The cost of solar power generation in India has fallen to half the level seen in many other markets in the region due to extensive solar resource, market scale and competition. At the same time, the new budget aims to seize the opportunity in energy storage and EVs through a range of incentives.
India – the second-largest power market in the Asia Pacific region with an installed generation capacity of 421 GW – has emerged as the lowest-cost producer of renewable energy in the area. Market intelligence firm Wood Mackenzie recently published a report that clearly shows that renewables, in particular solar power, are going to win the race when it comes to affordable and sustainable power generation in India.
The country has seen the levelized cost of electricity (LCOE) using solar falling to $38/MWh (Rs2,614) this year, which is 14% cheaper than traditional coal-fired electricity. According to Wood Mackenzie research director Alex Whitworth solar capacity in India is expected to touch 38 GW this year. The expanding market scale, coupled with high-quality solar resources and competition, has pushed solar costs down to half the level seen in many other Asia Pacific countries.
India has surpassed 1.7 GW of non-commercial rooftop solar capacity
Non-commercial rooftop solar in India is on the rise as well. Minister RK Singh recently told the upper house of the Indian parliament the nation had added 780 MW of new generation capacity in the last two years to pass the 1.7 GW mark for the segment. The share of renewables in India’s power mix is rising too, but not fast enough to ensure electricity supply for all.
Under the national Grid Connected Rooftop Solar Program – which offers financial assistance and incentives – the government has spent Rs.446.77 crore ($67 million) in the last fiscal year. The fund had paid out Rs.169.73 crore in 2017-18 – less than a third of the Rs.678.01 crore provided in the previous 12-month period. India aims to install 40 GW of rooftop solar projects by 2022.
Energy storage and EVs clear winners in new budget
India’s new budget aims to seize the opportunity in energy storage and EVs through a range of incentives. However, alongside demand, production and export, the government also needs to focus on e-waste management and Li-ion battery recycling to sustain raw material supply and minimize environmental impact. India’s government wants to make the country a global EV manufacturing hub and expects the inclusion of solar storage batteries and charging infrastructure under its Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME II) scheme will boost its efforts.
The smarter E India displays current and future energy trends in Bangalore on November 27-29, 2019
India’s dynamic development offers enormous growth potential beyond the beaten track. This is where The smarter E India – India’s innovation hub for the new energy world – comes in. The platform sets focal points and trends, advances developments and promotes an exchange of ideas between industries. It presents cross-sector energy solutions and technologies and reflects the interaction of the solar, energy storage and electric mobility industry. The smarter E India will bring together the renowned Intersolar India, ees India and Power2Drive India. The smarter E India will open it’s doors in Bangalore at the Bengaluru International Exhibition Centre from November 27 – 29, 2019.
About The smarter E India
With three parallel energy exhibitions, The smarter E India is India’s innovation hub for the new energy world. It presents cross-sector energy solutions and technologies and reflects the interaction of the solar, energy storage and electric mobility industry. The smarter E India addresses all the key areas along the value chain and brings together local experts and international stakeholders in the energy future. Starting in 2019, The smarter E India will bring together the renowned Intersolar India, ees India and Power2Drive India. The exhibition trio will take place at the Bangalore International Exhibition Centre in the capital state of Karnataka on November 27-29, 2019.
For more information on Intersolar India, please visit: https://www.thesmartere.in/
Organizers: The event’s local organizer is MMI India Pvt. Ltd. Messe Muenchen India Pvt. Ltd. and its international contacts are Solar Promotion International GmbH, Pforzheim and Freiburg Management and Marketing International GmbH (FMMI).