Innovations in solar technology are now reaching the grassroots level, transforming individual customer experiences. From solar-powered ACs and e-rickshaws to cargo and passenger vehicles running on solar energy, these advancements showcase a shift toward practical, impactful solutions, says Ishan Chaturvedi, Co Founder & Director, Vareyn Solar Pvt. Ltd.
2024 Reflections
Key achievements in the solar energy sector:
In 2024, we achieved significant milestones in the solar energy sector by implementing several noteworthy projects. We undertook three prestigious Taj projects, all commissioned by the end of the year. Additionally, we completed a 250 kW rooftop installation for RMC India Ltd., which is performing efficiently and generating impressive results.
This year also marked the successful completion of one year of our Capex+ model with Nahargarh, Ranthambore. The plant, equipped with Navitas panels and Sungrow inverters, continues to operate seamlessly, delivering excellent output.
Our commitment to sustainability was further demonstrated through the renewal of an 8-year-old O&M contract with Fatehgarh Palace, Udaipur. This partnership underscores our focus on fostering long-term client relationships, with premium maintenance services planned for the next year.
Looking ahead, we are entering new segments, including a Solar+EV solution initiative, which will position us as a key player in the growing EV infrastructure space.
Emerging technologies driving sustainability:
In 2024, residential solar installations gained significant momentum, driven by government initiatives like the PM Surya Yojana. This scheme highlighted the importance of making solar solutions more affordable and accessible for households across the nation.
Aligning with the PM Surya Yojana, we also got registered under the scheme for all our operations in Rajasthan. We have set ambitious plans to expand to 50 additional locations across India. Building on this foundation, we saw strong traction in residential installations throughout the year, a segment we actively entered in late 2023.
Our efforts have been met with enthusiastic adoption, with numerous households embracing solar energy solutions. Customers have shared their experiences through video testimonials, reflecting the impact of our work.
Key Challenges and Barriers:
A key challenge in the residential solar sector is the disproportionately high financing costs, which often exceed those for vehicle loans. For instance, while a car loan with a value of INR 3–4 lakh typically attracts an interest rate of 7–9 percent, a residential solar installation costing INR 5–8 lakh is financed at rates as high as 15–16 percent. This stark disparity hampers solar adoption despite its long-term financial benefits. Unlike cars, which depreciate over time, solar installations generate consistent income and savings over 25 years, making them a much more valuable investment. Addressing these financial and infrastructural barriers is essential for accelerating sustainable energy adoption.
2025 Look Ahead
Top goals for advancing solar energy:
Our primary goals for 2025 include expanding operations to 50 new locations and entering the utility space for captive customers. We aim to raise funds to support this expansion and diversify into solar+EV solutions. Strengthening partnerships and increasing residential installations remain key priorities as we work toward a sustainable future.
Innovations expected to impact the industry:
Innovations in solar technology are now reaching the grassroots level, transforming individual customer experiences. From solar-powered ACs and e-rickshaws to cargo and passenger vehicles running on solar energy, these advancements showcase a shift toward practical, impactful solutions. India’s renowned ‘Jugaad’ spirit continues to drive ingenious, cost-effective models for solar adoption.
Improved battery technology will be a key area of innovation, with a focus on affordability, longer life cycles, and higher energy density. Reflecting on my own experience, I drove an EV across the UK this year, covering over 2,500 miles from Ireland to Kent and London. While the EV range was commendable, limited charging infrastructure proved challenging—a concern even more pressing in India.
EVs make commercial sense, and when paired with solar energy, they become an unbeatable combination. However, addressing infrastructure gaps and encouraging rapid lifestyle shifts are essential for sustainable progress. These changes will not only benefit us today but also ensure a healthier environment for future generations.