Solar energy refers to the energy that is the conversion of the thermal energy from the sun’s rays to electricity using PV panels that can be stored in batteries and be used at all times.
India has set a target to increase its production of energy through renewable and sustainable sources. The Government of India plans to install 175 GW of renewable energy projects by the end of this year (2022) and the instillation of 450 GW of sustainable energy source projects by the end of 2030. The main focus of this growth has been on large grid- scale solar projects. The smaller projects such as an increase in the distributed renewable energy projects have a large protentional to grow in future.
Similar to the regulations where rain water harvesting was made compulsory for all buildings in certain states, if the instillation and use of solar panels (solar energy) in all domestic and commercial establishments is made compulsory, the target of the Indian government can be achieved with ease and this will also relive most of the pressure on the power production sector in India.
To meet these targets set by the government, the country will require a massive investment of USD 18 billion to boost the growth ten times from the current level and pace of development. There are various market opportunities for roof top solar projects as well as off grid solar projects that can help reach the target of the government.
Earlier, the state governments had created a favorable policy for the growth of DRE which was backed by the incentives given by the central government to accelerate the growth and expansion in the use of solar energy.
The solar business in India is booming and providing more and more opportunities for new businesses to evolve. There are various practical applications for solar power that are used today. Since India is a tropical country, it receives solar radiation throughout the year. Studies show that the 3,000 active hours of received sunlight can produce about 5,000 kWh of solar power per square meter.
States that can exploit the solar radiation because of their position near the equator and other external factors are:
• Andhra Pradesh
• Punjab
• West Bengal
• Gujrat
• Bihar
• Rajasthan
• Maharashtra
There are various large-scale projects proposed by the Indian government that will contribute to the benefits of generating solar energy such as:
• The Thar Dessert project that is estimated to generate 700 to 2,100 GW of solar energy
• The Jawaharlal Nehru National Solar Mission is trying to endeavor 20,000 MW of solar energy by the end of 2022
• About 66 MW have been installed in rural areas to power various electrical applications like street lights, water pumps etc.
According to the Indian government there are various avenues that can be extremely profitable in relation to the solar industry such as the manufacturing and selling of solar products, servicing and maintenance of solar projects and consultation in relation to solar energy. The opening of these business avenues has paved the way for creating a sustainable and positive environment from the view of a business as well as the standard of living.