Solar Power System Holds a Bright Future in India

October 17, 2018

In media and political circles of India, solar power system has become the latest buzzword, and it merely contributes 1% of the total renewable energy production in current time to the country. When it revives solar energy, India embodies an immense potential, and in coming 5-10 years, this industry is expected to witness exponential growth. With this accurate given fact that by efficiently harnessing solar energy, India can generate sufficient electricity to power the whole nation.

A study conducted by Mercom Communications India, an entirely owned subsidiary of Mercom Capital Group, LLC, a global communication and consulting firm, the “India Consumer Perceptions on Renewable Energy Survey” focused on gauging awareness and attitudes of consumers and businesses toward renewable energy in India and around 1,700 residential, commercial and industrial customers were involved in this study.

Further, the study says that 49% of the commercial and 45% of residential respondents that installing solar panels is very important for India to develop and use solar power, as the country suffers from acute power shortages, exacerbated by an inconsistent coal supply. In comparison to other renewable and conventional energy, solar power system possesses the most vivid categorical perception, and Mercom Communications India passionately believes that robust industry-driven campaign to educate and inform consumers is looked for to benefit consumers understand that solar is key to solving power gloom, and when it comes to developing solar in India, converting more public opinion from somewhat to very important.

Let’s have a depth understanding as to why solar power system embraces a promising future in India.

For the nation, India’s private sector has taken a note of the significant potential for the solar power system, as the Solar Energy market has witnessed a massive boom both in online as well as brick and mortar markets. The online clean energy marketplaces exclusively dedicated to solar products have come into existence making solar products easily accessible to the masses. Big IT Giants like have also entered the solar energy market and in phased manner companies like Softbank, and Foxconn has announced USD 20 billion investment in the solar sector. According to the latest news reports, India’s solar scene seems to be very promising and in the coming year itself, it is forecasted 250% growth of the sector.

Since India has a huge power deficit and more than half of the population has barely or no access to electricity, the country is suffering from an acute power problem. Also, in the remote areas, the power supply is yet a farfetched dream. This is apt to various infrastructure and operational issues. Therefore, the sole solution to this problem is the solar power system, as it is the only connecting thread that can find the solution to the complex, multi-dimensional power problem for India. What is more, the power for each and every home in India, this renewable energy provides cost-effective means of supplying power.

In recent years, the price of solar panels has significantly decreased, as the recent technological breakthrough has made solar energy easily accessible for everyone. Along with solar panels, special batteries are marketed, which can sustain a charge for more prolonged periods and produce electricity. By 2020, the current cost of solar installations is estimated to decline to one-fourth. Therefore, sunny areas in India can produce up to 90% of their daily electricity necessity for homes with the use of this most recent technology.

From the latest news updates, the recently formed “Solar Alliance” headquartered in Gurgaon, Haryana, India, brings together 121 sunny nations of the world, aiming to make solar energy available and accessible to everyone. However, by 2020, Government of India aims to make India a solar superpower and to achieve this goal, they have revised their solar power capacity target fivefold and plans to take it to 1000 GW by 2022. Additionally, the Government is equally giving huge tax benefits, subsidies, easy loans, and other benefits to promote an environment for adoption and growth of solar solutions.

From all the above parleys, we can see that India is all set for a change and problem Indians look for a sustainable solution, which has been impeding the growth of the Indian economy. The emerging nation is all set to adopt solar energy, from the latest awareness and efforts to promote solar energy that promises to provide them with a convenient and effective solution for the power loom.

To support the Indians in this mission, SaveGeo – a growing integrated Solar EPC Solutions Provider based in India, provides high-quality solar photovoltaic solutions to global clients. Our solar services include everything to power your infrastructure with sustainable solar energy. From residential communities to business hubs to manufacturing units, we deliver turnkey solar projects for sustainable energy sourcing.