A report published today by Ember, the Center for Research on Energy and Clean Air (CREA) and the Institute for Energy Economics and Financial Analysis (IEEEFA), finds that solar power generation has outpaced fossil fuels in the first half of 2022 in seven Asian countries. Saved US$34 billion in fuel costs.

The analysis shows that in the wake of rising fossil fuel prices, solar energy is already making a significant contribution to meeting electricity demand and enhancing energy security in Asia.

Solar power generation has resulted in potential fossil fuel cost savings of about US$34 billion in total from January to June 2022 in seven major Asian countries – China, India, Japan, South Korea, Vietnam, the Philippines and Thailand. This is equivalent to 9% of the total fossil fuel cost during this period.

The report also analyzed the development of solar energy over the past decade, finding that five of the top ten economies with solar potential are now in Asia, including China, Japan, India, South Korea and Vietnam.

Dr Achmed Shahram Adiyanto, Asia Power Analyst, Amber, said: “Asian countries have done a remarkable job of rapidly increasing solar power generation and have set a valuable example for their peers in the Asian region. Savings of money have started along with the declining prices of solar energy and its storage, and solar dominance in Asia is expected to come much sooner than ever before.”

Savings due to solar generation in 2022

The report found that the largest savings from the total savings of US$34 billion came from China, where solar energy accounted for 5% of the total electricity demand, and from January to June 2022, additional coal and gas imports accounted for almost US$21 billion was reduced.

The second largest impact was seen in Japan, with US$5.6 billion in fuel cost savings due to solar power generation.

Solar power generation in India saved US$4.2 billion in fuel costs in the first half of the year. Solar power also avoided a coal requirement of 19.4 million tonnes, which otherwise would have further impacted the already strained, domestic coal supply.

Vietnam’s solar power saved US$1.7 billion in additional fossil fuel costs. This marks a massive increase: Vietnam’s solar output was close to zero terawatt hours (TWh) in 2018, in 2022, the share of solar power in electricity demand rose to 11% (14 TWh) from January to June.

In Thailand and the Philippines, where the growth of solar energy has been slow, the savings from fuel costs are also significant. In the first six months of 2022, only 2% of Thailand’s electricity came from solar power, saving an estimated US$209 million in potential fossil fuel costs. Despite only 1% of electricity demand coming from solar power, the Philippines made less than US$78 million in fossil fuel spending.

Similarly, solar power in South Korea produced 5% of the country’s electricity in the first half of the year, saving US$1.5 billion by avoiding potential fossil fuel use.

Isabella Suarez, a Southeast Asia analyst at the Center for Research on Energy and Clean Air, said: “Asian countries need to make full use of their vast solar potential to rapidly move away from expensive and highly polluting fossil fuels.

The potential savings from existing solar power generation itself is very encouraging. Energy security in the region requires rapid deployment of wind energy and other clean energy sources, along with solar energy. Having ambitious goals is good, but it is even more important to follow them properly to move forward and We will have to pay attention to this in the times to come.”

More savings potential from solar energy in Asia in the future

Meeting current solar capacity targets in 2030 could save these seven countries at least US$44 billion – nearly US$10 billion more than the first half of this year.

What is clear, however, is that solar power is set to play an important role in Asia’s energy story over the next decade. However, realizing these goals requires grid stability, innovative policy reforms to increase investment and collaboration with the private sector.

As the report noted, key challenges to successful solar expansion in Asia include investment in grid stability and energy market reforms, which will change depending on how attractive solar energy investments are to investors.

However, in the short term, costs such as capital cost, fuel cost as well as operation and maintenance cost will be critical for the rapid growth of solar energy.

The post Here’s how these 7 Asian Countries Saved Millions Of Dollars From Solar Power Production appeared first on The Daily Voice.

It is worth noting that the Solar Rooftop Subsidy Scheme is being run by the Government of India to promote solar rooftops in the country. With the Solar Rooftop Scheme, the central government encourages the use of renewable energy in the country. For this, the central government gives subsidies to the consumers for installing solar rooftops.

By installing a solar rooftop on the roof of your home, you can reduce the cost of electricity by 30 to 50 percent. The solar rooftop will provide electricity for 25 years and in this solar rooftop subsidy scheme, the expenses will be paid in 5-6 years. After this, you will get the benefit of free electricity from solar for the next 19-20 years.

Installing solar panels does not require much space. One kilowatt of solar power requires 10 square meters of space. 40 percent subsidy is given by the central government on solar rooftop plants up to 3 kV and 20 percent after three kV up to 10 kV. For Solar Rooftop Subsidy Scheme, you can contact the nearest office of the electricity distribution company. For more details, you can visit mnre.gov.in.

Apart from reducing pollution, solar panels also help in saving money. By installing solar panels in group housing, the cost of electricity can be reduced by 30 percent to 50 percent. Under the Solar Rooftop Subsidy Scheme, the central government is giving a subsidy of 20 percent for setting up solar rooftop plants up to 500 kV.

How to apply online for this scheme:

Go to the official website solarrooftop.gov.in.

Now click on ‘Apply for Solar Roofing’ on the home page.

• Select your state on the next page.

Now you will see the Solar Roof application on your screen.

Fill in all the details and click on submit.

You can get information for Solar Rooftop Subsidy Scheme on toll-free number-1800-180-3333. Apart from this the state-wise list of empaneled certification agencies for Solar Rooftop Installation can also be accessed on the official website. It is noteworthy that the Solar Rooftop Subsidy Scheme is being run by the Ministry of Renewable and Renewable Energy, Government of India.

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India lodged a protest with Sri Lanka in January this year after a Chinese firm was awarded a contract to build solar power plants in the northern islands. Sri Lanka recently awarded a contract to a Chinese firm for the development of the Eastern Container Terminal at Colombo Port, a project that Lanka had previously committed to India and Japan.

The Chinese embassy in Colombo said in a tweet that the solar power system project in the northern islands in Lanka was suspended due to security concerns expressed by a third party, even though it did not name India. The embassy said the same firm has now signed a contract with Maldives.

“China Sur Hybrid Technology, being suspended from third parties to build hybrid power systems in the 3 northern islands due to a ‘security concern’, has signed an agreement with the Maldivian government on 29 November to set up solar power plants on 12 islands in the Maldives. Have made a contract with. ”said the Chinese embassy.

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