In a recent study released by BloombergNEF, it was reported that in India, solar power can cost $25/MWh, compared to an average cost of running existing coal-fired power plants at $26/MWh. With regard to the present coal-fired source of energy, China and India jointly account for 62% of total power capacity worldwide. Together these two countries produce 5.5 gigatons of CO2 annually, or 44% of global power sector emissions. In connection to this, the International Energy Agency’s World Energy Outlook 2020 report states that this phase is “extraordinarily turbulent” and that the impact of Coronavirus makes it a “highly uncertain” future in terms of global energy use over the next two decades.
India is definitely poised to shift to greener sources of energy and reduce its carbon footprint. Statistics reveal that the solar energy production capacity in our country was over 39,000 megawatts in 2020, marking a whopping 250% increase since the year 2014. In 2019, India held the fifth rank globally in terms of solar power installed capacity and by 2028, India will witness an investment of US 500 billion dollars in the renewable energy sector. The installed renewable power generation capacity in general has gained momentum over the past few years, with a CAGR of 17.33% between the years 2016 and 2020. Even amidst the pandemic, India added 2,320 MW of solar capacity between the months January to September 2020.
Shifting Landscape to greener energy
According to a report by the International Renewable Energy Agency, new solar and wind farms will cost less than many of the world’s coal-fired power plants. The report has therefore suggested to governments to invest more in solar power to boost economies, especially amid the pandemic. Coal plants with a net capacity of 1,200 gigawatts or lower will probably become significantly more expensive to run by next year than newly set up large-scale photovoltaic solar plants. The report also advises countries to curb their use of fossil fuels, especially coal, to ensure a greener earth for our future generations.
The dire need for Solar
- Cheaper electricity: The above report emphasizes that the reduction of cost of new solar panels would mean that 62% of new renewable energy projects could cut the cost of up to 800 gigawatts worth of coal-controlled plants.
- Reduction in costs of solar plants: Solar power prices fell by 16% last year – new data suggests that more than half of the world’s coal plants could be replaced because of this reduced cost of new large-scale solar projects (which are now more than 80% cheaper to build than in 2010).
- Prices to go down further: The International Renewable Energy Agency report also states that in the next two years, the price of setting up solar plants will decrease further, thus making them more affordable, economic and sustainable.
- Backbone of the electric grid: Just as today coal-powered plants generate electricity in most countries, the future trend will witness it being replaced by low-cost renewables such as solar. The cheaper power from the sun will also facilitate electrification vis-a-vis transport, buildings and other industries and unlock new opportunities of indirect electrification with renewable hydrogen.
Nimbus Solar: Leading the change
Large organizations have woken up to the fact this is the time to adopt long-term alterations in energy efficiency, bolstered by advanced and innovative technology. Investing in solar-powered plants not only protects the environment, but effectively contributes to ROI.
As a brand that evokes trust, commitment and enormous expertise in the sector, Nimbus Solar continues to play a major role in the Solar Revolution in the country. The hallmarks of the success of this company includes its high quality standards, performance guarantees and working with the latest technologies in vogue. Today, the organization marches on to contribute generously to our country’s economy by guiding companies to take the right decisions when it concerns the entire gamut of their solar power needs.
For more details, visit www.nimbussolar.in