The renewable energy sector has been making phenomenal advancements and progress in India. Seeing the prospects of growth and the potential for huge profits, many prominent energy firms from around the globe have been investing in the energy markets of India and commissioning the solar powered projects with a huge capacity.
Since a lot of investments have been taking place and insights in this field is being received by many experts from across the world, the efforts of India to emerge as a leading producer of non-fossil energy are getting pushed.
The solar tariff has recently gone down and hit a very low value of 3.15 rupees. This price is acting as a levelised tariff and was witnessed in a reverse auction that was carried out for the solar power project with a capacity of 250 Megawatt that is located in the Kadapa region in the state of Andhra Pradesh.
This lowest price bidding that took place was quoted by the agency, Solairdirect. This lowest bidding broke the initial record of the lowest price, which was 3.3 rupees as the tariff that was levelised and achieved at the Ultra Mega power Project of Rewa that was carried out under the management of prominent brands like Solenergi, Acme as well as Mahindra.
The Minister of the Power and New and Renewable Energy, Piyush Goyal commented on a tweet that India is making endeavors to make clean energy affordable for one and all.
The tweet also mentioned that the price of the solar facility dropped to the maximum low of 3.15 rupees for each unit at an auction that took place in Kadapa in the state of Andhra Pradesh by the energy juggernaut of India (that is the NTPC).
The solar park where the auction took place (that is Kadapa) at the moment has a total functional capacity of 1000 Megawatts. Such a low pricing for the generation of solar energy will make the supply of the solar energy and the expenditure of its distribution really cheap and make the alternative source of energy more popular amongst the people and organizations for usage.
The lowest bid that was presented by Solairdirect was followed by the quote that was given by Ostro with a price of 3.16 and the Canadian energy company that gave the proposition of the pricing to be 3.39. The other bids were ranging from 4.09 rupees to 4.68 rupees and were given by other energy companies like Mahindra, Mahoba, Azure as well as Greenko.
The low price of the solar facilities and its merits of reducing the expenditure of power consumption will make solar energy the largest source of power in the years to come.