Technology Bringing About A Paradigm Shift In Solar Industry

In the last five years or so, the solar industry has grown rapidly in India, and continues to grow, given the targets of the government for 2022 and 2030. In an exclusive interview with BW Businessworld, Kunwer Sachdev, Founder and MD of Su-Kam, discusses the solar industry, the economics behind it, technology and the government targets for the

Why do the economics of renewable energy favour the rise of solar power? 

As the demand for electricity increases having access to low-cost power supply is paramount. The yearly rise of electricity tariff as opposed to the plummeting price of solar is one of the main reasons fuelling the growth of solar power. What is drawing people towards solar energy is that it is a great way to save money. Although the initial cost of setting up a solar system is high but the money is easily recovered as the user starts producing electricity significantly reducing dependence on conventional electricity. With huge reduction in the electricity bill, the user starts saving from day one, enabling him to recover the ROI within just a few years’ time. Moreover, since the average life of a solar system is 20-25 years, the user not only makes savings but is also protected from unpredictable electricity prices in the future. Moreover, solar energy has great environmental benefits; creating electricity from solar energy negates the emission of harmful greenhouse gases and other air pollutants. That is where renewable energy comes into the picture as it is the only alternative to clean and cheap source of electricity. As the storage system is making huge technological advancements, solar system is becoming even more viable.