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Green Hydrogen Cost Set to Drop as Electrolyser Prices Fall Insight

Last Update 28 November 2024

Cost of Green Hydrogen in India is expected to drop to $2.1 per kg by 2029-2030 due to a significant reduction in electrolyser prices & efficiency improvements, coupled with supportive government policies. Momentum of Green Hydrogen (GH2) in India will be driven by lower Renewable Energy costs and the country’s decarbonisation goals. Still, substantial investment is required to become more viable

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Driven by faster renewable energy adoption and India’s target to achieve its decarbonization goals, the Green Hydrogen Sector is expected to play a major role in hard-to-abate industries but its large-scale adoption depends on the lower levelized cost of hydrogen. Currently, LCOH of green hydrogen is about 1.75 times that of grey hydrogen and around 1.50 times that of brown hydrogen which makes it economically less viable. In upcoming years, the LCOH of GH2 is expected to decrease due to cent drop in electrolyzer prices and a 12% -14% improvement in efficiency which will facilitate its adoption. PLI incentives announced by the Indian government will help to help achieve targeted LCOH. The reduced cost will help the steel industry, refineries, and the aviation sector to use green hydrogen as their fuel. Lower cost will present India as a lucrative supplier for green hydrogen achieving India’s goal of leading in the export of green hydrogen and will help domestic players in this value chain.

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