Assessing the feasibility of solar energy implementation for industrial use in india : a comprehensive study of tatva chintan pharmachem limited

Abstract

The adoption of renewable energy in India is primarily driven by the need for energy security, economic growth, and climate change mitigation. To achieve sustainable development, it is essential to promote the use of clean energy sources that are affordable, reliable, and environmentally friendly. With strong government initiatives and favourable policies, India has become one of the fastest-growing renewable energy markets in the world. The Ministry of New and Renewable Energy (MNRE), dedicated solely to renewable energy development, has played a crucial role in driving this growth. This project focuses on developing a financial model that helps industries evaluate the feasibility of investing in solar energy. The model allows users to estimate project cost, Net Present Value (NPV), Internal Rate of Return (IRR), and other financial metrics based on their energy consumption. It also enables users to select options like the type of solar panel, method of handling excess energy (net metering or energy banking), and financing methods. The model simplifies complex financial analysis and provides a user-friendly approach for decision-making. By making these calculations more accessible and understandable, the project aims to encourage greater adoption of solar power among industries, supporting India’s vision of a sustainable and energy-secure future.