In India, the Sun shines brighter than coal burns.
The short version:
- In India, the latest auction for fro 400 MW of solar power went for a levelised tariff of Rs 3.52/unit over 15 years.
- The equivalent thermal power tariff would have been closer to Rs 4.5/unit.
- This means India does not need additional carbon taxes to induce a shift to renewables.
- The next hurdle to overcome is to get lower financing rates for building solar farms.
So here’s the deal…if India can fully switch to solar, then we all can. The amount of carbon emissions this will remove from the atmosphere is astounding. When it comes to solar, more and more often the right thing to do for the environment is also the most economical. Those situations are rare and exciting to watch. My prediction is that the pace of these changes will only increase.