Solar Energy in India: Overview, Commercial Viability, and Investment Opportunities
Solar energy

Solar Energy in India: Overview, Commercial Viability, and Investment Opportunities

The demand for energy at the global scale is constantly rising, and it is expected that by the end of the year 2030, it will increase several times when compared to the demand today. Industry experts believe that the entire world will be pushing for neat and clean energy, and as a result, all types of fossil fuels will be eschewed almost in their entirety. This is the reason; for taking the timely call, both energy producers, as well as governments around the globe, are shifting their focus to renewable energy sources that include wind, solar, and biomass for effective and efficient power generation. A recent study has revealed that the ever-growing demand for renewable energy has caused a never-before boom in green energy projects the world over while giving rise to a boost in solar module manufacturing

Solar energy in India’s context 

India is the world’s 2nd largest populated country with energy demands that have never been fulfilled in the history of the last 75 years. The country is still struggling to meet its energy needs. India, as an energy-starved nation has very limited reserves of fossil fuels like coal, and therefore, solar energy seems to be the most economical and viable choice. Apart from that, solar energy has also emerged as one of the most effective and efficient remedies to meet the challenge of extremely high environmental pollution that pervades nationwide. 

Over the past 15 years, Indian metro and mini metro cities are witnessing AQI always more than 300 which is really an alarming situation. But the satisfactory news is that India is among a few countries of the world that receives high-intensity sunshine throughout the year, and this sunshine when used strategically to generate solar power can help the country not only to fight the scarcity of energy but also combat the problem of pollution. The unrestricted access that India has to sunshine can be more than enough to meet the energy needs of the country.

The government of India is also encouraging solar power generation and solar manufacturing across the country through various subsidized schemes and plans. It has also made a master plan to bring together private and public sector undertakings to give wings to the solar energy sector. But a lot is still needed to be done concerning the same till the goals are met. Moreover, India’s Paris Conference commitments have turned the country into a hotbed of solar power generation activities. Today, various companies from across the globe are aiming at capitalizing on India’s solar power generation regimen by foraying into the commercial solar markets. However, Indian solar energy producers have also risen to the occasion, offering high-performance solar panels and allied solutions at lucrative prices as per the guidelines issued by the government.

Investment opportunities for domestic and global investors 

The Indian market is more open and serious in contrast with other crowded nations like China, Brazil, and Pakistan. This, alongside the fact that the Indian government needs to produce 40% of its total energy from sustainable sources by 2030, makes India one of the largest solar power markets today. Since India creates somewhere near 15% of its power from sustainable sources as of now, there is a colossal chance for interest in renewables in India and the national as well as international financial backers have understood that very well.

Solar energy in India is currently receiving special attention from energy-producing countries around the globe because of its scope and magnitude. Apart from it, the implementation, installation, maintenance, and always sunny Indian skies make the scenario ideal for big investors. In November 2016, India established the largest power plant in the world for solar power generation. This plant has the capacity to light up more than 150,000 homes. Some of the leading solar power parks in India include the following:

  • Kamuthi Solar Power Project, Tamil Nadu
  • Ananthapuramu – II, Andhra Pradesh
  • NP Kunta, Andhra Pradesh
  • Rewa Ultra Mega Solar, Madhya Pradesh
  • Galiveedu solar park, Andhra Pradesh
  • Mandsaur Solar Farm, Madhya Pradesh
  • Bhadla Solar Park, Rajasthan
  • Pavagada Solar Park, Karnataka
  • Kurnool Ultra Mega Solar Park, Andhra Pradesh, and
  • Charanka Solar Park, Gujarat.

Commercial viability aspects of solar energy in India 

When it comes to the commercial viability of solar energy in India, it is very encouraging and inviting. Even the common people today are realizing the importance of solar energy, and solar power panel installations have become a common sight across the country these days. This has given the solar energy production market a new boost. The manufacturing of solar panels has gone to a new high to meet the ever-growing demand. Some of the top reasons that make solar energy commercially viable include the following:

  • Installing a solar power panel at home proves to be a very cost-effective solution in the long run
  • Apart from domestic use, commercial and business units are also showing huge interest in solar energy to make a huge cut on their power bills
  • The after-sales services provided by the solar power infrastructure companies in India are very convincing and satisfactory that make the users quite worry-free once the panels are installed
  • Solar panels do not call for any extra space for the installation and can be carried out on the roof without any hassle
  • The maintenance of solar batteries and inverters is very low which inspires both domestic and commercial users to go for the one
  • Solar energy is a never-ending source of sustainable energy just opposite to fossil fuels.

Concluding Remarks 

Incorporated in 2015 in Jaipur (Rajasthan) India, Insolation Energy Ltd. (INA) is India’s top solar module manufacturing company. Being the national solar energy provider, the company has set up an ultramodern fully automatic solar PV module manufacturing plant in Jaipur. The unit is spread over more than 65,000 sq. ft area with the latest robotic machinery and stringent Quality Assurance Process, conforming to all international/domestic standards such as IEC, UL, MNRE, CE, BIS –IS 14286, etc. in the brand name of INA.

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