Washington, D.C. - infoZine - India’s ambitious national solar program has catalyzed rapid growth in the solar market, driving prices for solar energy to impressive lows and demonstrating how government policy can stimulate clean energy markets, according to a report released today by the Natural Resources Defense Council (NRDC) and the Council on Energy, Environment and Water (CEEW).
In only two years, competitive bidding under India’s National Solar Mission drove prices for grid-connected solar energy to nearly the price of electricity from fossil fuels, at Rs. 7.49/kWh ($0.15/kWh). During that same period, cumulative installed solar capacity in India surged from 17.8 MW to over 500 MW, as discussed in “Laying the Foundation for a Bright Future: Assessing Progress Under Phase 1 of India’s National Solar Mission.”
“As the world’s second-fastest growing economy, India has sparked a powerful solar market in only two years,” said Anjali Jaiswal, Senior Attorney for the Natural Resources Defense Council’s India Initiative. “While the National Solar Mission still faces significant hurdles, India has already made important strides to attract new domestic and international players into the market, and lower the price of solar energy faster than most anticipated.”