FM's Emphasis On Rooftop Solar Set To Boost Youth Entrepreneurship In EV Charging Ecosystem
The Union Finance Minister Nirmala Sitharaman took centre stage today presenting the Interim Budget 2024. The FM said that the government wants to assist about one crore people through the rooftop solarisation project, which will give them access to up to 300 units of free electricity each month, as part of its focus on solar energy.
There will be two benefits from this. Each year, households save up to Rs 15,000–18,000, with the excess being sold to distribution organisations.
However, this will also stimulate the EV charging ecosystem by allowing many suppliers to start their businesses by providing and installing these EV chargers.
“One crore households to obtain 300 units of free electricity every month through rooftop solarisation. Each household is expected to save Rs.15000 to Rs.18000 annually,” said Nirmala Sitharaman.
This will provide youth with technical skills to drive their incomes who will be involved in the manufacturing, installing and maintaining solar panels, EV chargers and necessary equipment.
"It's a very positive step that the government stated in its interim budget that 1 crore homes would get solar panel installation. This offers a robust 30 GW opportunity and has a massive upside for solar manufacturers. This statement by our finance minister is a big welcome and game changer for Solar Manufacturers, the Environment and Local Job Creation and shall take Solar panels to all nooks and corners of Bharat," commented Ashwani Sehgal President of the Indian Solar Manufacturers Association and MD of Alpex Solar.
As stated by Neeraj Kuldeep, Senior Programme Lead at the Council on Energy, Environment and Water (CEEW), today's budget highlighted that the active role Indian citizens will play in the country’s energy transition and supporting India’s climate commitments is further emphasised by the rooftop solar initiative.
According to CEEW analysis, 20-25 GW of rooftop solar capacity could be supported by solarising 1 crore households. Additionally, it is projected that solarising the demand from these households, which receive subsidised electricity from discoms, will save about INR 2 lakh crore for discoms over the next 25 years (the solar plant's life). The opportunity for rooftop solar exists nationwide, unlike utility-scale solar, which is primarily restricted to seven RE-rich states. CEEW analysis has already established the 637 GW of technical potential in India for rooftop solar.
