It’s good to know that India is now producing the world’s cheapest solar power, according to a survey by an International Renewable Energy Agency (IRENA).
Must Read: - World's Largest Solar Power is now in India
A recent an analysis by IRENA (International Renewable Energy Agency) found that the costs for setting up solar PV projects have dropped by about 80 percent in India between the year 2010 and 2018. This shows the diversion of renewable power.
The totals installed amount for solar PV in India are as low as $793 per kilowatt (kW) in 2018 which is 27 percent lower than for projects in the year of 2017, whereas Canada has the highest cost at $2,427 per kW, according to the list published by International Renewable Energy Agency. As per experts, India’s producing the lowest-cost solar power has multiple reasons. First is, India has high solar potential, Second on that scale is that the country imports the majority of its hardware for installation from China which is cheaper and helps them in cutting the cost by a huge margin, third is the low cost of land and labor which contribute in lower the cost of Solar producer.
Beating countries like China, which we know is the cheapest manufacturer of every single thing, India has also left the US, UK, Canada, and France among others. As per the list, the highest cost of solar projects are:
- Canada at $2,427/kW;
- Russian Federation at $2,302/kW;
- Japan at $2,101/kW;
- South Africa at $1,617/kW and
- Australia at $1,554/kW.
Do you know? – India surged past Japan last year to become the world’s 3rd biggest market for solar power, after China and the United States.
Moreover, India is also targetting to generate 100 gigawatts of solar capacity by the year 2022 — which is nearly 30 times more than what it had three years ago, and equivalent to the entire energy output of Spain.
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