Introduction

The future of solar energy in India looks bright as the country continues its path toward sustainable development and renewable energy adoption. With growing concerns about climate change and the need to reduce carbon emissions, solar energy has emerged as a game-changer for various sectors, including manufacturing businesses and MSMEs. In this blog, we will explore the current status of solar energy in India, its importance for the future, and the scope it offers for businesses to embrace clean and sustainable energy solutions.

Solar Energy Business in India: Current Status and Future Potentials

India, being blessed with abundant sunlight, has significant potential for harnessing solar energy. The government’s efforts and favourable policies have led to remarkable growth in the solar energy sector over the past decade. Currently, India is among the top countries in the world in terms of solar capacity installation. The solar energy market in the country is witnessing a steady surge, with both large industries and small businesses recognizing the benefits of solar and implementing their own captive solar plants.

Solar panels, the primary source of solar energy generation, have become more accessible and affordable, making it an attractive option for businesses seeking clean and cost-effective energy solutions. The government’s initiatives, such as subsidies, tax incentives, PLI scheme and renewable energy targets, have further boosted the solar energy business in India. This favourable environment has laid the foundation for a promising future expansion of solar energy adoption across industries.

Why Solar Energy is Important for the Future?

The importance of solar energy for the future cannot be overstated. As a renewable and clean energy source, solar power offers several advantages over conventional fossil fuels. Firstly, it significantly reduces carbon emissions and helps combat climate change, contributing to India’s commitment to the global effort of sustainable development.

Secondly, solar energy is highly reliable and inexhaustible. The sun is an abundant resource, and harnessing it for power generation ensures a continuous and uninterrupted energy supply. This aspect is crucial for industries and businesses that require a stable and consistent energy source to operate efficiently.

Thirdly, solar energy reduces the dependency on imported fossil fuels, making India more self-sufficient in meeting its energy demands. This not only strengthens the country’s energy security but also reduces the impact of international fuel price fluctuations.

Solar energy is also cost-effective in the long run. Considering 30% equity in developing the solar plant, the payback period of the same would range from 12-18 months. Additionally, the operational and maintenance costs are significantly lower than those with conventional fossil fuel based energy sources. This cost-effectiveness makes solar energy an attractive option for industries and MSMEs looking to reduce their energy expenses and increase profitability.

The Scope of Solar Energy in India: Future Opportunities for Businesses

The future scope of solar energy in India is immense, and it presents exciting opportunities for businesses, especially in the manufacturing sector and MSMEs. Here are some key aspects that highlight the potential for solar energy adoption in the coming years:

• Sustainable Business Practices: With increasing environmental consciousness and sustainability becoming a focal point in corporate social governance, businesses are under pressure to adopt Environmental, Social and Governance (ESG) Practices. Embracing solar energy not only makes a business more competitive by reducing its manufacturing costs but also enhances the company’s image as an environmentally responsible organisation.

• Energy Cost Savings: As the cost of solar panels continues to decline and the efficiency of solar technology improves, businesses can expect significant energy cost savings over the long term. This translates into improved financial performance and enhanced competitiveness in the market.

• Energy Independence: The fluctuating prices of conventional energy sources pose a constant challenge for businesses. By investing in solar energy, industries and MSMEs can reduce their reliance on external energy providers and gain more control over their energy supply, leading to increased energy independence.

• Government Support: The Indian government’s continued support and encouragement for solar energy adoption through various incentives and policies create a conducive environment for businesses to invest in solar infrastructure.

Conclusion

As the world shifts towards sustainable energy solutions, solar energy has emerged as a key player in India’s quest for a greener future. The solar energy business in India has witnessed significant growth, and its importance for the future cannot be ignored. With a target of 280GW of solar installations in India by 2030, the scope of solar energy in India offers numerous advantages for the private sector industries and MSMEs, ranging from cost savings and energy independence to environmental sustainability and diversified revenue streams.

For businesses seeking a competitive edge, embracing solar energy is not just a choice but a strategic move towards a more sustainable and prosperous future. With the government’s support and the continued advancements in solar technology, the future of solar energy in India looks promising, ushering in a new era of clean, renewable, and abundant power for businesses across the country.

Solark is envisioned as a platform to provide decarbonization solutions for private sector businesses in India by playing a vital role in the broader systemic changes that Industries and MSME’s will undergo in the transition towards achieving India’s net zero emissions target by 2070 collectively set by our visionary Prime Minister Narendra Modi.

Looking at a massive opportunity to reduce the carbon footprint in India, Solark as a platform providing decarbonization solutions, has firstly commenced with providing renewable solar energy end-to-end solutions to Industries and MSME’s in Gujarat, India in captive and power purchase agreement models through our Solark Renewable Energy Parks which will be entirely powered by naturally available solar energy with future plans to expand in other parts of the country.

Solarks Renewable Energy Parks main benefit is the sheer size of an independent project which starts from as minimum as 500KW DC while also getting the benefit of economies of scale. This gives chance to majority SME’s and MSME’s to develop their plant independently with complete peace of mind. Contact our team of experts to setup your business captive solar plant at +91 261 2200500.

Solark Infrasolutions Private Limited is a joint venture between promoters of SNS Developers and SACH Electromech based in Surat, Gujarat which commenced its operations in 2021. It is a registered Startup with Government of India under the Startup India programme recognized by the Department for Promotion of Industry and Internal Trade. Solark’s team comprises experienced individuals in the field of real estate, electrical infrastructure, research, and development of high-power electronics, ESG, data scientists, finance, and investment banking.

FAQs –

How can solar energy benefit manufacturing businesses in India?

Solar energy offers several benefits to manufacturing businesses in India. Firstly, it significantly reduces energy costs in the long run, providing a competitive advantage. Secondly, solar power helps businesses reduce their carbon footprint and contribute to environmental sustainability, aligning with modern consumer preferences. Lastly, by investing in solar energy, manufacturing businesses can achieve greater energy independence and mitigate the impact of fluctuating fuel prices.

Is solar energy a viable option for MSMEs (Micro, Small, and Medium Enterprises)?

Yes, solar energy is a highly viable option for MSMEs in India. With the government’s support and favourable policies, MSMEs can access incentives such as 0.40 INR/Unit savings in the banking charges applicable to each electricity unit produced through solar plant to make solar installation more affordable. Moreover, solar power allows MSMEs to reduce operational costs, enhance their brand image through sustainability initiatives, and ensure a stable energy supply for their business operations.

What is the future expansion potential for solar energy in India?

The future expansion potential for solar energy in India is immense. The country has abundant sunlight, making solar power a readily available and reliable source of energy. The government’s focus on renewable energy and its ambitious renewable energy targets further solidify the bright prospects for solar energy growth in India. As technology advances and costs continue to decline, the solar energy sector is poised for exponential growth in the coming years.

How can businesses assess the feasibility of adopting solar energy? Assessing the feasibility of adopting solar energy requires a comprehensive analysis of various factors. Businesses should consider their energy requirements, available land space for solar installation, initial investment costs, potential savings, and payback period. Engaging with experienced solar energy consultants or providers can help businesses conduct a thorough feasibility study and identify the best solar energy solutions tailored to their specific needs and goals.

Ever since humans started generating electricity, they have only relied on natural resources such as coal, oil, and gas for extracting power. Knowing that these fossil fuels can never be replenished, there has been a growing interest in exploring alternative sources of renewable energy. In recent years, scientists have been working on the idea of generating electricity out of thin air, which sounds almost impossible- but their skill and dedication have proved us wrong.

Understanding the science:

The concept of generating electricity out of thin air is based on a phenomenon known as “atmospheric electricity.” The Earth’s atmosphere is made up of a mixture of gases, including nitrogen, oxygen, and water vapour. These gases are constantly in motion, creating an electrical charge that can be harnessed to generate electricity.

One of the most promising technologies for generating electricity out of thin air is the development of “atmospheric energy harvesters.” These devices use a combination of materials and techniques to generate electricity from the surrounding atmosphere. They typically work by creating an electrostatic charge between two electrodes, which can be used to power electronic devices.

There are several different types of atmospheric energy harvesters in development. One approach is to use a material known as a “triboelectric generator,” which generates electricity when two materials are rubbed together. Another approach is to use a “field-effect transistor,” which uses the electric charge of the surrounding atmosphere to power a device. While the technology for generating electricity out of thin air is still in its early stages, there are already some promising results.

The invention of Air-Gen:

R&D is an ongoing process- especially in the field of science and technology. To take ahead the research on renewable electricity generation, researchers from the American University of Massachusetts Amherst have invented a device — Air-gen (air-powered generator). The device makes use of natural protein to create electricity from humidity in the air. According to their opinion, this technology could have interesting implications for the future of renewable energy, climate change, and the future of medicine.

Understanding the process further:

The device requires a thin film of protein nanowires, which is less than 10 microns thick. The bottom of the film rests on an electrode, while a smaller electrode that covers only part of the nanowire film sits on top. The film’s pores absorb the water vapour contained in the atmosphere. A combination of the electrical conductivity and surface chemistry of the protein nanowires, coupled with the fine pores between the nanowires within the film, establishes the conditions that generate an electrical current between the two electrodes. The best part is- The researchers also claim that this device is capable of generating power in areas where humidity is extremely low.

Conclusion:

Earth has already bestowed all good things(resources) to humans; quite unfortunately, we have been lavishly using these resources to the extent of their extinction. We won’t be wrong if we say that science & technology is our only beacon of hope. Having said that, we are sure many scientists & researchers will bring non-polluting and renewable electricity generating inventions in the near future. And something that looks impossible will soon become part of our daily lives.

Till, we explore further exploration and research in renewable energy takes place and make it commercially viable for scalable use, Solar has been a frontrunner in the family of terms of renewables energy  which in recent years has gained immense polpularity because of the abundant energy that is been provided by sun to the earth and more importantly as humans we have been able to make it commercvially viable as well as scalable in all parts of the world.

Solark’s mission is to reduce the carbon footprint of many large, medium and small enterprises by providing them energy decarbonization solution through renewable energy Solar parks. Contact us today for your current Solar needs and we will be able to offer you a complete solution. 

Renewable energy sources offer a beacon of hope in the fight against climate change by replacing fossil fuels in power generation, transportation, and other sectors. The magic of solar, wind, hydro, and geothermal energy lies in their ability to reduce carbon footprint and greenhouse gas emissions, leading to a cleaner, healthier environment. In this blog, we’ll explore the changing landscapes of renewable energy and how to navigate them successfully.

In the present-day world, climate change is a rapidly worsening environmental condition that affects every country, including India. With a booming population and industries, natural resources are depleting at an alarming rate. According to the Global Climate Risk Index 2021, India ranked seventh among the countries most affected by climate change between 2000-2019. To combat this, opting for natural sources of energy is crucial. The renewable energy businesses in India are bringing about much-needed change, but the challenge lies in making industries aware of the sector’s changing landscape and adapting to embrace the positive change.

1. Technological Advancements

Renewable energy sources are not just a buzzword; they are the key to unlocking a sustainable future for all. With solar energy taking centre stage in India, it’s time to harness the power of the sun and bring a new dawn of clean energy to the country.

Science & Technology is constantly evolving; and every year, the world witnesses new and innovative solutions in the renewable energy sector.

In India, the power of the sun reigns supreme, especially in rural areas with limited access to electricity. With a target to achieve 175 GW of renewable energy capacity by 2022, of which 100 GW is to be from solar energy, India is powering towards a sustainable future.

The solar power energy business has seen an exponential rise, thanks to falling costs and government support through various policies and incentives. The abundant sunlight and favourable policies offer the perfect storm for solar energy to shine bright in meeting India’s energy needs while reducing its carbon footprint.

If you are planning your business to adapt to the best of renewable energy, then it is the most appropriate time to take a transition move.The sooner you make a move, the higher you reap benefits since it is the future and today or tomorrow one will be required to shift

2. Government Policies

The growing concern around the depletion of fossil fuels has led the Government to bring in some actionable processes in the policies and regulations for renewable energy industries. Then be it in the form of incentives and tax breaks or mandates and regulations, the government is taking every possible step to encourage industrialists to go solar. 

India is taking a bold and visionary step towards a sustainable future with its commitment to achieve net zero emissions by 2070 and generate half of its electricity from renewable energy sources by 2030. This groundbreaking move positions India as a global leader in the fight against climate change and sets a powerful example for other developing nations. By embracing green energy and rejecting outdated, polluting practices, India is forging a brighter and more prosperous future for its citizens and the world.

Additionally, The growth of solar, wind, EVs, heat pumps and energy efficiency has helped limit the increase of global energy-related carbon dioxide emissions by under 1% in 2022, according to a new analysis from the IEA. This is a far cry from the exceptional jump of over 6% in 2021, but we’re not out of the woods yet. Emissions are still on an unsustainable growth trajectory, and we need stronger actions to accelerate the clean energy transition and meet our energy and climate goals. To help achieve this, the IEA has launched the Global Energy Transitions Stocktake, a new series of reports that bring together the latest analysis in one place and make it freely accessible.

As an industrialist, you surely would want to stay ahead of the game, and for that, it’s crucial to stay up-to-date with the latest government policies and regulations of the energy business.

Let’s make sure we’re on the right track towards a cleaner and greener future!

3. The Competition

Renewable energy businesses are becoming increasingly competitive with improving technology, new players entering the market and the existing players expanding their offerings. As businesses, industries, and MSMEs embrace renewable energy, they are becoming more competitive and innovative in the market. With cutting-edge technology and new players entering the game, renewable energy companies are expanding their offerings and specialising in specific energy technologies such as solar and wind power. 

From turnkey solutions that include energy generation and storage to building fully integrated energy parks, the possibilities are endless! As the world shifts towards a sustainable future, businesses that embrace renewable energy are not only saving the planet but also reaping the rewards of a thriving green economy.

With the adoption of renewable energy sources, industries, manufacturers, and MSMEs have become more energy independent. Additionally, with the increasing demand for sustainable products, businesses that use renewable energy can appeal to eco-conscious consumers, giving them a competitive edge in the market. As a result, more and more businesses are recognizing the benefits of renewable energy and are making the switch to stay competitive and ahead of the curve.

Key Takeaways:

The winds of change are blowing, and renewable energy is leading the charge! 

With the ever-changing landscapes of renewable energy, industrialists need to navigate the latest trends & technologies, government policies, and market competition. The future of renewable energy seems to be growing here on; 

Are you ready to future-proof your business and drive sustainability? Partner with Solark today and lead the transition to renewable energy – the smartest decision you’ll make for long-term competitiveness.