The Indian solar energy market is anticipated to reach a CAGR of 19.80 percent during the forecast period of 2024-2030. It is expected to achieve 79.07 GW by the end of this year and is estimated to reach 195.11 GW in the next five years
In a quest to find sustainable solutions for forthcoming generations, rooftop solar installations have surfaced as a dependable option for businesses and households. The major benefits of solar panels are reducing the carbon footprint and decreasing energy expenses and usage. It has proven to be a practical and affordable option for all business and industrial settings.
Solar panel technology has grown immensely over the years. However, the working efficiency of a solar panel relies on myriad factors, such as its installation site, angle, type of model, and many more.
Practices to Increase the Potential of Solar Panels
In order to maximise the potential of a solar system, companies are required to optimise the factors affecting its power generation. Bearing this in mind, here's a look at some of the tips that can assist in harnessing the maximum output of solar energy:
Determining the Location
Selecting a location for the installation of solar panels that can allow it to receive the most sunlight is one of the essential things to take into account. The location of the Sun determines the angle at which the solar panel is positioned.
Moreover, azimuth and zenith angles are used to calculate the Sun's location. The Sun's angle when it goes from east to west is referred to as the azimuth angle, while the angle between the vertical direction and the Sun's rays is known as the zenith angle.
Purchasing the Right Solar Panel
When it comes down to opting for solar panels, there are three primary types available: monocrystalline, polycrystalline, and thin-film.
Monocrystalline Solar Panel: This panel is known for its high efficiency, output power, and longevity. It occupies less space, which makes it an ideal choice for terraces. It can generate power even in low sun exposure conditions.
Polycrystalline Solar Panel: This panel is considered to be an affordable choice. It takes up a greater area than a monocrystalline panel. It is also seen as a wise option for areas with severe weather conditions.
Thin-Film Solar Panel: This panel is considered a cost-friendly alternative to the other two options. Usually, it has a considerable life span and lasts up to 10 to 20 years.
Choosing the Right Solar Panel Installation Company
Selecting the right installation company is crucial, as not all companies offering solar installation are credible. Keeping it in mind, one should consider the company’s years of experience, accreditations, certifications, customer reviews, maintenance services, and customer support before opting for a solar panel installation company.
Incorporating Cutting-Edge Solutions
There have been major advancements in the solar energy industry in recent years. Nowadays, solar panels have become more efficient and cost-effective. Technologies such as tandem solar cells, perovskite solar cells, and bifacial solar panels are spearheading the industry forward.
Perovskite Solar Cells: These solar cells consist of materials that are easy to manufacture. They are cost-effective and can be equipped with solar panels to absorb maximum light. They can increase the efficiency of solar panels by 25 percent.
Tandem Solar Cells: Tandem solar cell technology consists of solar cells piled up together. They function by splitting the light energy spectrum and optimising the harvested solar energy.
Bifacial Solar Panels: Bifacial solar modules generate solar energy from both sides of the panel. They are installed on a highly reflective surface such as white TPO or on the ground with white-coloured stones.
Demand for Rooftop Solar Panels
India witnessed a growth of 58 percent in the solar panel rooftop segment in 2023, as per the JMK Research and Analytics report. Furthermore, the country's renewable capacity reached 133.88 GW in 2023, with solar energy as the primary contributor.
The Indian solar energy market is anticipated to reach a CAGR of 19.80 percent during the forecast period of 2024-2030. It is expected to achieve 79.07 GW by the end of this year and is estimated to reach 195.11 GW in the next five years.
With the increase in electricity demand, the commercial and industrial sectors are moving towards a more sustainable and cost-effective way of consuming energy. Currently, these sectors account for approximately 80 percent of the total grid-connected RTS, i.e., of around 11.08 GW.
The government is planning to drive up the market by promoting large-scale investment models and other measures. For instance, under the recently announced Draft Electricity Amendment Act 2020, a pan-India renewable energy purchase with a penalty mechanism has been implemented. This act compels large industry players to buy a certain amount of renewable energy. The imposition of such measures is bound to give significant growth to the C&I segment.
Micro, small, and medium enterprises (MSMEs) offer significant untapped potential for the industry to grow. With the government's interventions, the solar industry might see a boom in India's solar commercial and industrial sectors.
Solar Energy: Exploring Benefits
Solar energy has become an increasingly viable option as traditional energy sources continue to deplete. It considerably reduces the total amount of energy that an establishment consumes from the main power system. This reduction further helps to lower the overall energy consumption in megawatt- or kilowatt-hours, which in turn lowers energy expenses.
Utilising solar energy has advantages that go beyond financial value and energy cost considerations. One hour of sun exposure provides enough energy to power all the energy requirements of the entire population of the planet Earth for one year. However, humans are only capable of capturing 0.0001 percent of the sun's potential for electricity with the technology that exists presently. The world is evolving decisively, and it is the need of the hour to capture and use solar energy efficiently.
Real World Success Stories
The solar energy industry is booming now, more than ever before. Here are some real-life examples to attest to this scenario.
Cochin Airport, India
The Cochin Airport in India has recently installed 46,000 solar panels around its cargo terminal, making it a 12MV solar plant. The solar system generates enough power to power the entire airport as well as store backup output for cloudy days. The Cochin airport is India's 7th busiest airport and has become the first airport to incorporate solar panels.
Lianyungang Photovoltaic Town, China
A small town in China named Lianyungang Photovoltaic Town has been utilising solar energy for the past decade. In 2014, it became the first town to use solar power generation from adjoining rooftops solar systems in a rural area. The town generates sufficient power to fulfil the energy requirements of 129 families.
Future of the Solar Industry
In the coming years, solar energy is expected to see unparalleled expansion and technical breakthroughs that will increase its efficiency and accessibility. Users will be able to generate and store energy with the help of microgrid technology and decentralisation. This trend in the solar industry will make solar power systems more robust and efficient.
As we go further into the future, the solar energy sector is looking more promising than ever before. With the growing demand for new renewable energy resources due to the exhaustion of conventional resources, solar energy can set the tone for the widespread adoption of a viable and sustainable source of energy. We are propelling towards a future where we will not only harness the Sun's energy but will embrace a cleaner, greener, and more sustainable way of living.
(Simarpreet Singh is founder and ceo of Hartek Solar.)