India Made Solar More Affordable, Says PM Modi

By Chitrika Grover/ Updated On Fri, Sep 6th, 2024

PM Modi Expresses Concern Over Green Energy Investment Imbalances

Prime Minister Narendra Modi in his latest speech before the International Solar Alliance said that with more government hand holding support and schemes, the solar energy became more affordable in India. He joined the ongoing session online and addressed the gathering.

“India’s growth in the solar sector is the result of a clear approach. Whether in India or in the world, the mantra to increase solar adoption is awareness, availability and affordability. The increased awareness about the need of sustainable energy sources by encouraging domestic manufacturing in the solar sector we increase availability. Through specific schemes and incentives, we also made the solar option affordable,” he said.

He, however, lamented over the concentration of green energy investments in certain regions. “To ensure an energy transition, the world must collectively discuss some important matters. The imbalance in concentration of green energy investments need to be addressed. Manufacturing and technology need to be democratised to help developing countries. Empowering Least Developed Countries and Small Island Developing States should be a top priority. Inclusion of marginalised communities, women and youth is crucial. I am confident that the International Solar Festival will enable discussions in such matters,” Modi said.

In his address he also talked about the role of boost in domestic solar manufacturing. “Domestic manufacturing in the solar sector will increase availability.” In his speech, while applauding the ISA’s role in increasing solar adoption, he cited examples of recent policy interventions, such as the launch of the PM Surya Ghar Yojna and its role in creating the potential for earning money.

“A few months ago, we launched the PM Surya Ghar Muft Bijli Yojana. We are investing Rupees 750 billion in this scheme. Our target is to help 10 million households to install their own rooftop solar panels. We are transferring financial assistance directly to the people’s bank accounts. Low interest, collateral free loans are also being enabled in case additional finance is needed. Now, these households are generating clean electricity for their needs. Moreover, they will also be able to sell excess power to the grid and earn money. Due to the incentives and potential earnings, this scheme is becoming popular. Solar energy is being seen as an affordable and attractive option. I am sure many nations have similar valuable insights derived from their work on energy transition,” PM Modi said.

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He also said that within a short span of time, the International Solar Alliance has progressed. “In a short time, the ISA has made a lot of progress. In 44 countries, it has assisted in developing nearly 10 gigawatt of electricity. The Alliance has also played a role in bringing down the global prices of solar pumps. Private sector investment is being enabled, especially in African member countries. A number of promising solar startups from Africa, Asia-Pacific, and India are being encouraged. This initiative will also be expanded to Latin America and the Caribbean soon. These are noteworthy steps in the right direction,” the PM said.