Solar Power Saves India Billions in Fuel Costs in the First Half of 2022

Solar Power Saves India Over $4 Billion in Fuel Costs Over the First Six Months of 2022

Photo: RostyslavOleksin/Depositphotos

Any advance in regards to renewable energy is worth celebrating, but it's especially meaningful when the good news come from a developing economy and a country that has historically dealt with dangerous levels of pollution. According to a new report, from January to June 2022, India saved $4.2 billion in fuel costs thanks to solar power. On top of of that, they also avoided the use 19.4 million tonnes of coal that would have further affected the strained domestic energy supply.

The report, published jointly by energy think thank Ember, the Centre for Research on Energy and Clean Air (CREA), and the Institute for Energy Economics and Financial Analysis (IEEFA), also analyzed the growth of solar power over the last decade, and found that five Asian countries are among the top 10 solar powered economies globally, when only two were in the top 10 a decade ago.

The uplifting numbers also reached fellow Asian economies. Together, solar generation in seven nations in the region—China, India, Japan, South Korea, Vietnam, the Philippines and Thailand—warded off potential fossil fuel costs of approximately $34 billion, equivalent to 9% of total fossil fuel costs during this period. Among them, China was the leading force, as solar energy met 5% of the total electricity demand.

“Asian countries have shown that rapid solar deployment is possible, setting a remarkable example and providing valuable lessons learned for their peers in the region,” said Dr. Achmed Shahram Edianto, Ember’s Asia Electricity Analyst. As the prices of solar and storage plummet, and the potential cost savings have started to materialize, solar dominance in Asia now looks to come much sooner than previously expected.”

Given the rising fossil fuel prices around the world, it's reassuring to see solar power becoming a reliable resource to provide energy security and meet electricity demands on some of the planet's largest countries. With decisive advances in solar energy harvesting taking place all over the world, such as the solar panel that can gather energy even after the Sun sets, it's inspiring to the global community working together to integrate renewable energy sources to daily life.