India is the fourth largest emitter of carbon dioxide and is therefore obliged to be the forefront producer as well as consumer of renewable energy. World bank has provided one billion dollars to support India’s plans to go solar. This fund has already sponsored 100MW of energy.
Going solar is the greenest saving. It is evident form the fact that India has already saved and is in the process of saving money by the millions because of the increasing usage of solar energy. Below are the factors which are helping the country save.
Being part of the solution
India is always a proactive participant in many global initiatives towards sustainability. Be it the Paris agreement of 2015, or the Earth summit, the country is trying its best to be the part of the solution. According to World bank’s website, on June 30, 2016, World bank signed an agreement with the International Solar Alliance (ISA) to encourage solar energy through 121 countries led by India. These collaborations help the country financially and socially in being more efficient in the fight against environmental problems. Investments are made by international organisations, public awareness is spread and initiatives are taken accordingly.
Reduction in imports of coal and oil
Even though India is the second largest coal producer, its domestic demand is not met by the domestic produce. The country imports coal and oil for the production of electricity. The cost of the imports can be reduced and replaced by the use of solar energy which is renewable and is becoming cheaper with time. The rising usage of solar energy and development of solar parks has already saved the cost of tonnes of natural gas and coal.
The fall of solar costs
The prices of coal have risen significantly over last 20-30 years and is still rising. Its mining comes with the price of danger to miners, the environment as well as our wallets. This year, government has cancelled its plans to install 14GW energy production plants run by non-renewable resources. This is because using solar energy is becoming as affordable as using other resources for power-generation. This makes solar energy evidently profitable.
Implementation of solar power plans in agriculture sector
Government has begun incorporating solar energy into what is still a significant source of income of the country, that is the agricultural sector. The finance minister announced that 21 million dollars will be spent to implement solar-run farming equipment including solar pumps for irrigation. This will help the underprivileged farmers produce more output which in turn will help the economy.
The country needs solar energy more than ever, in terms of saving money as well as sustainable living. This switch from non-renewable resources to an ever-lasting source is the thing that’s going to save the future.
“The world must turn to (the) sun to power our future. As the developing world lifts billions of people into prosperity, our hope for a sustainable planet rests on a bold, global initiative.” -Prime Minister of India