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Rs 4 lakh crore business opportunity: Sell solar energy to grids and get richer

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By NewsGram Staff Writer

Amidst the time when the experts have started to throw in their contemplations regarding whether the Paris summit in December 2015 will “save the earth”, or will just end up as another Copenhagen, India has come up with a unique business opportunity that sees a target of setting up 100,000 MW of solar energy by 2020.

A senior government official stated that the rooftop solar projects offer a big business opportunity upto the tune of Rs. 4 lakh crore.

“Grid connected rooftop solar power is the most important sector as far as renewables are concerned. This 40,000 MW project requires an investment of up to Rs. 4 lakh crore and is a big business opportunity for all,” said Tarun Kapoor, joint secretary, ministry of new and renewable energy (MNRE), addressing a conference in the capital organized by The Energy and Resources Institute (TERI).

In regard to the system by which people who set up solar power panels on their rooftops can sell electricity back to the grid, he said that there are 20 state regulators who have issued connections whereas 17 states have issued policies for net metering.

Also an objective of achieving 100,000 MW from solar energy by 2020, 40,000 MW of which will come from rooftop solar power, has also been set by the government.

“Taking a systemic approach towards implementing this large and ambitious programme, ensuring it is a win-win for all stakeholders is critically important,” added Leena Srivastava, acting director-general of TERI.

Next Story

New York Governor Signs Ambitious Climate Change Bill with Goal of Slashing Greenhouse Gas Emissions by 2030

He was joined by former U.S. Vice President Al Gore, who has made fighting global warming his life's work

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New York Gov. Andrew Cuomo, right, accompanied by former Vice President Al Gore, announces that he is signing the Climate Leadership and Community Protection Act, Thursday, July 18, 2019, at Fordham University in New York. VOA

New York Governor Andrew Cuomo signed an ambitious climate change bill Thursday with the goal of slashing the state’s greenhouse gas emissions 85% below what they were in 1990.

“Cries for a new green movement are hollow political rhetoric if not combined with aggressive goals and a realistic plan on how to achieve them,” Cuomo said before signing the bill into law. He was joined by former U.S. Vice President Al Gore, who has made fighting global warming his life’s work. “We still have it within our power to grab hold of this crisis,” Gore said.

The measure Cuomo signed looks to use renewable energy sources, such as wind and solar, to generate 70% of the state’s electric power by 2030. It also includes construction of massive wind farms off the coast of Long Island, which Cuomo said would generate enough electricity to power 1 million homes.

It was unclear how Cuomo and future New York state governments planned to put the ambitious plan into action. The governor and other state officials will put together a 22-member panel to devise that.

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As the federal government retreats from dealing with climate change, major parts of corporate America are moving forward anyway. Pixabay

Warning about costs

Business leaders and utility companies, however, warned residents to expect higher electric bills because of the initial investment needed to build up solar and wind capacity.

ALSO READ: Education Institutions from Across the World Declares Climate Emergency

Meanwhile, the U.S. National Oceanic and Atmospheric Administration said last month was the hottest June for the globe since at least 1880, when record-keeping began. NOAA said the planet’s average temperature was 15.9 Celsius, or 60.6 Fahrenheit.

Climate experts say global warming caused by greenhouse gases is to blame and say more records will fall before summer ends in the Northern Hemisphere. Many large U.S. cities can expect dangerously high temperatures this weekend, including Washington, where it is expected to feel like 43 degrees Celsius Friday and Saturday. (VOA)