THE RISE OF THE SOLAR POWER PLANT IN INDIA

 The need for solar power is becoming apparent with each passing day. It’s about time, we reduce our dependence on non-renewable energy and move towards green, renewable energy to build a sustainable future. If we don’t fight climate change now at a macro level, then the coming generations won’t see the world the same as we do. In India, awareness of green energy is increasing rapidly. People are becoming conscious, and the government has introduced several initiatives to boost solar energy projects. In today’s article, we’re going to discuss the rise of the solar power plant in India:  

 

Recently, India has earned the status of being the most cost-effective solar power producer in the world. Owning to increased awareness, government initiatives, and new solar companies in the market, the average cost of solar energy projects has dropped by a whopping 80% over the past eight years.  

 

The solar power plant market is growing exponentially, and India has the power to bring about a global change in the renewable sector while helping the world reduce its carbon footprint. If we were to look at the solar power landscape in India, there’s a lot to discuss.  

 

A decade ago, in 2010, India’s solar power plant capacity was merely 10 MW. But now it’s grown by over 600%. And by 2022, India has a target of achieving 100 GW solar power capacity, which is nearly 40% of the green energy mix. This shows that not just the government, but also people are taking an active interest in solar companies.  

 

One cannot deny that the major reason behind the spike is the role of our government. In order to provide a boost to several solar companies, the government of India formed the Ministry of New and Renewable Energy (MNRE) and Solar Energy Corporation of India (SECI). Both of these companies have played a vital role in helping the country grow its solar power plant capacity. Each state government has also formulated special policies to increase the adoption of solar power. These policies have helped solar companies accelerate their business growth.  

 

Incentives are another reason why India has managed to attain the status of being one of the leaders in the renewable energy segment. The government has announced several tax benefits to solar companies and this has definitely led to the growth of this industry. Apart from tax benefits, several other incentives are offered to solar companies and that’s how the solar power plant industry has become so lucrative and growing at an exponential rate.  

 

India is known for its low-cost labor. Installing and maintaining a solar power plant requires manual labor. This sector has not just helped the country become more sustainable but also created several job opportunities in India. Because of the low cost of labor in India, India has the capability of finishing any solar energy project faster than other countries. And this gives Indian solar companies a competitive advantage in the global market.  

 

The solar power plant landscape is rapidly evolving. On one hand, the government is offering additional subsidiaries to boost the sector and on the other hand, new rules are being announced to bring uniformity in the market. Looking at India’s journey so far, we can say that the future looks even more promising.  

 

If you want to do take step towards a sustainable tomorrow, then now is the best time to do so. If you have adequate land, then you can partner with one of the top solar companies in India and get a solar power plant installed at the site.