India has saved around $4.2 billion in fuel costs through solar power generation in the first half of 2022. Along with this, India has saved about 19.4 million tonnes of coal.
The Centre for Research on Energy and Clean Air, and the Institute for Energy Economics and Financial Analysis found that the top 10 economies with solar capacity are now within Asia. The five countries include India, China, South Korea, Vietnam, and Japan.
$4.2 Billion Fuel Costs Saved by India with Solar Power- Key Points
- From January to June 2022, Asian countries including India, China, Japan, South Korea, Vietnam, Philippines, and Thailand avoided 9 percent of total fossil fuel costs.
- In India, solar generation avoided $4.2 billion in fuel costs in the first half of the year.
- India also avoided the need for 19.4 million tonnes of coal which would have further stressed an already strained domestic supply.
- China has saved over $34 billion as solar met 5 percent of the total electricity demand and avoided around $21 billion in additional coal and gas imports during the first half of 2022.
- Japan has the second highest impact with over $5.6 billion avoided in fuel costs.
- In South Korea, solar power generated 5 percent of the country’s electricity avoiding potential fossil fuel use costing $1.5 billion.