Government Policies and Incentives for Renewable Energy
The Government of India has come up with multiple policies and incentives to encourage the use of renewable energy and curb fossil fuel dependency. The National Solar Mission was started under Jawahar Lal Nehru National solar mission (JNNSM) which intends to expand India’s solar power capacity, offering subsidies and tax incentives to solar energy developers. The government also incentivises wind energy projects through the Generation Based Incentive (GBI) scheme where power producers are paid for the actual units of electricity they produce. Moreover, Renewable Energy Certificates (RECs) allow corporations to trade excess green energy which ensures a market-driven approach to sustaining the environment. Hydropower, Biomass, and Geothermal projects are also financially supported by the Minister of New and Renewable Energy (MNRE) through other grants and policy frameworks. These incentives help make renewable energy projects financially attractive thereby shifting the focus of businesses and individuals towards sustainable power generation. With the use of Sansadhan™, companies in the power sector can harness the opportunities from the government-backed suppliers, equipment manufacturers, and technical professionals in the renewable energy ecosystem and optimize the available incentives to maintain a leading position in the emerging green energy economy.