India looks on course to reach target of 20 GW of Solar Power production by 2022.
Solar Power in India has reached grid parity, meaning that it costs the same as electricity from the power grid, after a strong push from the government for renewable energy source.
The reports stem from a Deutsche Bank report which recently concluded that solar power has now reached grid parity in India, along with European country Italy. Solar Power schemes are constantly being tested around the country under new government schemes, with the overall aim being to have India producing 20 GW of Solar Power by 2022, a figure which now appears more achievable than ever.
The German bank has also increased its solar demand forecast for this year by 20 per cent due to a strong production in places like India, the U.S. And China who are all said to be producing around 7 to 10 GW of the energy source. The U.K, Germany and other European countries were also estimated to now be producing around 1 to 2 GW of renewable Solar energy.
According to Bloomberg, India have seen such a fast pace of solar energy production, not only due to the accommodating climate but also the fact that, “India has used auctions to avoid the spiraling renewable- energy subsidies that burdened European governments. Project developers are awarded capacity based on the discount at which they’re willing to sell power. Under that system, the price of solar power in India fell 38 percent between 2010 and 2011.”
With many more government lead schemes on the way, India is on course to reach its 2022 target.
