Lower costs herald a bright future for India’s solar industry. The world has woken up to the fact that the best way to go forward in our businesses is to adopt green energy, particularly energy from the sun. After all, the need for solar power is applicable across all industries. Besides, the significant decrease in the cost of adopting solar power has given the industry a huge boost and made it a very viable option across the country. Solar is a major contributor to the critical sectors like power, health and agricultural sectors. It also contributes generously towards sustainable development, job creation, emission reduction, and technological innovations.
Technological advancement signals a further reduction of costs. Amid the pandemic gloom across the country, the future of the solar industry looks bright! According to a study by The Energy and Resources Institute (TERI), New Delhi and US-based think-tank Climate Policy Initiative (CPI), the solar power generation cost is further expected to drop to INR 1.9 per unit over the next decade through 2030 in India.
Enhanced efficiency levels riding on the back of technological advancements are expected to infuse this sector’s game-changing positivity. ‘Monocrystalline’ technology has already become mainstream since it promotes higher efficiency. The future is expected to witness the ‘heterojunction cell’ technology that will successfully capture more wavelengths. Improvement in power storage technologies will also help reduce the cost of storage from INR 13.6 per kWh to INR 6.34 per kWh in the next decade. The cost of standalone storage is expected to dip from around INR 29.0 kWh to INR 11.9 per kWh in the same period.
India: Consolidating its position
India already enjoys the status of the lowest-cost producer of solar power – a recent analysis by The International Renewable Energy Agency (IRENA) revealed that the costs of setting up solar PV panels had plummeted by about 80% between 2010 and 2018. This boom in the industry will be a testament to the favourable policies and focused approach of the Indian government, as well as the positive responses from solar developers across the country. This lowered pricing along with the country’s aggressive energy installation target of 175 GW by 2022, will open up enormous investment opportunities in this sector.
Nimbus Solar: Contributing to the growth story
As one of the industry’s top players, Nimbus Solar Solutions has been an active contributor in the Solar Revolution in the country. Keeping the customer as the fulcrum of all its activities, the company boasts an empowered workforce driven by passion and purpose. Denoting the values of trust, reliability and tremendous experience in the sector, Nimbus Solar strives to help India become a global leader in solar energy. It is committed to delivering world-class services and products across all businesses. With strong financial relationships and in-depth knowledge regarding tax implications, Nimbus Solar ensures that every investor receives the maximum return from their solar power investment.
For more details, visit nimbussolar.in