India is accelerating the phase-out of coal-fired power to renewable energy sources such as solar, wind and hydropower. The sharp drop in renewable energy generation prices is driving the shift. In India, the price of solar power has fallen to levels previously thought impossible.
A solar company in Rajasthan, India, offers a wholesale price of 2.44 rupees (about 3 cents) per degree of electricity, compared with the average U.S. electricity price of 13.19 cents per degree.
India is pushing ahead with its plans as the West reduces its dependence on fossil fuels. Narendra Modi, India’s prime minister, has targeted five times as much renewable energy generation as India has doubled in the past three years. The Indian government is also preparing to promote the development of electric vehicles.