India is set to be the next country to undergo an energy revolution as it witnesses the solar energy boom. This is an exciting time for India as the Government are keen to support innovation and development in renewable energy. Currently solar energy accounts for 1% of the energy capacity in India; industry experts predict that the current use will increase 38% by 2022 (announced at the Indian RE-invest conference this year). The high growth predictions will cause India to soar ahead of traditional markets for eco-friendly energy sources such as German and the UK.
The growth statistics are good news for the Indian economy as industry analysis shows that solar energy is going to be the cheapest form of energy in many areas of the world. Moving towards solar energy will allow India to free itself from other expensive and environmentally damaging sources such as hydro and coal.
Following the success of Brazil and South Africa using reverse auctions to drive down the cost of renewable energy, India is following suit in doing so instead of keeping to traditional strategies using in-feed tariffs. Reverse auctions increase competition and make the companies who win contracts accountable to their promises.
There are a number of pros and cons for renewable energy however the progressive changes that it is making to India’s economy cannot be ignored. Renewable energy is more labour intensive than its fossil fuel rivals; therefore more jobs are created per unit of energy. Solar energy is helping the world transform into a “green economy” and therefore offers many rewarding and challenging opportunities for graduates from around the globe. There has been, and will continue to be, fast growth in this industry so the need for experts in management, resource assessment, project development, system design, and emerging technologies is rising. Organisations are now on the hunt for talented young individuals who will not only continue the positive work with solar energy but will also offer ideas to improve its manufacturing and distribution.