According to the article “Sri Lanka to offer tariff to buy solar energy in the night” by EconomyNext, Sri Lanka is set to introduce a new initiative to promote the use of solar energy in the country. As part of this initiative, the government will offer a tariff to buy solar energy generated in the night, which will help to reduce the country’s reliance on fossil fuels and mitigate the impact of climate change.
The move is part of the country’s efforts to achieve 30% of its power generation from renewable sources by 2030. Currently, the country generates around 25% of its electricity from fossil fuels, which has a significant environmental impact. The new initiative aims to reduce this dependence on fossil fuels and increase the use of renewable energy sources, such as solar and wind power.
The tariff, which is expected to be introduced soon, will be paid to electricity generation companies that produce solar energy during the night. This will incentivize companies to invest in solar energy and generate more power during the night, when demand is typically low. The tariff will be adjusted based on the cost of production and market conditions.
The initiative is expected to have several benefits, including reducing greenhouse gas emissions, creating jobs, and attracting foreign investment. It will also help to reduce the burden on the transmission grid, which is currently strained by the high demand for electricity.
The Sri Lankan government has been actively promoting renewable energy in recent years, and has already made significant progress in this area. The country has set a target of generating 10% of its electricity from solar power by 2025, and has implemented a number of initiatives to achieve this goal.
The introduction of a tariff to buy solar energy in the night is expected to be a significant step forward in promoting the use of renewable energy in Sri Lanka. It will provide a financial incentive for companies to invest in solar energy, and will help the country to reduce its reliance on fossil fuels and meet its climate change mitigation targets. By promoting the use of renewable energy, Sri Lanka can reduce its carbon footprint, create jobs, and attract foreign investment, making it a more attractive destination for businesses and tourists.