inviting foreign investors. So, in spite of its gap, India is gradually and regularly making the right change in tapping its enormous future in the solar energy sector.
Expanded Domestic Solar Goals
In last few years, the price of solar energy has decreased hugely in India. From $0.3 to $0.1 per unit, solar power has now turn into a feasible, cost-effective option for the power hungry country. The Indian ministry has newly raised its solar energy goals to 100 GW. If this take effect, India would be among the world’s biggest solar energy generator.
New solar farms and solar energy projects
Placed above the equator, India draws sufficient sunlight all-year-round. The nation ranks fifth in terms of power generation quantity (245 GW) and about 10% of electricity is presently produced through alternate resources like wind, biomass and solar. Presently, about 53% of the power generated in the nation is from coal. With huge pollution levels and limited domestic fossil fuel reserves, India is seriously seeking a cleaner option.
In Dec. 2014, the Indian ministry announced a big roadmap to set up more than ten solar farms in various states across the nation. The big point of this plan is that the planned solar farms would have convenient land with all mandatory approval, communication networks, transmission systems, water connection and road connectivity. Gaining land approval has been one of the big hindrances for India’s solar industry in the past.
Global Investments flowing in the Indian Solar Industry
It is amusing to note that some of the big global wind energy player like Gamesa, Mytrah and Suzlon has now decided to invest in the Indian solar industry. London’s Alternative Investment Market (AIM) listed Mytrah as planning to invest about $400 million in the coming year in the Indian solar industry. Gamesa India is all set to spend close to $220 million in the next couple of years with plans to install 100 to 500 MW of solar power projects. On the other hand, Suzlon plans to install a ‘hybrid’ model where solar plants would be installing along with wind turbines system. With this approach, Suzlon plans to overcome the land approval issue and remove hindrance related to power evacuation as there is a grid accessible near the wind parks. Apart from this, US Companies like Sun Edison and First Solar have committed to build close to 20,000 Mega Watt of renewable energy in India in the next few years.
(source by oilprice.com
GO SOLAR, GO SMART!
Feel free to make an inquiry and make your home a smart home today. !!