With the increase in population, the energy demands in the world have increased drastically. Lately, if we talk about the 2nd most populated country in the world, India, it is relying on renewable of energy to meet its energy requirements.
Piyush Goyal, Minister of State with Independent Charge for Power, Coal, New and Renewable Energy and Mines in the Government of India with his entire cabinet is working hard to make the energy as cheaper as possible. The rapid enhancement in solar power generation has resulted in the rapid drop-down in its cost, which is backing Government of India to move towards SUN to meet the energy need of the nation.
Indian PM Narendra Modi has promised to increase India's renewable-energy capacity to 175 gigawatts, including 100 gigawatts of solar, by 2022. To make it a reality, the authorities need to pull off around 15 gigawatts of power every year to be able to do that. Generating electricity through solar power will save a fortune for India, and a less of carbon emission will lead to a better environment as well. This is something that the world must be looking forward to.
India is already going through a huge energy crisis with at least 300 Million people out of a population of 1.3 Billion people living without electricity. And the task is not just to take 'the dark part' under the shelter of electricity but to meet the increasing demand of the other half of the crowd as well.
For the first time has it happened that solar energy is cheaper than thermal energy in India and the implications this has for transforming global energy markets is profound," said Tim Buckley, Director of Energy Finance Studies Australasia at IEEFA.
It is a known fact that solar energy is better than the old, non-renewable source of energy. Solar energy was friendly for the environment with not affecting the emission level that much. The only down-side with solar energy was 'the cost' but with solar energy now costing lesser than coal (major energy source of India), it is a thumbs up for an eco-friendly environment.
The rapid decrease in cost led India to cancel deal of around 13 gigawatts' worth of new coal-fired power plants and a warning that existing plants totaling another 8.6 gigawatts in generation capacity could soon become too expensive to maintain.
Among the already closed deals were UP canceling bids for 3.8 Gw, 7 Gw by Odisha and Gujarat shelving plans to set 4,000 Mw ultra mega power project.
To focus more and more on renewable energy, Piyush Goyal recently launched the solar mini-grids project at Gandhinagar, which will generate solar energy at an unbelievably low cost.
Generating energy from the sun was way costlier than the energy generation through coal until last year, but a recent blog on IEEFA confirmed the record low cost of Rs 2.44/Unit.
As of 2016, coal accounted to contribute about 78 percent of the total power generated in India. So depending more on coal for energy is definitely a good signal from an emissions standpoint.
If we talk about the world, as high as 41% of the total power generation comes from coal and this has to be reduced in order to see a better future.
According to a research from Morgan Stanley, due to the increasing energy demand, every nation is going to push hard on solar energy. China showing a positive sign has increased the solar production by 80% in past three months.