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Solar energy has become one of the most promising solutions to the world's energy problems, enabling countries to find an appropriate balance between energy security, economic progress and environmental sustainability. Solar photovoltaic (PV) technology began in 1954 as an experimental method of energy production by Bell Labs, and is now expected to change the world's energy dynamics.

The adoption of solar energy is crucial to the economic development of a country. Keeping this in mind, as the world moves towards sustainable growth, India continues to improve its energy structure while minimizing its carbon footprint. India's solar power generation capacity has grown exponentially from a meager 10 MW solar power generation capacity in 2010 to 30 GW in 2019 (Figure 1). This huge leap may be mainly due to lower prices and greater demand for solar installations, and favorable government regulations have helped.

In addition, Prime Minister Narendra Modi (Narendra Modi) announced that India’s solar installed capacity target by 2022 will be increased to 100 GW, and as a first step, it will provide a capital subsidy of INR 150 billion to strengthen the solar industry. support. Therefore, the solar energy revolution in India is proceeding smoothly. This has prompted many Indian companies to expand their manufacturing capabilities for solar modules, solar module installation structures, solar panels, solar generators, solar inverters and other solar-related products, and provide world-class rooftop solar EPC (engineering, procurement, And construction) services.

population. With the growth of India's economy and population, its energy consumption is also increasing. India's population is expected to increase by 270 million in the next two decades, thereby increasing the demand for solar energy.

consciousness. Awareness is a key factor in the growth of solar energy in India; in the past five to six years, the government has sponsored several programs to encourage the sector. Therefore, India's solar energy is growing. In addition, many multinational companies are entering the industry and producing modules and inverters.

Return on investment (ROI). A typical photovoltaic system will generate a 20% return on investment in the first year. Therefore, investing in solar farms offers several advantages, including generating considerable income. This encourages consumers to use solar energy.

climate change. Solar panels help alleviate global warming and urban heat island effects. Urban solar power generation is an accurate way to reduce our dependence on fossil fuels, while also helping to prevent global warming and climate change by reducing greenhouse gas emissions.

Rural development. More than 73 million households in rural areas of the world get their energy from solar lights, solar home systems (SHS) that can power multiple gadgets, and local solar-based microgrids instead of traditional grids. Off-grid devices and systems provide life-changing services for individuals living in areas where centralized power networks cannot be used, and help promote the use of renewable energy. Therefore, foreign aid agencies and non-governmental organizations (NGOs) have put in a lot of effort to encourage their adoption. In addition, it is cost-effective, so India encourages the use of solar energy in rural India.

Cost-effective solar power generators. India’s status as the world’s lowest-cost solar energy supplier demonstrates the continuing trend of renewable energy as the driving force behind the global energy revolution. With 300 sunny days a year, India is likely to lead the world in solar power generation. By 2030, even if combined with battery storage, the cost of solar power generation will be lower than the current coal-fired power generation.

The solar energy industry in India and the world is booming, and the use of solar energy has reached a record high. Several important steps are being taken to enable this transition to meet this growing demand. From domestic solar to commercial and industrial projects, all types of projects have seen considerable growth. After indulging in more thoughtful savings options, people began to manage their money to accommodate solar power plants. In industry, consumption and industrial output have increased, especially after the first wave, power demand has also increased to control production. Companies are now using banks' CAPEX (capital expenditure) and OPEX (operating expense) models to obtain solar optimization.

Energy storage system. Although solar photovoltaic is one of the fastest growing and most reliable renewable energy sources in the world, one of its main disadvantages is the inherent variability of power output. Integrating intermittent solar energy into the grid system while maintaining optimal load and grid stability is challenging. Due to the rapid growth of distributed solar power, some power companies have been forced to reject solar power generation altogether during periods of low demand. This is a major problem for solar manufacturers, who must now invest in energy storage equipment at the production site to smooth the power supply.

Single crystal PERC (passivation emitter and rear battery) module. In India, solar projects are increasingly adopting high-efficiency monocrystalline technology, prompting module manufacturers to produce monocrystalline PERC modules. Higher efficiency helps developers reduce land and other system balance (BoS) costs, thereby increasing returns. This shift from polycrystalline to single-crystalline PERC modules is mainly driven by higher efficiency, which helps developers reduce land and other BoS costs, thereby bringing higher returns. In the past two years, the world has been transitioning from polycrystalline solar panels to monocrystalline solar panels. However, due to price sensitivity, the acceptance of this technology in the Indian market has been very low, and the price of single crystal PERC modules is 10% to 15% higher.

Artificial intelligence and machine learning. As the solar industry strives to meet the rapidly growing demand for affordable and sustainable energy, artificial intelligence (AI) and machine learning (ML) have become powerful technical solutions. These technologies can simultaneously analyze massive amounts of data in the past, improve the present, and predict future trends.

Reduce energy costs. For company owners, electricity bills are a nightmare, and worst of all, electricity bills are still increasing. Companies use various gadgets and devices that consume a lot of power, causing business owners to lose thousands of dollars. Solar energy can be used to solve this problem. The use of solar energy can significantly reduce energy costs, allowing the company to reuse these funds in other, more profitable ways.

Low maintenance costs. The maintenance cost of the solar system is low and almost no maintenance is required. All you need to do is to clean the panel once a year to keep it in good condition and extend its service life (the average life span of solar panels is 25-40 years).

Increased property value. Adding solar panels to your building will significantly increase its value, allowing you to sell it at a better price.

Environmental friendly. Traditional power generation is usually not an environmentally friendly method. The burning of coal, oil and natural gas can cause high levels of damage to the environment. Therefore, it can be reasonably concluded that the use of renewable energy will help environmental protection. Solar energy is an excellent alternative to fossil fuels such as natural gas and coal because it can generate pure, clean and sustainable energy from solar energy. It also helps to minimize global carbon emissions and greenhouse gas emissions.

At Corrit Energy & Infra, we see great potential for building solar power plants in second- and third-tier cities. The power outage problem is not limited to factories; schools, universities, hospitals and small businesses are all affected. A clear example is a project we started in Farrukhabad, where we successfully installed five solar power plants in their textile factory, which helped to improve the lives of residents there. We built a solar power plant backed by battery storage, making the three units completely dependent on green energy.

The solar energy industry is constantly changing, with rapid technological progress, improvement and innovation. The adoption of these innovative technologies will further reduce prices, and solar energy will soon become the main energy source for most of the world’s population. In turn, this will have a beneficial impact on the environment and climate change. The same is true for solar power plant components (such as photovoltaic panels), which continue to increase efficiency due to advances in solar cell technology.

—Mayur Misra is the co-founder and CEO of Corrit Energy and Infra.

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