Solar energy has seen explosive growth in India over the last decade. As one of the sunniest countries in the world with 300+ sunny days, India has tremendous solar energy potential that is just beginning to be tapped. There are compelling reasons why solar makes sense for both large-scale solar farms as well as rooftop solar installations for homes and businesses. Here’s why investing in solar energy is truly a bright idea.
The Falling Price of Solar
One of the biggest drivers of solar adoption has been the dramatic fall in solar panel prices. Thanks to economies of scale and improved solar cell technology, solar panel prices have dropped by over 80% in the last 10 years. Solar power cost in India is now cheaper than ever before, making it cost-competitive with fossil fuels like coal and gas. This trend is expected to continue as technology improves further and capacities grow.
Government Policy Support
Solar energy enjoys strong policy support from the Indian government. Major initiatives like subsidies for rooftop solar, and commitments to increase renewable energy have given a boost to solar capacity addition. States like Gujarat, Rajasthan, and Tamil Nadu are leading the solar revolution. The next phase of growth is expected to come from under-tapped states.
Environmental Benefits
Solar energy generates electricity without any air or water pollution, protecting the environment. This makes it attractive in a country like India, which is the world’s third largest emitter of greenhouse gases. With scorching summers and the tangible effects of climate change already being felt, solar energy is a sustainable alternative that helps reduce India’s carbon footprint.
Energy Security
Expanding solar generation enhances India’s energy security and reduces reliance on imported fossil fuels. This improves India’s trade deficit since over 80% of the country’s oil is imported. Solar energy harnesses domestic energy resources and, when combined with battery storage solutions, offers predictable and stable energy costs over long-term Power Purchase Agreements.
Job Creation
The Indian solar energy sector employs people with major room for growth as capacity expands. Solar projects create local jobs in construction, installation, and maintenance over their 25+ year lifetime. This provides income opportunities even in remote villages and towns. The decentralized nature of solar power ensures inclusive and equitable access to jobs across urban and rural locations.
In light of these trends, solar power is all set to become a dominant source of energy for India in the coming years. We have barely scratched the surface of our solar potential!
Investing in a Solar Roof or Farm
For businesses and homeowners, going solar by installing rooftop PV panels makes increasing sense with attractive ROI timelines. Rooftop solar allows you to reduce monthly electricity bills by over 50-90% depending on system size, by harnessing the sun. Excess solar energy can also be exported back to the grid for additional revenue.
For investors and companies, large-scale ground-mounted solar farms that supply electricity to distribution companies through PPAs have emerged as a promising asset class, delivering 15-20%+ returns. Farms can be installed on unused land across India’s varied terrain to maximize generation. Installation is quick and hassle-free.
Things to Evaluate Before Going Solar
Of course, some due diligence is required before investing substantially in solar. Here are a few things to evaluate:
• The quality, warranty clauses, and expected lifetime of solar modules and the balance of the system
• Estimated solar production at your location based on sunshine hours
• Policy support and solar incentives in your state
• Timeline for recovering capital investments through savings
• The reputation of the solar EPC company for quality, performance, and service
By understanding these parameters, you can realistically assess the ROI from solar. Reputable established EPCs will assist you in every stage – design, approvals, installation, and maintenance during the entire life of the solar system life.
The Bright Future of Solar in India
Solar adoption in India is at an inflection point. Capacity has ballooned from near zero to over 60 GW in under a decade! Yet this is just the start – estimates suggest India could realistically have 500 GW of solar by 2030. As solar further expands, innovations will drive down costs, making it the most competitive source of power for all applications. Battery storage will address intermittency concerns, elevating solar to base-load generation status.
The future of energy is solar. For climate reasons, sustainability, self-reliance, and to tap the unlimited power of the sun, India needs to harness its true solar potential. Now is the best time to invest in solar to secure this bright future!/p>
Why Waaree is India’s Leading Solar Brand
Waaree is India’s #1 solar brand, having pioneered the solar revolution in India since 1989. With over three decades of expertise, Waaree manufactures India’s most trusted solar panels at its state-of-the-art factories and has capabilities across the entire solar value chain. It is the only solar company with both modules and EPC services under one umbrella, ensuring seamless execution of solar projects. Waaree constantly innovates and is driving solar with cutting-edge solutions. Contact us to today to discuss how we can help you convert to efficient, renewable solar energy!
