NewEnergyNews: Solar Transforming Life In India

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    Friday, July 15, 2016

    Solar Transforming Life In India

    How affordable solar energy is transforming lives in India

    Hugh Bowring, July 12, 2016 (GreenBiz)

    “…Economies of scale and advances in technology have seen the global cost of solar tumble year after year, prompting speculation that it could contribute 20 percent of total electricity consumption by 2030…[But low-income families in developing countries with little or no access to energy] have little prospect of experiencing the benefits any time soon…[because solar remains unaffordable] without access to funding…[India’s SELCO Solar Energy Access project, a joint initiative from social enterprise SELCO and specialists in working on market-based environmental solutions, has] distributed 18,222 solar lights, 1,452 solar water heating systems and 207 grid-connected solar PV systems, reaching 9,300 households [in the last year and is expected to] improve energy access for at least 20,000 households each year. Through the project, customers in the poorest communities in India can purchase equipment for less than $5 a year in repayments, and get servicing and maintenance as part of the deal. The loans come from a mix of sources, including co-operative societies, commercial banks and micro-finance institutions. Crucially, the project operates on the basis that customers only have to start repaying their loans when their income improves…” click here for more

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