An auction this week saw solar energy prices drop to rs. 2.62 / kWh, 40% less than last year, and less than it costs to generate from incumbent coal. The fact that new companies took part in the auction indicates real growth and investment that is hopefully here to stay.
Wholesale solar power prices have reached another record low in India, faster than analysts predicted and further undercutting the price of fossil fuel-generated power in the country. The tumbling price of solar energy also increases the likelihood that India will meet – and by its own predictions, exceed – the renewable energy targets it set at the Paris climate accords in December 2015.