Should India Invest In Solar Power?

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Technological advancements in a developing country like India mean a dramatic increase in the demand for energy. Traditional non-renewable energy resources are fast proving to be incapable of catering to this demand, which is paving the way for an adoption of renewable and sustainable sources such as solar power.

According to experts, setting a solar plant up requires an investment close to a whopping Rs. 6 crores per megawatt. For a country with 276 million people living under $1.25 per day, such a huge sum might seem like a waste of resources. Is it really worth it? The truth is, once we see beyond the initial installation costs, solar power becomes cheaper than most other energy sources. Let’s look at some major benefits of adopting solar.

 

No Electricity bills

Probably the greatest financial benefit of solar power is that a company or an individual doesn’t need to worry about price volatility associated with traditional sources. Installing a solar panel on one’s property relieves the burden of electricity bills.

 

Cheap Maintenance   

Funding is a one-time cost since most solar panels have an average lifespan of around three decades. Moreover, maintenance costs are affordable, making solar power a feasible prospect.

 

Greater ROI

The extra energy produced during the day allows storage for future use, thus creating a positive ROI.

 

Social Benefits

Installation can occur in any corner of the world, which means remote locations in India can especially benefit from solar power. Harnessing the inexhaustible and renewable resource on a large scale opens up new job opportunities for manufacturers, designers, installers and so on. Allowing more individuals to earn money boosts up the local economy, therefore uplifting an entire locality.

 

Environmental Benefits

Being a renewable source of energy, solar power is clean, harmless, and eco-friendly. With no emissions of toxic gases like sulfur dioxide, oxides of nitrogen or suspended particulate matter (SPM), it is one of the best solutions to curb air pollution. Solar power acts as an alternative to the traditional use of fossil fuels, thereby reducing the dependence on the latter. With depleting fossil reserves and increasing pollution caused by them, solar power is the way to go for a modern country.

 

Sectors That Stand to Benefit from Solar

  • Agriculture: Roof-mounted solar panels can help to maintain farms and agricultural works as substituent electricity provider
  • Healthcare: In cases of crisis, say, a natural disaster, acute shortage of power can be overcome with the renewable solar power to provide life-saving care
  • Hotels: Hotels, if they create their own solar power, can generate huge profits
  • Data Storage: Huge energy requirements for round-the-clock operations to protect information need a reliable source like solar power

 

Investments in India

With solar power’s benefits becoming apparent with time, cities across the globe are taking to it. India is the sole country in the world to dedicate an entire ministry to sustainable energy. It initiated the National Solar Mission in 2010 and is pacing towards building smarter and greener cities with the government’s ultra-mega solar power projects. Therefore, the question is no longer whether India should or should not invest in solar, it is how well it can be leveraged to create a better future for its citizens.

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