Over the past decade, India's solar energy capacity has evolved significantly and the country is now ranked 4th in solar capacity globally. From 2.6 gigawatts (GW) in 2014 to 74.4 GW at the beginning of 2024, the installed solar capacity has increased 30 times. However, one part of India's solar energy ambition still falls considerably short-rooftop power generation. In 2015, the country was pushing its solar power generation target from 22 GW to 100 GW by 2022; but India missed the target as it only touched 63.3 GW. Out of this 100 GW, 40 GW was supposed to be from rooftop solar panels but till 2023, it hit only 11 GW, of which only 2.7 GW are in residential units.
Experts are not sure if the new deadline of March 2026 for rooftop solar energy (40 GW) will be met despite recent incentives and policy measures.
According to Ali Imran Naqvi, CEO, Gensol Engineering Ltd, the substantial subsidies allocated to coal-fired electricity significantly distort the energy market by keeping retail electricity prices artificially low. This creates an uneven playing field for renewable energy sources like rooftop solar, which, even with the average 30 pc subsidy provided under PM Kusum Yojana, struggle to compete on price.
"The upfront cost of a rooftop system can be a barrier, especially for rural households with lower disposable incomes. Limited access to formal financial institutions and lack of credit facilities further restrict adoption," Naqvi added.
According to a report by the Council on Energy, Environment and Water (CEEW) in 2022 found that despite subsidies, the upfront cost of a 3 KW rooftop system in India can be a barrier in rural areas.
Esta historia es de la edición MAY 2024 de Entrepreneur magazine.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición MAY 2024 de Entrepreneur magazine.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
How To Ask Family For Money
Your friends-and-family fundraising round doesn't have to be scary and awkward. Here's advice from one of the world's leading investors.
Data Breach Drama: When Trust Turns Costly In A Digital Age
Amid data breaches surges, Indian businesses are prone to financial and reputational fallout. Can cyber insurance emerge as a safeguard?
THE TERRAIN TAMER
Spearheading a California-based, Series D SaaS company is no easy feat. It requires a blend of ownership, innovation, and the ability to handle stress. But Anand Jain, co-founder and chief product officer of Clever Tap, finds his calm by escaping to rough terrain whenever he gets the chance-be it India or Colombia.
THE INTELLIGENT READS
Hardika Shah founded Kinara Capital in 2011 with the mission to address the acute credit gap in the micro-small-medium-enterprises (MSME) sector in India, by providing fast and flexible business capital to small business entrepreneurs. Despite operating in highly competitive and tough market of collateral free loans, Kinara Capital has been steadily growing in Hardika's leadership. In conversation with Entrepreneur, Hardika shares insights on her favourite books.
THE CURSE OF GROWING TOO FAST
FAIRE is a platform for small businesses, but it grew big the wrong way-almost becoming a $12 billion wreck. Here's how it fixed the problem, and why you should think twice before skyrocketing.
There's No Perfect Answer
I worked the same job for 19 years. I hated it, but it paid the bills. Then, in 2017, I entertained an exciting but terrifying question: Could I be an entrepreneur? I wasn't sure, so I needed something that felt like a guarantee. I searched for signs that would feel like a big, clear \"yes!\"
Give Yourself the Gift of Time
Happy holidays! Emmy Award-winning tech expert Mario Armstrong has five recs to get more hours in the day.
How to Become a Main Street Millionaire
It started when I bought one little laundromat. Now I have a whole portfolio of small local businesses that bring in tens of millions in revenue a year. Here's why following my playbook could be your ticket to financial freedom-and saving America's local small businesses.
Want to Better Serve Your Clients? Become Them.
As a designer for brands, starting my own product company gave me a dose of humility-and it changed the way I relate to clients.
How to Succeed With Gen Z Workers
People often say that younger employees are different. But are they? We asked six business leaders what they've learned, and how their teams thrive.
