What Does 2023 Hold In Store For The Rising Graph Of Solar Power Generation In India

The rise of solar power generation in India has been phenomenal, according to the latest reports of 2023. 

A new roadmap of growth has emerged in 2023. This report presents a pictorial graph of India’s renewable energies. 

• According to the report, the solar power sector holds a massive 36% share of the total renewable energies in India. 
• Hydroelectric projects accounted for a share of 31% in the report, including large and small projects across India. 
• The wind farms of India have a 25% share in the renewable energies graph. 

India has set a steep target to achieve 500 GW from renewable energy sectors. It calls for adding 50GW of renewable energy every year. The growth is consistent on all fronts of renewable energy. It would be safe to assume that solar companies are the frontrunners. 

Reasons For Solar Power Success 

The new policies of the government have considerably aided the growth of solar energy companies in India. The reduction of the cost of raw materials has further supported this growth to as much as 18% in the last seven years from 2017. 

• Undoubtedly the governmental focus on solar power generation has contributed significantly towards its growth. 
• A collaboration between government initiatives and private sector investments has contributed to growth and expansion. 
• The entry of some of the biggest corporate names has further encouraged the entry of medium and small-scale companies in this sector. 
• The National Action Plan On Climate Change has consistently focused on the growth of solar industries India.
• The National Solar Mission promotes the growth of solar power In India. 
• Solar PV panels use crystalline silicon to enhance power generation. It helps to augment power generation by 22%. 

The Advantage Of 2023

Renewable energy is a reliable alternative energy resource. It has contributed to environmental conservation. The 2023 budget gave it a significant impetus. 

• The new incentives have brought forth a growth of 60GW solar energy installation. 
• Companies have been assured of continued power purchases. 
• Various tax exemption schemes are planned to encourage higher solar power generation outputs.  
• Interstate transmission charges are waived for better business prospects for the companies. 

in 2023, the government of India announced Rs. 19500 crores as a PLI or production-linked scheme for renewable energy companies. A key focus of this scheme will be on furthering the scope of solar energy expansion. 

Importance Of Renewable Energy In India

The scope for renewable energy in India is immense. With a rapidly growing demand for energy supplies, solar power is fast becoming a dependable resource. 

Solar power connectivity is of two types – grid-based connectivity and off-grid connectivity. 

• A large part of solar power supplies is grid-based connections. 
• Though the off-grid solar power connectivity rates are low, a better scope for growth is available this year. 

The government’s focus on off-grid connectivity aims to reach far-flung places in the country where grid power is unavailable. Simultaneously renewable resources like wind farms in India and hydroelectric projects are used extensively for power supplies. 

To know more about our renewable energy projects and how to be a part of this journey you can look us up at https://alfainfraprop.com/, call us at +91 22 42429999, or email us at info@alfainfraprop.com