POWER SOLUTIONS
RENEWABLE ENERGY IS RELIABLE, AFFORDABLE, AND BENEFICIAL FOR OUR HEALTH, OUR ECONOMY, AND OUR ENVIRONMENT.
By ramping up renewable energy, we can:
- Reduce air pollution
- Cut global warming emissions
- Create new jobs and industries
- Diversify our power supply
- Decrease dependence on coal and other fossil fuels
Renewable energy is growing rapidly, with record numbers of new wind and solar installations coming online in the India over the past few years. We can readily continue this rapid expansion of renewable energy by utilizing existing technologies, investing in improvements to our electricity system, and making smart policy decisions that move the country toward a clean energy future.
WHY IN INDIA
India has the fifth largest power generation portfolio worldwide with a power generation capacity of 245 GW.
Economic growth, increasing prosperity, a growing rate of urbanization and rising per capita energy consumption has widened access to energy in the country.
Current renewable energy contribution stands at 31.70 GW of the total installed capacity of 245 GW in the country as on 31.03.2014.
Wind energy is the largest renewable energy source in India. The Jawaharlal Nehru National Solar Mission aims to generate 100,000 MW of solar power by 2022, creating a positive environment among investors keen to tap into India’s potential.
The country offers unlimited growth potential for the solar photovoltaic industry.
GROWTH DRIVERS
Renewable energy is becoming increasingly cost-competitive compared to fossil fuel-based generation
Wind energy equipment prices have fallen dramatically due to technological innovation, increasing manufacturing scale and experience curve gains
Prices for solar modules have declined by almost 80% since 2008 and wind turbine prices have declined by more than 25% during the same period
The government has created a liberal environment for foreign investment in renewable energy projects. The establishment of a dedicated financial institution – the Indian Renewable Energy Development Agency, makes for renewed impetus on the promotion, development and extension of financial assistance for renewable energy and energy efficiency/conservation project
