Solar energy is rapidly becoming the most cost-effective option in the power sector, according to Prashant Kumar, Secretary at the Union Ministry of New and Renewable Energy.

While silicon-based photovoltaic panels have long been the cornerstone of solar energy, recent innovations, such as perovskite solar cells, are reshaping the landscape of renewable energy, Kumar said during the third edition of the High-level Conference on New Technologies for Clean Energy Transition in New Delhi.

“Solar energy is increasingly becoming the least-cost option for the power sector,” Kumar explained. “Silicon-based photovoltaic panels have been the backbone of solar power for decades.”

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The cost of solar power has significantly dropped over the years. In 2015-16, the cost per unit for solar power from photovoltaic plants was Rs 7.04, while plants using solar thermal technology were at Rs 12.05 per unit. Today, the cost has fallen to less than Rs 3 per unit for many photovoltaic-based plants.

Kumar also addressed the critical challenge of energy storage, which remains a key hurdle for the industry.

“We are fortunate that we are making significant progress in advanced battery technologies,” he said. “Lithium-ion batteries have improved considerably, with costs decreasing significantly. Breakthroughs in solid-state and flow batteries also promise longer lifespans and greater scalability.”

Union Minister for New and Renewable Energy, Pralhad Joshi, highlighted that the rising demand for solar panels and related technologies is fostering local manufacturing and driving economic growth in small industries. Joshi also stressed the importance of energy storage technologies.

“Innovations in battery storage allow excess energy to be stored and used when needed, whether during cloudy periods or at night,” he noted.

The government has introduced several initiatives to boost solar energy use in India. One such initiative, the PM Surya Ghar: Muft Bijli Yojana, a rooftop solar program, has received an overwhelming response from the public. The government has allocated Rs 75,000 crore to provide solar power to 1 crore households.

India has also set ambitious renewable energy targets, aiming for 500 GW of installed electric capacity from non-fossil sources by 2030. Programs like the National Green Hydrogen Mission, PM-KUSUM, PM Surya Ghar, and PLI schemes for solar PV modules are part of this strategy.

With these efforts, India is positioning itself to become a global leader in renewable energy, contributing to both environmental sustainability and energy security. The ongoing initiatives reflect a comprehensive approach to building a greener economy, meeting the country’s energy needs, and addressing the challenges of climate change and resource conservation.

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