Scope Of Solar Energy Business In India
The population of India is crossing the limit of 1 billion. The people of India rely on alternative renewable sources of energy for their daily consumption. The initiative taken by the government of India in the last few years has led to a substantial increase in the generation of solar power.
Presently, almost 53% of the country’s energy requirements are met by coal, and as per the forecast and future vision, it may not last beyond 2050. The population of India is increasing by every single second at a faster rate which will act as a burden over electricity.
India, despite being the largest producer of electricity, solar power has emerged as a feasible option to meet the adequate requirement of energy.
Overview Of Solar Energy In India
India receives 5000 trillion kWh of annual radiation, which is seen as a bright prospect for solar energy, which can generate enormous amounts of energy for the country. India is the 3rd largest producer of solar energy in the world.
Here we have mentioned certain facts about the solar power industry:
• The solar industry in India produced 1000 MW of energy in the year 2017.
• India was producing energy of 80,000 MW by the end of 2020.
• It is expected to produce around 100,000 MW of energy by the end of 2022.
At present, India is under a re-currently power shortage with a demand-supply gap of 12%. This wide gap in power can only be sufficed with the use of renewable sources of energy and solar energy.
The industry of solar power generation is witnessing rapid progress with better infrastructure, initiatives, and incentives. All these facilities are provided by the manufacturers of solar energy companies. There is a prominent scope for using solar energy in India.
Future Scope Of Solar Energy In India
1. Geographical Advantage
The geographical location of India facilitates a favorable platform that supports the solar industry. The energy generated by the solar projects will help in fulfilling the necessity of the country along with additional energy generation to support the world.
The location of the country is one of the major reasons that it comes under the category of a tropical region. The quality of the tropical region is that they receive an immense amount of solar radiation throughout the year, that is, about 3000 long hours of sunshine. Some of the states of India have a high renewable energy capacity and are able to generate substantial energy even on cloudy days as well.
2. Leveraging the Low Cost
It will not be false to say that the cost of installing solar panels and solar systems is a bit expensive. However, it is also a fact that after the establishment of the solar system, the cost of power consumption reduces by a drastic level.
The use of solar power energy eradicates dependency and helps users in saving considerably on power consumption. The reduction in electricity bills is a big relief to many consumers. The returns on investments are the most for the users; this is also one of the reasons why solar entrepreneurs have a prospective future in the country.
3. Upcoming Solar Projects in India
States like Rajasthan, Madhya Pradesh, Gujrat, Haryana, Punjab, Andhra Pradesh, and Maharashtra of India have a huge scope to tap solar energy owing to their strategic locations. In the real-time scenario, the Thar Desert region of Rajasthan has some of the best projects in the country that is generating around 2,100 GW of power.
Another largest solar power producer in Gujarat. In the year 2018, the Indian government approved a huge plan for the upgradation of 50 Indian cities into promising solar cities. This plan provides a scope to establish more solar power companies across the country.
4. Employment Prospects
The project of solar energy is a never-ending process. This will result in the expansion of various solar power companies in the country.
The problem of unemployment will be sorted within the country as with the development of a new industry; job prospects will rise. There will be more renewable energy companies which will generate more and more job opportunities in the country.
5. Potential of Solar Energy in India
Several initiatives have been taken by the government to push and increase solar power share in India. With the decreasing equipment cost (PV module) and energy mix, the solar power industry in India is expected to double the growth in the next few years.
The strategic policies of the government are grouped with the reduction in the price of solar power. This will result in an increase in the share of solar power in the energy mix of the country. The government has also made an introduction of several regulations and policies with the objective of uplifting the future prospect of solar power energy and the solar industry in India.
6. Better Foreign Investment Prospect
As per the analytics of the last few years, the solar power tariff in India has fallen. The declining solar power tariff and the open market system have encouraged good foreign investments in this sector.
The report has also forecasted that the Solar Philippines will enter the solar power industry of India with the objective of installing 500 MW solar farms in India. The Indian solar power industry facilitates an open market system. This simply states that there is no compulsion for foreign companies to collaborate with the local businesses of the country.
7. Increasing Energy Prices
The consumption of energy in India has been increasing as the country is developing economically towards urbanization quickly. This growing demand for energy will soon exceed the production rate.
In the near future, solar energy plants will transform into India’s energy portfolio of crucial components. Investing in the solar industry in the existing situation will give birth to huge revenue in the future as it will develop into several billion-dollar firms.
Is Solar Panel Business Profitable In India?
The central and state governments have plotted a strong emphasis on the solar industry; the government is also planning to launch agricultural solar pump programs in various Indian states. Furthermore, today’s solar panel or solar business is positioned as one of the most profitable businesses. Solar energy business profitability is currently at its highest level, and it will continue to rank this much. As a result, various entrepreneurs are recognizing the current demand and are launching solar energy businesses.
What Is The Future Scope Of Solar Energy In the World?
The future scope of the solar energy business seems to be very bright as it works for electricity. Electricity is the basic requirement of the world.
Thus, there is a major requirement for solar panels in every town and every city, even in every business and individual house. There is an increasing demand for this solar panel.
The industry that produces electricity and handles a lot of the work done by electricity is increasing the demand for electricity by 15%.
Solar panel business is trending as a business opportunity.
People who are interested in running a solar panel or who want to start a solar business should obviously step ahead.
Solar System Business Opportunities In India
Selling Solar Products
Billions of dollars are spent on solar PV, solar thermal systems, solar attic fans, solar cooling systems, and many more things that belong to the solar system. Each year, all the parts that are required to build and install the system have been produced. Along with this, solar lights, solar gadgets, and solar rechargers are also increasing their generation.
Solar Products Distribution
If you can’t step into the manufacturing of the parts of the solar system, then the best solar energy-related business is to engage in the sales and distribution of solar panels. Just ensure that you network with solar panel manufacturers both within and outside. The distribution of solar-related products will require lesser investment and can be started by anyone.
Solar System Repairing & Maintenance
This is an aftermarket service-based business. After the installation of the solar project, it is mandatory to follow regular maintenance, check, and repair. Therefore, offering repair and maintenance services is a lucrative business to start in the solar industry. However, the business demands both technical and networking skills.
Solar Energy Auditing
Solar energy audits are also a leading solar-related business. Basically, you have to make a recommendation on how people can reduce their electrical consumption. This is a highly knowledge-based solar business opportunity. As a solar energy auditor, the primary responsibility is to determine the requirement of solar energy.
Solar Consultancy
The role of solar energy consultants is to supervise, monitor, and make recommendations when a solar installation project is processed. People generally seek a professional opinion that looks at the various options and guides them through the entire process.
Investment For Solar Panel Business In India
The investment of monetary funds will vary depending on the type of solar business you choose. Manufacturers of solar panels or solar inverters have to invest a huge investment; a business related to solar installers would require less investment. Solar business asks for a basic investment amount of about 1 to 3 lakhs.
Conclusion
The Solar business is divided into various categories that include manufacturing, solar EPC, Solar INC, and Solar consulting. For initiating any type of Solar business, one must primarily select the type of business, Research the concept and the business plan must be designed, acquire licenses from the authorized organization, Hire a skilled employee, create a regular presence, and market your business about the final product.