Solar energy industry expecting a boom in near future

The crisis induced by the covid-19 pandemic is expected to speed up the rate of switching to solar energy, specially rooftop systems. As told by the Managing Director of Freyr Energy, Mr. Saurabh Marda, the prospective customers in residential segments as well as industrial segments are searching ways to cut down expenditure. He said, “People working from home are seeing their electricity bills shoot up substantially [with] air-conditioners running, electricity to run computers… that is driving lot of demand from that customer segment”.

In regards to the industrial and commercial segments, Mr. Saurabh Marda stated that he is seeing “enquiries coming from customers saying for the next 1-2 years growth is not going to be our focus, so we want to find ways to reduce cost. Energy costs is one item where companies are willing to look at spending their money to start saving on energy expenses”. He told that Freyr Energy was En Route to do more business – and has met business targets in the first quarter.

With regards to queries on funding requirement, he said that in addition to funding, “we would be interested in partnerships with relevant partners from solar industry to help accelerate growth, international expansion. The relevant partners would be companies already in solar business and looking to expand in other countries or in energy business that they can leverage to transition from traditional to solar energy for their clients”.

Last year at the UN Climate Action Summit in New York, Prime Minister Narendra Modi had promised to double the India’s renewable energy target from presently installed 87 giga watts to 450 giga watts by 2030, with bulk of it coming from solar panels.

According to data from the national load dispatch centre, Electricity procurement from coal-based power in India has reduced from 75% to 63% from March to May, whereas the contribution of clean energy sources like solar, wind and hydroelectric power have increased from 16% to 28%.