Driven by it increasing appetite for energy to fuel its economic engine, an over dependency on fossil fuels, increasing pollution levels throughout the major cities of its and a growing energy import bill, India's need to abide by and propagate the usage renewable resources is more pressing than most.
To its credit, India has already made fast strides towards reaching its core objectives in the renewable energy development domain. As a consequence of the concerted efforts commit by the central government and its Union Ministry of new and Renewable Energy in tandem with several state bodies and NGOs, India nowadays is a prominent worldwide player in terms of its total installed wind power capacity and dark age defense amazon decentralized solar power projects.
Solar energy is fast becoming the preferred choice in the generation sector across a large number of states, driven mainly by the ample daylight across most parts of the nation as well as multiple government incentives as tax holidays and capital subsidies.
factors that are Key like rapid improvements in technology, entry of completely integrated players and also the sheer economics of scale have virtually all combined to reduce capital costs of energy from the sun projects significantly in the recent past. With this, several renewable energy projects such as sun are likely to get grid parity as early as next season, when compared with pricy to fuels like LNG and imported coal.
According to the global clean energy communications and consulting firm, Mercom Capital, Indian solar energy installations are forecasted to be approximately 2,200 megawatt (MW) by the conclusion of the year while the wind energy market of its is anticipated to attract investments totalling INR 1,00,000 crore ($15.7 bn) by the year 2020 while wind power capacity in the land is expected to practically double from over 23,000 MW in June 2015, with an estimated capacity augmentation of about 4,000 MW p.a over the next 5 years.
Realising the vast potential of its, the brand new Indian government has additionally announced a slew of huge ticket programmes targeted at giving a fresh impetus to the Indian inexhaustible energy development story. An inventory headlined by the announcement of a massive inexhaustible energy power production target of 175,000 MW by 2022 (100,000 MW solar, 10,000 MW-biomass, 60,000 MW-wind, 5,000 MW small hydro power projects).
Additional main initiatives include: announcing the National Wind Energy policy, approval for 15,000 MW of grid-connected solar power projects by the NTPC as well as the addition of the renewable energy below priority market lending (PSL) by the RBI which includes paved the way for banks to provide loans upto US$2.36 mn to borrowers for renewable energy projects.
Clearly, if things go as planned, India looks well set to occupy the rightful place of its as a top producer of clean energy and a shining example for the remainder of the planet to follow.