India the new “Hot Spot” for Solar Power
The global financial crisis, combined with an oversupply of photovoltaics manufactured in China has put eyes on India as the new potential solar consumer. India is currently highly reliant on fossil fuels and is plagued by power shortages. And many people in India subsist without power at all. As such, alternative energy options are being sought out by the Indian government. India hopes to increase it solar capacity to 20 million kilowatts by 2022
With the sharp drop in the price of solar panels -- down to one-third that of three years ago according to one person in the industry -- and overstocked inventories at many suppliers, competition to sell into the Indian market is intensifying.