Falling Price of Solar Products in India
It's all about your roof and a small portable solar panel system-- solar power is everywhere now-a-days. For the first time in India, the overall cost of the solar energy is, in some way, lower than the cost of thermal energy.
This would be too early to predict the future of solar energy in India; however we can not avoid the blooming prospect of the solar energy in India. Nearly 85 percent of the total power needs are collectively met by the conventional sources of energy such as coal, gas, diesel, hydro, and nuclear.
With some recent developments in the solar sector, including some government schemes in India, we can say that this is the future of our planet.
There are so many factors behind the falling cost of solar panel in India-- right from the quicker to install and cheaper option to the least exposure to fuel volatilities. Here in this write-up, we would be looking into some major reasons why the price of solar panels in India is falling severely:
Government's inclination to the alternative source of energy:
This is the leading reason for the declining the cost of solar panel in India. The government of India routinely organizes auctions wherein the tenders for building a solar park are put in place for the International and indian companies. All the companies offer their competitive quotes before the governing authority, and the members give their approval for a particular bid that appears out to have promises to provide a cheaper and more sustainable energy.
The open bid for building solar parks across the nation is the primary reason that ends up ensuring a cheaper solar option. On the other hand, the government grants for solar panels for your home have also been identified as the most effective player for the declining cost.
Government subsidy on the solar panels:
GoI's continued effort to push the installation of solar PV system in both the rural and urban areas has also been a driving force behind the falling solar panel cost in India. Currently, the government of India offers 40% subsidy on the total capital cost of the panel.
Increasing competition among the companies:
On the other hand, domestic and international companies are coming into the solar sector in India and they have created a healthy and prospering competition-- which ultimately, ends up reducing the cost of solar PV system.
Currently, India imports nearly 85% of the total solar systems from China, and it has flooded the Indian market with solar system. It might not be a good thing for the Indian market, but this is also playing a key role in reducing the solar panel cost on the rooftop.
But, on the other hand, India's "Make in India" scheme is all motivated to bring a sustainable solution that can outpace the Chinese manufactured systems and provide the people with indigenous technology at more affordable price.
This would be too early to predict the future of solar energy in India; however we can not avoid the blooming prospect of the solar energy in India. Nearly 85 percent of the total power needs are collectively met by the conventional sources of energy such as coal, gas, diesel, hydro, and nuclear.
With some recent developments in the solar sector, including some government schemes in India, we can say that this is the future of our planet.
There are so many factors behind the falling cost of solar panel in India-- right from the quicker to install and cheaper option to the least exposure to fuel volatilities. Here in this write-up, we would be looking into some major reasons why the price of solar panels in India is falling severely:
Government's inclination to the alternative source of energy:
This is the leading reason for the declining the cost of solar panel in India. The government of India routinely organizes auctions wherein the tenders for building a solar park are put in place for the International and indian companies. All the companies offer their competitive quotes before the governing authority, and the members give their approval for a particular bid that appears out to have promises to provide a cheaper and more sustainable energy.
The open bid for building solar parks across the nation is the primary reason that ends up ensuring a cheaper solar option. On the other hand, the government grants for solar panels for your home have also been identified as the most effective player for the declining cost.
Government subsidy on the solar panels:
GoI's continued effort to push the installation of solar PV system in both the rural and urban areas has also been a driving force behind the falling solar panel cost in India. Currently, the government of India offers 40% subsidy on the total capital cost of the panel.
Increasing competition among the companies:
On the other hand, domestic and international companies are coming into the solar sector in India and they have created a healthy and prospering competition-- which ultimately, ends up reducing the cost of solar PV system.
Currently, India imports nearly 85% of the total solar systems from China, and it has flooded the Indian market with solar system. It might not be a good thing for the Indian market, but this is also playing a key role in reducing the solar panel cost on the rooftop.
But, on the other hand, India's "Make in India" scheme is all motivated to bring a sustainable solution that can outpace the Chinese manufactured systems and provide the people with indigenous technology at more affordable price.
