India’s Solar Sector Grows with Help from PM-KUSUM, Other Schemes
India has been making significant strides in the solar energy sector, driven by government initiatives and a growing demand for clean and sustainable energy solutions. The country’s solar sector has witnessed remarkable growth in recent years, with the government’s schemes and policies playing a crucial role in promoting the adoption of solar energy. In this blog post, we’ll explore the key factors contributing to India’s solar sector growth and the opportunities that lie ahead.
PM-KUSUM: A Game-Changer for India’s Solar Sector
Launched in 2019, the Prime Minister’s Kisan Urja Yojana (PM-KUSUM) is a flagship scheme aimed at promoting solar energy adoption in rural India. The scheme targets 1.75 lakh agricultural pumps, which will be replaced with solar-powered pumps, reducing dependence on diesel and electricity. This initiative is expected to not only reduce carbon emissions but also benefit farmers by providing them with a reliable source of energy and reducing their energy costs.
Under PM-KUSUM, the government is providing financial assistance to farmers to install solar pumps, which will be operational from 9 AM to 5 PM. The scheme also includes a provision for grid-connected solar power plants, which will be set up in collaboration with the private sector. The successful implementation of PM-KUSUM has the potential to create a significant demand for solar energy in India, driving growth and employment opportunities in the sector.
Solar Park Scheme: A Boost to Large-Scale Solar Energy Projects
Another significant scheme that has contributed to India’s solar sector growth is the Solar Park Scheme. Launched in 2014, the scheme aims to develop large-scale solar parks across the country, with a focus on reducing the cost of solar energy and increasing its adoption. The scheme has led to the development of several solar parks, including the world’s largest solar park in Pavagada, Karnataka, which has a capacity of 2,000 MW.
The Solar Park Scheme has not only helped in reducing the cost of solar energy but also increased its adoption. The scheme has been instrumental in attracting investments from private players, which has contributed to the growth of the solar sector in India. The scheme’s success has also led to the development of a robust solar manufacturing ecosystem in the country, with many domestic companies setting up manufacturing facilities to meet the growing demand for solar equipment.
Rooftop Solar: A Growing Trend in India’s Solar Sector
Rooftop solar installations have been gaining popularity in India, driven by the government’s initiatives and the increasing demand for clean energy. Under the Jawaharlal Nehru National Solar Mission (JNNSM), the government has set a target of 40 GW of rooftop solar capacity by 2022. To achieve this target, the government has introduced various incentives, including the provision of net metering and the offer of subsidies for rooftop solar installations.
The growth of rooftop solar installations has been driven by the increasing adoption of solar energy by residential and commercial consumers. Many companies and households are opting for rooftop solar installations to reduce their energy bills and carbon footprint. The growth of rooftop solar installations has also led to the development of a robust solar installation ecosystem, with many companies setting up solar installation and maintenance services to cater to the growing demand.
Opportunities in India’s Solar Energy Sector
India’s solar sector offers numerous opportunities for businesses and individuals looking to invest in clean energy solutions. The sector’s growth is driven by the government’s initiatives, increasing demand for solar energy, and the decreasing cost of solar equipment. Here are some of the opportunities that lie ahead:
- Investment opportunities: India’s solar sector offers significant investment opportunities, with many companies seeking to invest in solar energy projects, manufacturing facilities, and installation services.
- Job creation: The growth of the solar sector is expected to create employment opportunities in manufacturing, installation, and maintenance services.
- Reduced carbon emissions: The adoption of solar energy can help reduce India’s carbon emissions, contributing to the country’s efforts to combat climate change.
- Energy security: Solar energy can provide energy security to households and businesses, reducing dependence on fossil fuels and ensuring a reliable source of energy.
Conclusion
India’s solar sector is growing steadily, driven by national initiatives like PM-KUSUM and the Solar Park Scheme. From rooftop setups to large-scale solar parks, both businesses and individuals are adopting solar solutions to cut costs, reduce emissions, and benefit from long-term economic and environmental advantages. The sector offers numerous opportunities for investment, job creation, and energy security, making it an attractive option for those looking to invest in clean energy solutions.
Source:
https://www.growthjockey.com/blogs/opportunities-in-the-solar-energy-sector
