Major Policy Intervention Needed for Solar Growth

Recent time witnessed Solar Energy Corporation of India (SECI) rising the upper tariff ceiling for its 10 GW of interstate transmission system (ISTS) connected solar photovoltaic power projects. This can be considered as a move towards the right path, factoring in lack of developer interest in recent solar projects. Although, Indian solar initiatives have earned commendation for making incredible growth trajectories (5 GW solar capacity in 2015, 10 GW in 2016 and ~24 GW in 2018), policy interventions are needed to protect and prioritize the solar industry for continued success.

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Innovation Is the Only Way to Boost Solar Revolution

A few years ago, Solar was considered experimental and was a niche industry in the huge sector of energy generation. It is important to note that in 1977, solar panels cost $77 per watt p. However, currently solar modules cost between $0.33-$0.36 cents/per Watt p, which identifies more than 99% fall in prices. Also In 2015, power generation from renewable sources (1,985 GW) surpassed coal based energy generation (1,951 GW). And today, Solar PV panels have garnered a huge demand, resulting in global capacity additions nearly reaching 100 GW in 2017 alone. Countries, developing and developed alike are investing more in renewable energy ($286 billion in 2016) than conventional fossil fuel ($130 billion in 2016). New technologies that support renewable energy adoption like- Battery storage systems are also getting cheaper, paving a path for renewable energy (mainly solar) to become mainstream energy source.

Although the world has accepted solar and are working towards solarisation in an collaborative effort, it is important to note that solar only generates 2% of global electricity. Which is not very impressive if solar is to replace fossil fuels quickly. Mass adoption of green energy is the only way to save our future and climate, both of which are rapidly degrading, due to continuous use of depleting reserves of fossil fuels.

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