The Status of Renewable Energy in India

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The Status of Renewable Energy in India
India is gradually turning into one of the most
exciting spots for renewable energy markets due
to improvements in economic position, awareness,
and government backing. Deploying further
renewable energy in India is crucial for
promoting energy security, economic growth, and
reducing climate change. The only way to build
that sustainability is to use clean energy and
ensure access to reliable, affordable energy for
every citizen. India is in the fourth
position for the biggest renewable energy
capacitors across the globe. India was able to
install 17 additional RE capacity in the first
eight months compared to the previous year. In
Twenty Twenty One (2021), the renewable capacity
was 9.5 GW, increasing to 11.1 GW in August
Twenty Twenty Two (2022). Being one of the top
renewable energy countries, India has the worlds
most extensive expansion plan- the target of
expanding to 450-500 GW by the end of 2030.
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Implementation and Development of Renewable Energy
To meet the set target for 2030, India will need
to consume renewable energy 2.5 times faster. The
possible action plan to make the target possible
is Building 334 GW within the coming 91 months,
requiring an additional 3.7 GW monthly. This is a
2.5 times greater installation rate than the 1.4
GW installation until August 2022.   How is India
planning to achieve its targets? One of the most
significant initiatives that can help accomplish
the renewable energy target for India is the
development of solar parks and ultra mega solar
power projects. This project involves building 25
solar parks and other solar power projects by the
end of Twenty Thirty (2023). Also, including the
Central government ministry in renewable energy
enhancement is a powerful motivation. The
ministry has claimed India will set up 90 GW of
solar equipment by the end of Twenty Thirty
(2030). Considering India already has a solar
installation capacity of 20 GW, with 15-20 GW
still under construction, this figure seems
achievable. The government recently granted an
amount of 19500 crores for solar PV modules
(production-linked incentive scheme). In February
2020, India set a target to be the global hub for
green hydrogen production and export.   The
country plans to reduce green hydrogen costs from
5 per kg to 1 per kg so that many people can
afford it.
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Role of renewable energy in Indias future plan

As renewable energy electricity is always more
expensive than fossil fuels, India will need to
emerge aggressively as a renewable energy and
storage powerhouse to reach its 65 non-fossil
fuel power generation target by 2030. This
renewable energy march will surely be fruitful
for other passive targets, such as net zero
carbon, by the end of Twenty Seventy(
2070).   India also promised to cut down 33 to
35 emissions by the end of 2030 as a part of
climate action.    Many such initiatives that are
part of the climate change program will immensely
benefit from an increase in renewable energy
installation in India.
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The most crucial challenge in Indias
renewable energy market is the poor financial
condition of DISCOMS (Power distribution
companies), owned by the state government. They
usually go through unsustainable payment cycles,
which is highly inconvenient. Another challenge
is the upfront expense of installation and
capital costs. Corporations need to go for a firm
that promises to make a smooth installation at an
affordable price, such as AMP Energy India. As
one of Indias top Renewable energy companies,
AMP has accommodated 2 GW installations, making
it easy for India to reach its eco-friendly
targets. They believe in making the world better
with every installation they make. So take a leap
and reach out to them if you want to contribute
to making the world greener. Hope the above
article helped you to better know about the
status of Renewable Energy in India, happy reading
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Thank You
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110017  011-43888900  info_at_ampenergyindia.com
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