Green Future Awaits India as Renewable Energy Prices Fall at Record Low

Fall in clean energy tariffs hold key for Indian political parties as providing electricity to 1.3 billion populations at cheaper rates has remained main poll plank for them in recent past.

New Delhi (Sputnik) — After historically low price of solar power, India has recorded all time low price for other renewal energy source-wind power. In an government run auction, wind power tariffs fall to 0.05 US dollar (Rs 3.46) per unit for 1000 MW projects.

"After solar cost reduction below 3 rupees/unit, wind power cost down to 3.46 rupees/unit through transparent auction," India's coal, power and renewable energy minister, Piyush Goyal, said.

Wind is a gift to mankind by environment & the historic low cost of Rs 3.46/unit wind power shows our commitment to leverage clean energy. pic.twitter.com/z5XFgi8PtK

— Piyush Goyal (@PiyushGoyal) 24 февраля 2017 г.

​Due to sustained fall in prices of renewal energy, Indian government has doubled the target of solar power generation capacity under solar parks to 40000 MW by year 2020 this week only. Recently, solar power tariff has come down to 4.4 cent per unit (Rs 2.97). "It finally brings India to grid parity with thermal power; in fact in many cases particularly for few coal-based thermal power plants, solar power is cheaper than thermal energy. It is landmark achievement for India and landmark achievement for green energy and energy security," said Goyal.

During ongoing state assembly elections in several states having population greater than combined population of Russia, UK, Germany, France and several other countries; all political parties are promising 24 hours of electricity at half of the current cost of power. Parties were luring voters of highly developed state like Goa through cheaper electricity.

In order to provide clean energy to millions of people around every nook and corner of country, Indian government has set a target of raising its renewal energy generation to 175 Gigawatt by 2022.

India has taken several steps to further reduce the renewal energy tariffs with announcement of tax free import of Solar tempered glass and reduction of Customs duties on various raw materials.