Solar energy till now had not been a widely prevalent phenomenon due to its high installation and maintenance cost. But over the last few years prices of solar power has seen a global decline, India too is witnessing a dramatic fall in the prices of solar power. Back in 2010 when the Jawaharlal Nehru Solar Mission was launched, a unit of solar energy used to cost Rs 17 per unit. Now, with the installation of world's cheapest solar power plant in Madhya Pradesh the minimum cost would come down to as low as Rs 5.05 per unit.
Madhya Pradesh Power Management Company is ready to sell solar energy to the state at just Rs 5 per unit for a period of over 20 years. According to experts, the price is lower than the global average price which is Rs 6.10 per unit and also beats the cost at which Delhi government buys electricity from thermal power companies. This plant would be ready and fully functional by early next year. It is estimated that solar power will cost less than thermal power across India by early 2016. According to Christian Redl of Agora Energiewende- “What has happened in India in solar sphere in 5 years took 15 years in Germany.”
The Union Ministry of New and Renewable Energy (MNRE ) too expects the price of solar energy to go down further when states like Rajasthan, Gujarat, Haryana, Maharashtra and Uttar Pradesh invite bids for their projects as they have already taken huge initiatives in solar industry. The Central government is also looking to increase capacity through the National Solar Mission, which gives a certain set of incentives to companies.The government has revised india's solar energy target from an installed capacity of 20 GW by 2022 to 100 GW by 2022. India is endowed with vast Solar energy potential due to its convenient tropical location near the Equator. India receives nearly 3000 hours of sunshine every year, which is equivalent to 5000 trillion kWh of energy, thus it is considered the best suited energy source for India and also being a green and clean energy resource which helps in environment sustenance.
Solar energy technology is undergoing a major transformation across the world and its use is being widely promoted by the governments. As cited above, Madhya Pradesh has spearheaded a significant growth in solar power production, so investing in solar sector is the best thing we can do to help ourselves and mother nature.
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