If harnessed properly, solar energy can be an inexhaustible source of power

Climate change induced by greenhouse gas emissions poses a major threat to the global economy and will affect a wide range of economic sectors. Increasing levels of pollution and irreversible damages to mother earth due to the use of fossil fuels and cutting down of forests need to stop immediately. In addition, diminishing sources of fossil fuel and increasing demand for power are not sustainable in the longer run. Renewable energy is the solution and need of the hour. Sun, an inexhaustible source of power, has blessed us with its energy throughout the year. Solar energy has emerged as a promising green solution for combating climate change by lowering reliance on traditional fossil fuel-based energy. It has the potential to feed the economy while leaving a better future for our next generation. India has taken up an ambitious target of 175 GW by the year 2022, of which solar has been given 100 GW since it is the easiest to install and requires the least amount of maintenance. And recently India surpassed the 100 GW milestone. In addition, the Government of India has announced a revised target of 450 GW by 2030. Renewable energy will be a game-changer to fuel the economy in the coming future. Solar energy technology and the ecosystem are evolving fast. The efficiency, operating life, and affordability are far better today as compared to a few years back. The price of solar panels has fallen by 90% over the last decade and adoption by residential, commercial, and industrial end consumers is gaining momentum. Pro-solar policies by the government and net-metering arrangements are enhancing the solar adoptions experience. Net-metering enables consumers to produce power through the day and use it whenever required with minimal overhead charges. In addition, the Indian government has established a number of initiatives to promote electricity generation in the utility, industrial, commercial, and residential sectors via solar. Open access policies for captive and utility-scale solar parks, SRISTI (Sustainable Rooftop Implementation for Solar Transfiguration of India), VGF (Viability Gap Funding), and others are a few examples. The Ministry of New and Renewable Energy (MNRE) has launched the One Sun One World One Grid programme (OSOWOG), which would secure the supply of power across countries. The idea behind this design is that ‘The Sun Never Sets,’ and that it is always constant in any given geographical place at any given time. With such measures, India, as well as other countries, will be able to become green, cut greenhouse gas emissions, and maintain environmental sustainability.

There are a few frictions, though. Lack of awareness, reliability and affordable financing are a few of these challenges. Implementation of solar energy systems is capital intensive and access to affordable financing enhances adoption. Platforms like Oorjan build awareness, offer reliable technology and affordable financing options to the end consumers by offering easy EMI and pay as you go (PAYG) options. Investment in solar by the end consumers breaks-even in hardly 3-5 years as against a life expectancy of 25 years.  The savings are more than sufficient to serve the EMIs for a 5 years’ loan tenure. One kilowatt of solar panels has the potential to produce 1500 units per year and it’s equivalent to a plantation of 49 teak-wood trees. Every kWp would mitigate carbon emissions by 31 tons of CO2 equivalent over the project life when compared to coal-based sources of energy. As aware citizens, we need to act before climate change escalates and impacts our future further. We must adopt solar energy as it has the potential to propel the economy to new heights while also safeguarding the environment.

(The writer is a founding team member of Oorjan Cleantech. The views expressed are personal.)