Solar Energy in India – As long as humanity exists in this world, one thing we’ll definitely need is electricity. From smartphones to laptops, to the lights in our homes, electricity is essential. However, more than half of India’s electricity demand is currently being met through non-renewable sources, such as coal, which release harmful gases into the atmosphere.
To combat this issue, the Indian government has set a target of achieving 50% renewable energy capacity by 2030. One major initiative in this direction is the PM’s “Suaraj Kar Mera Hausla Badhega” scheme, which focuses on investing in the solar sector. In this blog, we will explore why solar energy is the way to go, and discuss several listed companies that are expected to benefit from this move.
The Advantages of Solar Energy in India
Solar Energy in India is the most favourable among the major renewable energy sources in India. There are several reasons why solar power is considered the future:
1. Environment-Friendly: Solar power is a renewable source of energy that harnesses the Sun’s rays to generate electricity. It has minimal direct harmful effects on the environment and contributes to reducing global warming. Solar power is a renewable source of energy that harnesses the power of the sun to generate electricity. By using solar energy, harmful emissions are significantly reduced, making it a clean and sustainable source of power.
2. Low Operating Cost: Once the solar panels are installed, routine cleaning and maintenance are the only requirements. There is no need for large-scale investments or repairs, unlike other sources of renewable energy. Once a solar power system is installed, the only maintenance required is routine cleaning and upkeep of the solar panels. Unlike other renewable energy sources, such as hydroelectric or wind energy, there is no need for large-scale investments or repairs.
3. Scalability: Solar panels can be used on rooftops and even in space satellites. As economies of scale come into play and more solar panels are produced worldwide, the cost of this technology will continue to decrease. Solar panels can be used on rooftops, satellites, and various other applications. As the production of solar panels increases, economies of scale will lead to a decrease in the cost of this technology.
4. Energy Independence: Solar power allows individuals to generate their own electricity, eliminating the need to depend on external sources. This is particularly beneficial for remote areas without direct access to electric lines. Solar power allows individuals to generate their own electricity, reducing dependence on the government or electric grid. This is especially beneficial for remote areas without direct access to electric lines. Additionally, setting up solar power plants does not require significant upfront costs compared to other renewable energy sources.
Solar Energy in India -The PM’s “Suaraj Kar Mera Hausla Badhega” Scheme
Solar Energy in India – The Indian government aims to generate 50% of the country’s energy from renewable sources by 2030. As part of this initiative, more than 1 crore households will receive free solar panels for their homes. The finance ministry has allocated 10,000 crores in the recent budget to kickstart this project.
Under the scheme, residents can have solar panels installed on their rooftops at no additional cost. This will significantly reduce their electricity bills. However, there is a limit to how much electricity they can utilise through the scheme. Residents can only use 300 units of the solar power generated in their own homes. If their consumption exceeds this limit, they will have to pay the normal rates. Any excess electricity will be fed back into the grid, and the government will calculate it as an EMI amount, paying off the loan for the extra units. PSU Industries will undertake the financing of these loans.
Companies Benefiting from the Solar Power Initiative
Now let’s look at some companies that are expected to benefit from the government’s push towards solar energy:
1. NHPC
Solar Energy in India – NHPC is a government-owned company that focuses on creating renewable energy projects. While they currently focus on hydroelectric projects, they have also ventured into solar energy. They have undertaken a massive 10,000 MW solar project in Rajasthan, along with other solar power plants in Bikaner and Gujarat.
2. Borosil Renewables
Solar Energy in India – Borosil Renewables is involved in the production of solar glass used in the manufacturing of solar panels. Their sales have shown significant growth over the years, and they are expected to benefit from the upcoming solar power projects in India.
3. IREDA
Solar Energy in India – IREDA plays a crucial role in financing new and renewable energy projects. As the government undertakes large-scale projects, companies like IREDA provide financial support. They are expected to play a significant role in financing the loans for the PM’s solar power scheme.
4. Alpex Solar Limited
Solar Energy in India – Alpex Solar Limited is engaged in the manufacturing of solar panels. Although it is a small company, it has shown promising potential. With government subsidies and increasing competition with China, Alpex Solar is expected to benefit in the long term.
5. Sterling and Wilson Renewable Energy Limited
Solar Energy in India – Sterling and Wilson Renewable Energy Limited specialises in setting up solar power plants. While the company has faced some losses in recent years, its acquisition by Reliance Industries has brought renewed hope. With restructuring of loans and support from Reliance, the company is expected to turn around and become profitable.
Conclusion
Solar Energy in India – The Indian government’s focus on solar energy is a significant step towards a more sustainable future. By investing in solar power projects and providing free solar panels to households, the government aims to reduce reliance on non-renewable sources of energy and achieve 50% renewable energy capacity by 2030. Companies like NHPC, Borosil Renewables, IREDA, Alpex Solar Limited, and Sterling and Wilson Renewable Energy Limited are expected to benefit from this government move. As a long-term investor, it is worth considering these companies for potential investment opportunities in the growing solar power sector.
Solar Energy in India – As India steers towards a sustainable energy future, solar power emerges as a pivotal force in reshaping the nation’s energy landscape. With technological advancements, supportive policies, and a commitment to sustainable development, the trajectory of solar power in India is poised for significant growth. By addressing challenges, fostering innovation, and leveraging international collaborations, India can harness the full potential of solar energy, illuminating a future powered by clean, renewable resources.
Disclaimer: The information is only for information purpose only. It is always recommended to consult with certified financial experts before making any investment decisions. Follow busymoneyfreak.com .