It’s clear that solar energy is paving its path towards global dominance, but that shouldn’t be the only reason to jump into the bandwagon and switch over to it, right?
Why is solar energy a smart alternative, then?
First and foremost, at our current rate, all fossil fuel reserves are expected to be exhausted by 2060. India relies on coal, fossil fuel for 70% of its electricity generation. However, studies have shown a significant decrease in the usage of coal and a prominent increase in the usage of solar energy. That shows that there is a potential for us to switch to renewable energy, especially solar. The current prices of photovoltaic electricity are around 18% lower than the average price of electricity generated by coal plants, which means it is economically viable as well.
The following are some important reasons to consider solar energy as a smarter, cleaner alternative:-
Economic viability in industrial and domestic sectors
Industrial Sector
India typically has two different categories of electricity users, industrial and domestic consumers. The industrial sector uses a significant 44.2% of the entire electricity generated in India, it’s in fact one of the most important sectors to watch out for with respect to electricity demand.
That doesn’t change the fact that grid tariffs can go as high as INR 9/ unit during normal hours and even higher during peak hours, making it rather expensive compared to the relatively cheap solar energy.
Industrial consumers have a very strong financial reason to switch to solar energy. They can save around 40-60% on grid power and also reduce their carbon footprint while complying with Renewable Purchase Obligations!
Typically, an in-house solar plant or an off-site solar farm that can further be stored in battery storage systems, which will further reduce the cost of electricity is best for industries. Large industries that require high load requirements will be wise to install captive solar power facilities in their premises.