India's renewable energy sector has witnessed exponential growth, boasting a combined non-fossil fuel capacity of 180 GW, led by 75 GW of solar and 45 GW of wind. This growth surpasses the targets outlined in the original National Solar Mission (NSM) of 2019, which aimed for 20 GW by 2022. Looking boldly ahead, India has set its sights on the much-needed target of 500 GW of renewable energy before 2030, a pivotal step toward achieving NetZero.
Latest Trends Driving the Paradigm Shift
Several key trends are shaping the future of India's renewable energy sector, including:
• Cost Reduction: The cost of renewable energy has plummeted drastically, with solar prices dropping from 18 Rs/unit in 2019 to the current Rs 2.5 - 3/unit. Offering fixed prices for 25 years, renewables now stand as a significantly cheaper and more stable source compared to conventional power sources, thanks to technological advancements and innovative engineering.
• 24-hour Round-The Clock Power: Pumped Storage Projects (PSP) and Battery Energy Storage Systems (BESS) have the potential to make renewable energy a 24hour power source. With the declining costs of battery storage, renewable energy can be stored and used during peak demand hours, making it a viable alternative to conventional energy sources.
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