Solar energy is increasingly becoming the most cost-effective option for the power sector, according to Prashant Kumar, Secretary of the Union Ministry of New and Renewable Energy (MNRE). Speaking at the third edition of the High-level Conference on New Technologies for Clean Energy Transition in New Delhi, Kumar highlighted the advancements in solar technology that are reshaping the energy landscape.
While traditional silicon-based photovoltaic (PV) panels have long been the foundation of solar power, the secretary emphasized that innovations, such as perovskite solar cells, are driving significant changes in the industry.
The cost of solar power generation has seen a dramatic decline over the years. In 2015-16, the cost of solar power from photovoltaic plants was Rs 7.04 per unit, while solar thermal plants generated power at Rs 12.05 per unit. Today, the cost for many photovoltaic-based plants has fallen to below Rs 3 per unit.
Kumar also addressed the ongoing challenge of energy storage, a key hurdle for the industry. “We are making great strides in advanced battery technologies,” he said. “Lithium-ion batteries have improved dramatically, and their costs have decreased significantly. Breakthroughs in solid-state and flow batteries are also promising, offering longer lifespans and better scalability.”
Pralhad Joshi, Union Minister for New and Renewable Energy, pointed out the surge in demand for solar panels and related technologies, which is boosting local manufacturing and contributing to the growth of small industries.
Joshi stressed the importance of storage technologies, stating, “Innovations in battery storage enable excess energy generated during the day to be stored and fully utilized during cloudy periods or at night.”
To further support the growth of solar energy, the government has launched several initiatives, including the PM Surya Ghar: Muft Bijli Yojana, a rooftop solar program that has received overwhelming response. The government has allocated Rs 75,000 crore to power one crore households through solar energy.
The central government is also working towards its ambitious target of achieving 500 GW of installed electric capacity from non-fossil sources by 2030. Key initiatives like the National Green Hydrogen Mission, PM-KUSUM, PM Surya Ghar, and the Production-Linked Incentive (PLI) scheme for solar photovoltaic modules are part of the strategy to accelerate renewable energy adoption.
India is well-positioned to become a global leader in renewable energy, contributing significantly to environmental sustainability and energy security. The country’s efforts reflect a holistic approach to building a greener economy, addressing climate change, and ensuring sustainable resource use for the future.
