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Solar Energy- Global Overview  

Solar energy is all about harnessing the power of the sun to produce energy. The sun rains enough solar energy on the Earth in one day to power the entire energy needs of the world for one year. Solar energy is considered a renewable energy source because it will exist for as long as our sun does, estimated to be another 4.5 billion years. Solar energy is also considered a clean energy because it does not produce pollutants or byproducts harmful to the environment.

Currently, solar energy is produced primarily through the use of solar cells, also known as photovoltaic cells. The process works by placing the cells in direct sunlight. Sun hits the cells causing a chemical reaction that creates an electric current. The current is then turned into electricity.

Overview of Renewable energy

India is endowed with vast solar energy potential. About 5,000 trillion kWh of solar energy is incident over India’s land area with most parts receiving 4 – 7 kWh per sq m per day (considered ideal for solar power generation). Hence solar energy can be effectively harnessed for generating electricity in most parts of India. As of Oct 2010, installed power generation capacity in India is 165 GW and IEA predicts that by 2020, 327 GW capacities is needed. GOI is targeting 20,000 MW solar power generations by 2022 through JNNSM thereby, offering vast opportunities to corporate to venture into power sector once accessible to selected few.     

Solar power projects are new in India there has been a significant growth in their numbers globally. There was about 10,000 MW of installed capacity in 2008 and growing at 19% annually. About 70% of this capacity is in Germany and Spain. However the new policies announced in India, USA and China allows for significant portion of future growth to be in these countries. This increased growth and demand has led to a massive increase in productive capacity and a rapid fall in the prices. The last 4 ?5 years has seen the cost of PV installations come down by almost 50%.