Consistent energy prices: The costs of current non-renewable energy sources are constantly changing and leading to uncertainty and confusion around the world. However, green energy can help keep prices stable because after the initial cost of building a renewable energy source, the cost of maintaining and operating that resource is consistent and often very low compared to fossil fuels. In the United States and virtually every region, when electricity supplied by wind or solar energy is available, it displaces energy produced by natural gas or coal generators. The type of energy displaced by renewable energy sources depends on the time of day and the generation mix on the grid at that time. Numerous studies have shown that because wind and solar production replace fossil generation, renewable energy sources also reduce CO2 emissions. For example, an NREL study found that generating 35% of electricity using wind and solar power in the western United States would reduce CO2 emissions by 25-45%.
Cheap electricity from renewable sources could provide 65 percent of the world’s total electricity supply by 2030. It could decarbonize 90 percent of the electricity sector by 2050, greatly reduce carbon emissions and help mitigate climate change. In most cases, renewable energy technologies require less general maintenance than generators that use traditional fuel sources. This is because generation technology such as solar panels and wind turbines have few or no moving parts and do not rely on combustible fuel sources to operate. Renewable energy creates a significant and growing number of jobs around the world each year.
This report is based on the attractiveness of investments in renewable energy and deployment opportunities. RECAI is based on macro skills such as economic stability, the investment climate, energy imperatives such as security and supply, the clean energy gap and affordability. It also includes enabling policies, such as political stability and support for renewable energy sources.
Given the huge potential of renewables in the country, coherent policies and investor-friendly management could be the main drivers for India to become a world leader in clean and green energy. Sources of electricity production such as coal, oil and natural gas have contributed to one-third of global greenhouse gas emissions. It is essential to raise living standards by providing cleaner and more reliable electricity. India has a growing demand for energy to meet the economic development plans that are being implemented. The supply of ever-increasing amounts of energy is an essential condition for a country’s economic growth. According to the World Resources Institute Report 2017, India is responsible for nearly 6.65% of total global carbon emissions, ranking fourth alongside China (26.83%), the United States (14.36%) and the EU (9.66%).
Tata Power Solar System Limited is the country’s largest integrated solar player, Suzlon runs wind energy projects and ReNew Power Ventures operates solar and wind power. Green energy offers real benefits for the environment, as energy comes from natural resources such as sunlight, wind and water. Constantly replenished, these energy sources are the opposite of the unsustainable carbon-emitting fossil fuels that have been driving us for more than a century. Green energy is important for the environment because it replaces the negative effects of fossil fuels with more environmentally friendly alternatives.
Guarantee of future energy costs for project developers is ensured by signing a PPA with a utility company or an essential business buyer of electricity. This policy supported new projects (large hybrid photovoltaic green energy wind-solar energy systems connected to the grid) and the hybridization of already available projects. These projects aimed at an optimal and efficient use of transmission infrastructure and land.