How solar energy can make us energy independent?

Solar energy is one of the most promising renewable energy sources available to us today. It has the potential to provide a limitless supply of energy, making us energy independent. Solar energy is also environmentally friendly, sustainable, and cost-effective. Energy independence through solar has personal, economic and national benefits.

Personal benefits

On a personal level, being energy independent means producing and storing your own energy to minimise the reliance on electricity grids. A battery for your rooftop solar is the key to energy independence. If you do not want to send your excess energy generated back to the grid, you could store it in batteries and use it during night time or power outages.

What if I don’t want to have a battery?

You can be connected to the grid and take advantage of net metering policy which allows you to sell your excess energy to the energy provider and get credits for the same. This will not make you 100% energy independent as you are still dependent on the grid connection, but you will still be generating your own electricity that is clean and green.

Economic benefits

Solar energy has economic benefits on a personal as well as national level. At a personal level, the returns on investment on a rooftop solar plant is much higher than on bank fixed deposits, gold or mutual funds. Hence, investing in solar makes complete financial sense. It protects the homeowner from any rise in future electricity tariffs, which most likely happen every two years in India. Budget on the power sector ranks 11th in our Budget 2023. According to the India Energy Outlook 2021, energy use has doubled since 2000, with 80% of demand still being met by coal, oil and solid biomass. If we move towards renewable energy, we could reduce the reliance on fossil fuels and reduce the spending of the power sector.

National benefits

1. Reduced Dependence on Imports: To meet their energy needs, several nations heavily rely on the importation of fossil fuels. Countries that embrace solar energy can lessen their reliance on these imports, improving energy security and reducing vulnerability to price changes or geopolitical problems with fuel supply. Currently India imports 90% of the oil, 80% of the industrial coal, and 40% of the natural gas it consumes. The price and supply volatility strain India’s in foreign exchange reserves. On the other hand, India has achieved the world’s second lowest solar energy prices in 2022 and has found some of the world’s largest lithium reserves (ranks 7th globally). This has made solar as well as energy storage systems more affordable and attractive.

2. Energy Resilience : Solar energy systems can offer energy resilience during calamities that could interrupt conventional power grids, such as natural catastrophes. When solar installations have battery storage, they can keep producing electricity even when the grid is down, providing vital power for vital services and boosting community resilience.

3. Job Creation and Economic Development : The solar energy sector has experienced rapid growth in recent years, resulting in the creation of jobs and the expansion of the economy. Countries may boost their economies, support homegrown companies, and lessen reliance on imports of energy by investing in solar energy infrastructure and production. In order to boost domestic manufacturing, India has imposed basic customs duty of 40% and 25% on the import of solar panels and solar cells, respectively.