Solar energy increasingly becoming least-cost energy source: MNRE Secretary

New Delhi [India], November 5 (ANI): Solar energy is increasingly becoming the least-cost option for the power sector, according to Prashant Kumar, Secretary, at the Union Ministry of New and Renewable Energy.
Traditionally, silicon-based photovoltaic panels have been the backbone of solar power, but recent innovations like the perovskite solar cells are changing the game in the new energy space, the secretary said, speaking at the third edition of the High-level Conference on New Technologies for Clean Energy Transition here in the national capital.
"Solar energy increasingly becoming the least cost option for the power sector. Traditional silicon based photovoltaic panels have been a backbone of solar power for decades," the secretary said.
The cost of solar power generated from solar power production units were Rs 7.04 per unit for solar power plant based on photovoltaic technology and Rs 12.05 per unit for plants based on solar thermal technology in 2015-16. It has now come down to below Rs 3 per unit for many production units based on photovoltaic technology.
The MNRE secretary raised the issue of energy storage, which is the biggest challenge before the industry
"To that we are fortunate that we are making great strides in advanced battery technologies. The lithium ion by batteries have improved dramatically, and costs have come down significantly over the months. We are also seeing breakthrough in solid state and flow batteries, which promise longer lifespans and greater scalability," said the Secretary.
As part of his intervention, Union Minister for New and Renewable Energy Pralhad Joshi said the increasing demand for solar panels and related technology is boosting local manufacturing, and thriving economic growth of small industries.
Joshi also stressed that storage technologies are "very critical". "Innovations in battery storage allow the excess energy generated to be stored fully used to fully used during the cloud detail or at night."
Government has also initiated many plans to boost solar energy usages in the country. The PM Surya Ghar: Muft Bijli Yojana, a rooftop solar programme has got tremendous response from people. The government has allocated Rs 75,000 crore to light up 1 crore households through solar power.
The Government of India has implemented a range of measures and initiatives aimed at promoting and accelerating renewable energy capacity across the country, with a target of achieving 500 GW of installed electric capacity from non-fossil sources by 2030.
Key programs include the National Green Hydrogen Mission, PM-KUSUM, PM Surya Ghar, and PLI schemes for solar PV modules.
India is well-positioned to emerge as a global leader in renewable energy, contributing to environmental sustainability and energy security.
The ongoing efforts reflect a holistic approach of building a greener economy and ensuring that India not only meets its energy needs but also addresses the pressing challenges of climate change and resource conservation. (ANI)