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India’s solar energy sector is experiencing a surge in interest, yet significant hurdles remain, according to a recent survey by Luminous Power Technologies titled “Solar Spectrum of New India.” The study uncovers a notable perception gap and accessibility issues concerning solar energy solutions among various demographics.
The survey indicates that while awareness of alternative energy sources is increasing, a staggering 97% of respondents have yet to install solar rooftop systems in their homes. The report highlights that 28% of baby boomers (ages 58-76) find solar energy solutions inaccessible. In contrast, millennials face the least difficulty, with only 21% expressing similar concerns. Gen X and Gen Z report inaccessibility at rates of 23% and 25%, respectively.
A major roadblock identified is the shortage of specialized skills and labor required for solar installations. The survey reveals that 90% of respondents, regardless of gender, believe that installing solar solutions such as rooftop panels requires specialized skills. Furthermore, 57% of women and 41% of men report a lack of skilled labor in their areas.
On the cost front, the perception of high installation expenses remains a significant barrier. The research shows that 92% of Gen Z, Gen X, and millennials view solar power solutions as more expensive compared to traditional energy sources. Notably, 41% of non-solar-owning millennials are aware of solar financing options, compared to 38% of Gen X. Among solar rooftop owners, 84% of millennials received financing and insurance options, while only 58% of Gen X did.
The survey also notes that men perceive the initial and long-term costs of solar energy to be higher than women do, with 61% of men believing in substantial initial costs compared to 51% of women.
Preeti Bajaj, MD & CEO of Luminous Power Technologies, commented on the findings, “Our role as an energy solutions provider is to understand market sentiment and address rising energy needs. With growing consumer spending power, there is a shift towards smarter home appliances and a desire for cost-effective, decarbonized living.” She added, “The ‘Solar Spectrum of New India’ has given us valuable insights into changing consumer perceptions and the challenges and opportunities in solar energy adoption. It is crucial for industry stakeholders to bridge the skill gap, raise awareness, and enhance solar financing options.”The Indian government has also taken steps to promote solar energy adoption. The PM Surya Ghar Muft Bijli Yojana and recent budget proposals favoring indigenous solar panel production are part of these initiatives.
In response to these challenges, Luminous has partnered with NBFCs such as Ecofy and fintech lender Credit Fair to provide affordable solar financing options. Additionally, the company’s CSR project, “Solar PV Installation Training,” aims to upskill individuals across India, offering a 400-hour course designed to create job opportunities in the solar sector. The training, active in several states, culminates in a Skill Certificate from the National Skill Development Corporation (NSDC).
The survey was conducted between February and March 2024, involving 4,318 respondents across five metro cities and eight non-metro areas. The sample included 4258 participants from four age cohorts, with 91 respondents having solar rooftop systems. Additionally, 60 solar rooftop owners from three cities with high usage were surveyed. |
