Price of solar energy continues to fall in India
The cost of solar energy in India has hit a record low. This form of power is now less expensive than electricity generated from fossil-fuels. Currently, the cost of solar energy is 18% lower than the electricity produced through the use of coal-fired plants. India has established itself as a very attractive market for solar energy, which has attracted numerous developers to the country. The swell of new solar projects has helped lower the cost of solar-generated electricity throughout the country.
Country shows that rapid energy transition is possible
The Wood Group, an organization that provides services to the energy industry, notes that India is showing that it is possible to make quick changes to its energy structure, if conditions allow. India has been working to make greater use of clean power in recent years, largely to curb emissions and combat climate change. The country has focused heavily on solar energy due to the ample sunlight many Indian states receive year-round. The demand for energy in India is also quite high due to the country’s massive population. This has increased the need for new forms of power.
India aims for more than 100 GW of solar energy capacity to be installed by 2022
India has plans to have more than 100 gigawatts of installed solar energy capacity in place by 2022. The country is well on track to meeting this goal; especially as solar is now less expensive than fossil-fuels. The Indian government notes that the cost of solar energy has been falling rapidly over the past three consecutive years. India is expected to become the third largest solar market in the world this year, experiencing a capacity increase of 76% over what had been seen in 2016.
Country will use solar power to help comply with the Paris Agreement
India is part of the Paris Agreement, which calls for several countries to reduce emissions by a significant margin by embracing clean power and distancing themselves from fossil-fuels. Per the agreement, India aims to derive no less than 40% of its electricity from renewable sources by 2030. Solar energy will play a major role in accomplishing this goal.