Solar growth in India is not restricted to utility scale installations and development. Recently, Rooftop Solar Sector in India has also shown incredible development. Since 2013 this sector has added 227 MW capacities from 72 MW every year. In 2016, this Rooftop sector has surpassed 1 GW capacity implying that it has grown 113% more than 2015.
Last year, in 2017, India has recorded 863.93 MW rooftop solar capacity meaning ~2.1 GW capacities. Current growth rate indicates that rooftop solar sector in India is likely to become 3 GW per annum by 2020.
Rooftop Solar Capacity Installed in Some States of the Country
- Tamil Nadu – 163 MW
- Maharashtra – 137 MW
- Gujarat – 87 MW
- Karnataka – 83 MW
- Rajasthan – 88 MW
Last year, Indian Government took initiatives to improve the growth of residential rooftop solar capacity.
Even in this century, almost 200 million people in this country live without consistent flow or access of electricity. In this scenario, thinking of rooftop solar sector is pretty tough. Such a move will involve common people and will need to raise their awareness about generation of green energy. This process requires spreading this awareness to the furthest corner of India. State Bank of India plays an incredibly significant role in extending rooftop solar to different parts of the country.
State Bank of India and Its Progressive Moves
SBI has undertaken some initiatives to establish a prominent financing position in solar sector flourishing today. This banking institution has witnessed that India Government wants to solarize this country and focus more on rooftop solar. Realizing this intention of the Government, the bank also made endeavor to support this solar vision and mission of India.
In June 2017, SBI funded 100 MW solar rooftop plants with the credit taken from World Bank. Around two years back, this bank committed to fund $11.7 billion for the growth of renewal energy. This gradually increased to $12.7 billion.
During early 2016, SBI, together with other institutions like Indian Renewable Energy Development, World Bank and Punjab National Bank, played a significant role in contributing $1.5 billion fund for rooftop grid made for solar development.
State Bank of India has also offered green bonds and supported energy storage applications for development of green energy on a long term basis. Solarisation of this bank clearly shows the effort this institution has made to support green energy growth.
SBI has Become Environmentally Responsible
All Government and private entities should aim at becoming environmentally responsible. SBI is to install 20 MW rooftop solar systems in its own building. This endeavor of SBI to reduce carbon footprint should be an inspiration to Government as well as private entities to support energy shift in India. Annual bill of SBI’s energy consumption was 9.24 billion in 2016-17 which is likely to lessen in the years to come.
With increased demand of solar globally, energy tariff and price of solar panels have reduced significantly. Now, the time has come for Government units and Indian corporations to work in collaboration and act a driving force in the revolution of green energy in India. In this regard, SBI’s solar pursuit serves as an effective guideline for many companies.