Since time immemorial, India has been regarded as a country with vast reserves of natural resources. Historically, the Indian way of life has been one where nature, human life and consciousness merge. The utilization of natural resources remains embedded in our evolutionary and cultural DNA. Amidst everything, India remains a sunshine country, where the sun is not only celebrated but also revered. As the world battles the mammoth crisis of climate change, sustainable use of natural resources emerges as a burning topic in global discourse. The focus of world leaders revolves around transition and adoption to greener energy solutions, reducing dependency on fossil fuels and reducing carbon emissions.
For India, solar is the single biggest renewable resource for catering to its energy needs. India, the peninsular land is blessed with a geography that allows it to witness a higher number of sunnier days as compared to other developed economies with approximately 5,000 trillion kilowatt-hours (kWh) of solar energy incident over its land area each year. Many regions of the country receive an average daily of 4-7 kWh per square metre; thus, unlocking a momentous potential for the solar power industry and ancillaries. As per Government data, India has about 41 percent of power generation coming from renewable energy sources, with solar accounting for 16 percent of the energy mix.
Moving Beyond Domestic Priorities
India hasn’t only accelerated solar adoption at the domestic level. It understands the need for concerted global action and hence undertaken global initiatives. The Indian government has been at the forefront by initiating the International Solar Alliance (ISA) initiative with France in 2015 at COP21 in Paris. ISA aims to bring solutions and technological integrations for scaling up solar energy deployment in solar-rich countries (located fully or partially between the Tropic of Cancer and the Tropic of Capricorn). The initiative aims to mobilize more than a trillion dollars in investment into solar energy by 2030 and facilitate the deployment of over 1,000 gigawatts of solar capacity globally.
Aligning with the government’s vision, Luminous Power Technologies is also making substantial investments in solar solutions to expedite sustainable growth. In accordance with the global shift towards renewable energy, our new products and innovations aimed at supporting solar power generation and storage serve as key enablers for adopting conscientious and responsible business practices.
Transformation on the Ground
While India’s global efforts to prioritize solar is bringing forth international collaboration, it is the host of measures taken by the Government to bring about on-ground transformation by mainstreaming solar. Amid the ongoing convergence of spirituality and sustainable energy, Hon’ble Prime Minister has recently launched the new scheme ‘Pradhan Mantri Suryoday Yojana’. This has further strengthened India’s commitment towards the adoption of greener solutions at a larger scale.
The scheme is aimed at widening the solar energy adoption and reach in the residential sector. The scheme will not only add impetus to the manufacturing of rooftop solar panels and systems but will be helpful in reducing the electricity bills of poor and middle-income households. The ambitious target of installing rooftop solar panels in one crore homes will be supporting India’s goal of ensuring 24-hour power supply throughout the nation by March 2025.
At Luminous, with our versatile investment approach, are actively contributing to the nation’s solar energy objectives. We are committed to establishing a comprehensive solar power ecosystem for homes, businesses, and industries in India, and potentially, globally. Our upcoming Rudrapur PV Panel factory will boast an expandable production capacity ranging from 500 MW to 1 GW. This facility will position us as a key player in bringing end-to-end solar energy solutions to the forefront on a global scale.
Rooftop Solar & Energy Storage will ensure power continuity in India
At the core of 24-hour power supply throughout the nation lies the fundamental premise that power continuity is critical for living and for accelerating economic prosperity. Power outage is a major challenge in accelerating India’s economic prosperity. As per a survey report, around 85 percent of households expressed facing power cuts daily, with 37 percent indicating that the outage is more than 2 hours. Power outage leads to huge personal and economic losses, creating a need for robust energy storage and power backup systems.
Rooftop solar and energy storage present significant opportunities for India in terms of sustainable energy generation, reducing carbon emissions, and enhancing energy security. India has immense potential for rooftop solar. Luminous has been at the forefront of product and service innovation, changing the landscape of sustainable energy storage solutions and helping millions of lives with uninterrupted power supply. From initial consultation to seamless installations and meticulous maintenance, we empower our customers across Residential, Commercial, and Industrial segments with a diverse range of solar products and solutions.
As per an independent report, India can leverage more than 25 crore households to deploy 637 GW of residential rooftop solar energy potential. Currently, the residential sector accounts for only 2.7 GW of rooftop solar capacity. The increase in rooftop solar will drive energy storage space which is vital for supporting the power continuity ecosystem as well as facilitating bi-directional transmission of electricity to the grid. Both rooftop solar and energy storage systems complement well and will be the key solution to India’s power continuity solution. Currently, the domestic Energy Storage Systems (ESS) market is growing with an 11 percent CAGR and is expected to reach USD 5.27 billion by 2028. The energy storage market is projected that the sector will reach 190 GWh potential by 2025, with only 17 percent of storage deployed at the grid level. India will most likely be the third-largest energy storage installer by 2040. Furthermore, the growth of rooftop solar will propel larger economic growth and development in several ways.
Reduce power subsidies: The increased adoption of solar rooftop panels will also be helpful for states in saving power subsidies. It will further aid these states in contributing towards the improvement of the financial health of power distribution companies. Early and effective adoption of rooftop solar and storage solutions can help our nation become self-reliant, granting us energy security by indigenous production of electricity
Controlling land usage in rapid urbanization: Rooftop solar and storage systems will be playing a crucial role in serving the residential and commercial energy needs without the need for additional land, transmission, and distribution lines.
Skilled job creation in clean energy: The mission to increase penetration of rooftop solar systems in metros and hinterlands of India will be opening up novel job avenues across the value chain. Starting from manufacturing, installation, maintenance and after sale services, the scope of research and innovation with this natural energy will be much higher.
Grid stability coupled with reduced transmission loss: The switch to distributed rooftop solar system and storage will prevent energy loss in longer-distance electricity transmissions. As the power generation with solar power occurs near the point of consumption, it will also be contributing to grid stability by reducing strain on centralized power generation and elaborated distribution infrastructure.
Mitigating power outages: Rooftop solar combined with energy storage systems will be the best alternative in terms of backup power during grid outages. A well-planned solar power system will be offering resilience and reliability to consumers. This is going to be particularly useful in regions prone to blackouts or unreliable electricity supply, thus increasing the industrial potential in remote locations of the country.
In conclusion, India’s commitment to a sustainable future is underscored by its emphasis on solar power. From domestic schemes like Pradhan Mantri Suryoday Yojana to global initiatives like the International Solar Alliance, the nation is actively embracing solar energy. Luminous Power Technologies aligns with this vision, investing in solar solutions to contribute to a comprehensive solar power ecosystem. The combination of rooftop solar and energy storage not only ensures continuous power supply but also tackles challenges like carbon emissions, job creation, and economic growth. This collective effort positions India as a key player in the global clean energy landscape, moving towards energy security, economic self-reliance, and environmental sustainability.
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