New Delhi: Solar power tariffs may fall further in the coming days, making the renewable energy source more affordable for the common man’s everyday household. Cheaper prices of solar energy will enhance its accessibility and support better standards of living, Power, New and Renewable Energy Minister (State) Raj Kumar Singh on Saturday.Also Read - Stable Policy, Credit Guarantee: What Renewable Energy Sector Expects From Budget 2022

“Increasing efficiencies in Solar PV and wind modules is bringing down prices, enhancing affordability and accessibility of energy and supporting better standards of living,” said RK Singh, Minister of State (IC), New & Renewable Energy at the 3rd Global Renewable Energy Investors’ Meet and Expo (RE-Invest) 2020 in the Maldives. Also Read - Business Tycoons Mukesh Ambani, Gautam Adani in a New Face-off. Here's Why

Solar power in India is already available at a record low tariff of Rs 2 per unit, the minister noted. The new rates were revised on Monday this week. The previous lowest-recorded solar tariff in the country was of Rs 2.36 per unit. Also Read - IRCTC Latest News: Now Solar Energy to Power Railways Passenger Coaches | Details Here

With the solar power project, India is on its way to become the world’s largest clean energy programme with an aim of 175 GW of clean energy capacity by 2022, of which 100 GW will come from solar projects. This will promote a greener economy as part of the country’s global climate change commitments.

Singh highlighted that India is among the few countries which are on track on meeting its climate targets. “We are greening our economy,” he said.

Notably, India is developing more sites to expand its solar power project and has identified 5,000 MW solar parks in Sagar, Morena, Damoh and Ratlam districts of Madhya Pradesh.

In Gujarat, best work was done in the field of renewable energy by Prime Minister Narendra Modi who took the initiative of setting up a floating plant. Similarly, this innovation will be initiated in Madhya Pradesh by setting up a floating plant at Omkareshwar, Chief Minister Shivraj Singh Chouhan said.

Talking about the progress in the renewable energy sector, Chouhan said that today 5,000 MW renewable energy is being generated, which is 12 times more than 438 MW being generated in 2012.