India is a developing country characterised by overpopulation, low incomes and extremes gaps between the poor and the rich and with a diverse number of big cities in terms of wealth and lifestyle, which have high energy demands to meet personal and industrial needs.
Based on this, the development of renewable energy, such as solar, as one of the main energy sources represents a plausible solution to reduce the energy demand gap. The concept of renewable energy is showing great potential and, if implemented properly, it can contribute significantly to the sustainable growth of a country without curbing its economic aspirations.
India must make the development of technology in the renewable energy sector a priority. The high costs, that for years made it impractical as a mainstream source of energy, are plummeting and more solar energy farms are being planned than any other power source, including nuclear, coal, natural gas and wind. Solar energy seems to have a promising future in India because of the rapidly falling module prices and the rise in the cost of conventional power due to fuel shortages. However, solar power has been held back by costs.
Some solar projects have already been developed in India. For example, projects like the Jawaharlal Nehru National Solar Mission (JNNSM) aim to install 20,000 MW of solar power by 2022 in India which is a feed-in tariff project. This is one big step taken by the government towards boosting renewable energy as well as being a big move towards building India sustainably. Introduction of initiatives like Renewable Energy Certificates (REC) for off grid markets will contribute to market growth as this will result in substantial savings for the customers. Finally, policies and easing of these laws will simultaneously contribute and make the shift towards renewable energy lucrative and convenient.
Author: Ajay Pal Singh, RESET editorial