With advancements in solar power India is making significant progress, and we are witnessing tremendous growth in solar energy investment. The installed solar power capacity growth rate nearly quadrupled from 2018 to 2021, reaching a record of over 40 gigawatts in 2021. By 2022, the total installed solar capacity rose to around 63 gigawatts.

To meet the projected capacity for 2030, installed capacity must increase by more than four times its current level. In India, energy demand is rapidly increasing as the country develops quickly.

Industrial expansion and population development necessitate increasing amounts of energy. Traditional energy sources like coal are becoming more unsustainable and uneconomical, and the ecologically acceptable option turned out to be solar power.

Thus, it suggests that it is essential to embrace solar power India to achieve its goals of energy security, economic growth, and environmental sustainability. The growth of solar power projects has wide-reaching economic consequences, which go beyond mere energy generation!

 

How Does the SDG (Sustainable Development Goals) Operate as an Economic Catalyst?

The Indian Economic Survey has introduced a section on Sustainable Development Goals (SDGs) and Climate Change, highlighting their growing importance. This is the first time that such a focus has been included in the survey. The section details India's initiatives towards achieving SDGs, showcasing significant success stories, particularly in SDG 7, which emphasizes affordable and renewable energy.

Some of the job opportunities available in the solar industry include manufacturing industries, architecture, building sales, and project development.

States such as Tamil Nadu, Rajasthan, and Andhra Pradesh are developing solar job centers.

Moreover, average monthly incomes in solar energy benefits for medium and large industries are around 20% higher than those in the rest of the sector. Thus, the clean energy transition will provide India's growing working-age population with jobs that are stable and profitable in nature.

Most notably, India has set a goal to reach net zero emissions by 2070. In the last few years, India has stepped up solar power projects and wind power investments and done that simultaneously with an announcement of development plans for local renewable energy supply chains.

Solar Energy Investment India Updates 2024

Renewable energy producers like KPI Green Energy Limited are making sure to make the most of the solar power. KPI Green Energy Limited has established 66 KV and 11 KV transmission lines for evacuation of the solar power generated from their solar plants.

The recent developments in solar power projects are the following:

• An investing platform PYSE has established India's first fractionally owned solar power facility in Karnataka. The platform enables individual investors to participate in sustainable initiatives that have social and environmental consequences with a ticket size of as little as Rs 5,000.
• Sterling and Wilson Renewable Energy Limited (SWREL) has secured an order worth 550 crore for a solar project in Rajasthan.
• AXITEC has opened its latest production facility in Tiruvallur, Tamil Nadu, maximizing the production by 330 MV.
• ENGIE has signed a power purchase agreement (PPA) for a 200-MW solar plant as part of Gujarat Urja Vikas Nigam's (GUVNL).
• Avaada Group's affiliate, Avaada Energy, had obtained Rs 315 crore in funding for captive solar projects in Karnataka. Avaada Group is a leading player in renewable energy.

 

The Financial Impact of Solar Energy in India

1. India’s Solar Power Horizon

India's National Solar Mission has high aspirations for solar energy, intending to develop 100 GW of solar power by 2022, with ample increase in subsequent years. As of 2023, India's total solar installed capacity had topped 70 GW, adding considerably to the country's renewable energy status.

So, this rapid expansion has positioned India as one of the global leaders, taking a concrete stand for the solar power companies working diligently.

2. Job Opportunities

In turn, solar power projects create large-scale job opportunities at many stages of the production/installation, operations, and maintenance of solar energy-related facilities.

Since the demand for such installations has increased in the areas around the country, the number of individuals needed for that work, primarily in electrical engineering, construction, management, and maintenance, has skyrocketed.

Employment in rural areas, especially concerning large-scale solar installations, is booming, and the money stays in the community.

Solar power companies also promote indirect employment through the supply chain, transport, equipment manufacture, and material acquisition. As the solar power industry expands, so does the need for adjacent sectors, creating an ecosystem that encourages sustainable growth.

3. Infrastructure Development

 

• Rural Electrification: One of the most important advantages of solar power projects in India is rural electrification. In many villages in India, and particularly in places such as Uttar Pradesh, Bihar, and Rajasthan, there is little access to the national power grid.
  
  Off-grid solar solutions, including solar lighting and house systems, have greatly improved the quality of life in these areas. They provide reliable, clean energy, enabling schools, hospitals, and commercial enterprises to function efficiently.
• Growth in Industries: As the number of solar projects grows, so do supporting sectors like battery storage, inverters, and solar panel manufacturing. This promotes future industrial growth and supports Make in India efforts.

 

What are the Cost Challenges of Solar Energy Investment in India?

High initial capital costs	One of the major hurdles against the growth of solar energy is the expensive cost involved in installing it. Solar power plants, more so mega-scale solar farms, require significant investments like Solar Panels Balance of System Inverter units Lot of Space
Storage of energy costs	Electricity storage technologies (such as batteries) are required to maintain a steady supply of electricity, particularly on cloudy days or at night. However, the cost of effective, large-scale energy storage options remains quite expensive.
Grid Integration Costs	Integration of the current electric system with solar power would present logistical and economic challenges. It will require more such infrastructure, like grid stabilization devices and smart grid technology, to smooth out the unpredictable and intermittent nature of solar energy. These infrastructure renovations and expansions carry a high price tag, especially for utilities and governments.
Land Acquisition and Usage Costs.	Extremely large-scale solar farms require huge areas of land, with a consequence being significant costs in areas where land is costly or highly sought after for agricultural or housing purposes. It includes: Land-use conflicts Legal and regulatory fees

 

Why KPI Green Energy?

The challenges are possible along with the benefits of dealing with solar power India. The question is what brand offers those solutions? KPI Green Energy Ltd understands the necessity of improving solar energy solutions. As the Best Solar Power Company in Gujarat, we are dedicated to accelerating the adoption of industrial solar power plants in Surat and beyond.

Moreover, our captive power plant and The Role of Independent Power Producers in Solar Energy schemes offer the services of establishing solar power plants or also offer solar energy to organizations who do not want to set up the whole plants. If you are also looking to switch to green energy to save huge on electricity, reach us at [email protected]