A recent study by BloombergNEF reported that a solar power plant in India could cost $25/MWh. In contrast, the average cost of running existing coal-fired power plants at $26/MWh. In terms of coal-fired sources 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 with 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 poised to shift to greener energy sources and reduce its carbon footprint. Statistics reveal that our country’s solar energy production capacity was over 39,000 megawatts in 2020, marking a whopping 250% increase since 2014. In 2019, India held the fifth rank globally in terms of solar power installed capacity. By 2028, India will witness an investment of US 500 billion dollars in renewable energy. The installed renewable power generation capacity has gained momentum over the past few years, with a CAGR of 17.33% between 2016 and 2020. Despite the pandemic, India added 2,320 MW of solar capacity between January and 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. Therefore, the report suggested that governments 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 next year. The report also advises countries to curb their use of fossil fuels, especially coal, to ensure greener earth for future generations.
The dire need for solar power plant in India
- Cheaper electricity: Reducing the cost of new solar panels would mean that 62% of new renewable energy projects could cut the cost of up to 800 gigawatts of coal-controlled plants.
- Reduction in costs of solar power plant in India: Solar power prices fell by 16% last year. New data suggests that more than half of the world’s coal plants could be replaced due to the 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, economical and sustainable.
- The backbone of the electric grid: Coal-powered plants generate electricity in most countries. Low-cost renewables such as solar power plant in India will be the future. Solar power will also unlock new opportunities for 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 protects the environment and effectively contributes to ROI.
As a brand that evokes trust, commitment and enormous expertise in the sector, Nimbus Solar continues to play a significant role in the solar revolution in the country. The hallmarks of the success of this company include its high-quality standards, performance guarantees and working with the latest technologies in vogue. Today, the organization contribute to our country’s economy by guiding companies to take the right decisions when it concerns the entire gamut of their solar power plant in India.
For more details, visit www.nimbussolar.in