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Solar- Enabling A Sustainable Future

Solar energy has emerged as a promising green solution for combating climate change by lowering reliance on traditional fossil fuel-based energy.

Climate change induced by greenhouse gas emissions poses a major threat to the global economy and will affect a wide range of economic sectors. Increasing levels of pollution and irreversible damages to mother earth due to the use of fossil fuels and cutting down of forests need to stop immediately. In addition, diminishing sources of fossil fuel and increasing demand for power are not sustainable in the longer run. Renewable energy is the solution and need of the hour. Sun, an inexhaustible source of power, has blessed us with its energy throughout the year. Solar energy has emerged as a promising green solution for combating climate change by lowering reliance on traditional fossil fuel-based energy. It has the potential to feed the economy while leaving a better future for our next generation.

India has taken up an ambitious target of 175 GW by the year 2022, of which solar has been given 100 GW since it is the easiest to install and requires the least amount of maintenance. And recently India surpassed the 100 GW milestone. In addition, the Government of India has announced a revised target of 450 GW by 2030. Renewable energy will be a game-changer to fuel the economy in the coming future.

Solar energy technology and the ecosystem are evolving fast. The efficiency, operating life, and affordability are far better today as compared to a few years back. The price of solar panels has fallen by 90% over the last decade and adoption by residential, commercial, and industrial end consumers is gaining momentum. The government’s pro-solar policies and net-metering agreements are strengthening the solar adoption experience. Net-metering allows customers to generate electricity during the day and utilize it whenever they need it, with minimum overhead prices. Furthermore, the Indian government has launched a variety of solar-related projects to boost electricity generation in the utility, industrial, commercial, and residential sectors. SRISTI (Sustainable Rooftop Implementation for Solar Transfiguration of India), VGF (Viability Gap Funding), and others are examples of open access policies for captive and utility-scale solar farms.

The Ministry of New and Renewable Energy (MNRE) has launched the One Sun One World One Grid programme (OSOWOG), which would secure the supply of power across countries. The idea behind this design is that ‘The Sun Never Sets,’ and that it is always constant in any given geographical place at any given time. With such measures, India, as well as other countries, will be able to become green, cut greenhouse gas emissions, and maintain environmental sustainability.

However, there are a few snags! A few of these issues include a lack of awareness of renewable energy, reliability of technology, and financing. Solar energy systems are expensive to install, and having access to inexpensive financing makes them more appealing. Platforms like Oorjan raise customer awareness, provide dependable technology, and provide reasonable financing choices by offering easy EMI and pay as you go (PAYG) options. End-user solar investment pays for itself in about 3-5 years, compared to a 25-year life expectancy.

The saving is enough to pay the EMIs for a five years loan. Solar panels with a capacity of one kilowatt may create 1500 units per year, which is the equivalent of 49 teak-wood trees. When compared to coal-based energy sources, each kWp would reduce carbon emissions by 31 tons of CO2 equivalent throughout the project’s lifetime.

As aware citizens, we need to act before climate change escalates and impacts our future further. We must adopt solar energy as it has the potential to propel the economy to new heights while also safeguarding the environment.

Solar is commercially viable and environmentally responsible. Go for it

Source: Business World

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