Business Outline for One of the Most Profit Making Businesses - Solar Energy
The world is changing. We are moving away from fossil fuels and towards clean, renewable energy . We’re making the air we breathe cleaner, the water we drink safer, and the climate we live in healthier. Our planet's most important source of energy is the sun today. Sunlight is harnessed for energy.
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Humans have been using solar energy for thousands of years, mostly to evaporate water to make it into a liquid, or to smoke food. Today, humans use solar energy to heat buildings, make electricity, and provide a source of power when other power sources are not available.
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Potential for Solar Energy in India
According to the World Bank, India has 243 GW of power generation capacity, which is expected to increase at an annual growth rate of 10%. In addition, solar energy has many benefits for heating and generating electricity. There is a boom in the Indian solar energy industry.
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Related Business Plan: Renewable Energy Sector, Green Power, Solar Energy, Biofuel, Hydroelectric, Wind, Geothermal, Biomass, Non-conventional Energy, New and Renewable Energy Projects
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Over the past decade, the solar industry in India has grown from virtually nothing to becoming a major source of renewable power. Today, India is one of the largest solar manufacturers in the world, and it’s on track to become even larger. The country currently ranks second in the world for its total installed solar power capacity, with an estimated 123 gig watts of capacity.
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Reasons for the business's success.
●????One of the most rapidly growing industries in India is the solar energy industry. India is the world’s largest producer of solar energy, with more than 400 gig watts of installed capacity, enough to power more than half a million homes.
●????India generates nearly 5% of its electricity with solar power. Over the next few years, India plans to increase the share of solar power to 40% of the country’s total electricity generation by 2030.
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●????The demand for solar energy in India has been driven by a combination of government policies, rising demand for clean energy, and falling costs.
●????The government policies have helped create a large solar market, while the demand for clean energy has helped lower the cost of solar energy.
The result has been a solar energy industry that is booming in India. Over the past decade, the solar industry in India has grown from virtually nothing to becoming a major source of renewable power.
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Related Feasibility Study Reports: Renewable Energy Sector, Green Power, Solar Energy, Biofuel, Hydroelectric, Wind, Geothermal, Biomass, Non-conventional Energy, New and Renewable Energy Projects
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Government Plan of Action
In 2016, India became the world’s largest market for solar panels. Today, the country is home to the world’s largest solar power plant, the Kattupalli Solar Power Plant, and the world’s largest solar cell manufacturing facility, the Sun Edison factory in Andhra Pradesh. The government has also launched several large-scale solar power projects, such as the Koyna Solar Power Project, the Kamuthi Solar Power Project, and the Bhadla Solar Power Project.
●????The Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan (PM KUSUM) - An initiative to promote solar energy in India. As part of the project, a total of Rs. 34,422 crore includes service fees to the implementing agencies for solar and other renewables capacity of 25,750 MW by 2022.
●????The scheme provides various concessions like loan waivers, interest subsidies, installation subsidies, etc. to the farmers who opt for the scheme.
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