India has shown a back-to-back rally in Solar Installation capacity. Let’s discuss some points that may help us to predict future of Solar energy in India.
Rise in Electricity Demand: India’s economy has shown a good positive growth for past few years. This has lead to increase in standard of living for many Indians. Now with these living standards India there is increase in demand of electricity. This creates a space for Solar energy to become part of energy ecosystem.
More use of Electricity as an end energy source: We have seen that there is change energy source we use for many of our appliances and machines. Earlier the place which was taken by Coal, Oil and Gas is now slowly covered by electricity. We expect this trend to grow further with more and more vehicles becoming electric. This creates a great opportunity for Solar Industry since they mostly work in harnessing Electricity from Sun’s energy.
Government Policy & the industry.: We have seen in past few years Govt of India has shown great interest in clean energy. They have set some of the finest targets for clean energy generation (including solar). Govt of India has been top promoter for using Solar energy. There is also a fine understanding between Industry and Government to increase the solar capacity and generating more inhouse technology and manufacturing.
Affordability: Solar has become more affordable. We have two reasons to validate our point. First one due to increase use and better technology there is significant dip in their price. Second the returns from solar installation has also increased. We attribute more use of electricity as a major reason for increase of return. We can see the Electric Vehicles would make major part of transportation in future. Then who would not like to fuel their car with solar on their roof.
Clean & Green sentiment: We can see somewhat Solar Energy guarantees us for Clean and Green future. This is also acknowledged by masses in India. Installments with solar panel in their roof are thought to be more modern, smart and Environment friendly. Hence businesses by installing solar panel in their premises can get goodwill points associated with it.
Hope you agree with the points we mentioned to analyze the future of Solar Energy in India. Please comment us with more such points that can help for better analysis.
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