Cost of Renewable Energy Projects

The cost of renewable energy power generation in India is competitive compared to the cost in other countries. In India, the solar power installation cost has reduced significantly over last three years. The installation cost of wind power projects in India is also competitive in comparison of other countries. This was stated by Sh. Piyush Goyal, Minister of state for Power, Coal & New and Renewable Energy (Independent Charge) in a written reply to a question in the Lok Sabha. The Minister further stated that the India has signed 39 Memorandum of Understanding (MoU) / Agreements in the field of Renewable Energy, under which there are a number of Joint Working Groups (JWG). The cooperation also includes issues of developing renewable energy sources in the country. The 12th Five Year Plan targets a cumulative renewable power installed capacity of 55 GW by end of March 2017. Rs.19,113/- Crore has been allocated in the Five Year Plan for the purpose, the Minister added.