Introduction
India, the world's third largest greenhouse gas emitter, is making significant efforts to reduce its reliance on fossil fuels and increase its non-fossil capacity. With a goal of reaching 500 gigawatts of capacity by 2030, India aims to raise its share of non-fossil energy from just under 43 percent to 50 percent. Currently, coal accounts for over half of India's power generation capacity, while hydropower, wind, and solar make up the rest. To achieve its renewable energy targets, the Indian government is issuing tenders to encourage the installation of renewable energy sources.
India's Energy Generation Breakdown
India's plan to increase its non-fossil energy capacity involves a mix of wind, solar, nuclear, hydro, and bio power. The government aims to add at least 10 gigawatts of wind power capacity per year, with the remaining capacity being allocated to solar energy or a solar-wind hybrid model. This represents a significant increase from the previous capacity bidding of 15 gigawatts per year. The country's previous target of installing 175 gigawatts of renewable energy capacity by this year was missed. However, India is determined to be more successful in reaching its current goal due to its commitment to reducing greenhouse gas emissions and achieving net-zero status by 2070.
The Challenges of India's Growing Power Demand
India faces the challenge of meeting its ever-growing power demand due to its population of 1.4 billion people and the increasing need for power in both the summer and winter seasons. The country experiences long heatwaves in the northern parts and unexpectedly cold winters, exacerbating the demand for power. To prevent power cuts and meet the rising demand, India must find sustainable solutions and increase its non-fossil energy capacity.
The Role of Coal in India's Energy Mix
One of the major obstacles to India's transition to renewable energy is its heavy reliance on coal. Currently, coal accounts for more than 70 percent of India's energy mix. The country recognizes the responsibility to reduce coal usage and lower emissions. While the shift away from coal is a long-term process, there is a silver lining in the form of growing renewable energy capacity.
Excluding big hydro and nuclear power, India's renewable energy capacity already exceeds 122 gigawatts. The gradual phase-out of coal is crucial for India to achieve its renewable energy goals and reduce greenhouse gas emissions.
Overcoming Hurdles for Rooftop Solar Generation
India's government is keen on promoting solar power, but even on a small scale, there are hurdles to overcome. In crowded cities like Delhi or Mumbai, where residential spaces are often rented or shared, access to rooftops for solar panel installations becomes a challenge. Renters and homeowners face difficulties in claiming ownership of the electricity generated from rooftop solar panels.
This issue has contributed to a significant gap between India's target of producing 40 gigawatts of energy from rooftop solar generation by 2023 and the current reality of only 8 gigawatts being generated.
Startups Bridging the Gap for Rooftop Solar Generation
Despite the challenges, several startups in India are working to bridge the gaps and make rooftop solar generation more accessible and affordable. One such startup is HV Solar, which install solar panels for residential, industrial and commercial application at low costs. They are also offering low cost EMI to there customers, thru tieup with Financial Institutions at an interest rate of upto 9.5% reducing rate for a tenure of upto 5 yrs.
They have already set up solar panels for various applications from Jodhpur to Kochi, New Delhi to Pune.
HV Solar model involves long-term leasing contracts and financial support, with the individuals or industries or institutions eventually owning the panels. This provides benefits such as GST input, benefit of accelerated depreciation & low cost EMI, reduced costs from day zero, and free ownership of the panels after 5 years.
Digital Solutions for Solar Energy Accessibility
HV Solar, India's Most Trusted Solar Rooftop EPC Company is also working to make solar energy more accessible and affordable through a digital platform, wherein they can offer immediate loan facility to residential customers based on customers basic KYC & cibil score. This innovative platform will not only fulfill the wish of end customers who are willing to install solar but due to initial investment were reluctant to go ahead with it but also can plan for immediate solar installations & switch to green energy, making solar energy more accessible to a wider range of individuals.
Conclusion
India's ambitious goal of reaching 500 gigawatts of non-fossil capacity by 2030 demonstrates its commitment to reducing greenhouse gas emissions and embracing renewable energy sources. The challenges of a growing power demand and heavy reliance on coal are being addressed through increased wind, solar, nuclear, hydro, and bio power capacity.
Startups like HV Solar are playing a crucial role in bridging the gaps and making rooftop solar generation more accessible and affordable. With continued efforts and advancements in renewable energy technology, India is on track to achieve its renewable energy targets and pave the way for a more sustainable future. For free no obligation quote, HV Solar team can be contacted on 8700102836 or info@hvsolar.co.in
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