India is making significant strides in solar energy, reaching impressive milestones in just six months. With major players such as Reliance, Adani, and Tata investing heavily in this sector, the country is set to transform its energy landscape. The first half of 2024 saw the establishment of approximately 15 gigawatts (GW) of solar capacity, a remarkable achievement that surpasses all previous records.
Record Growth in Solar Capacity
According to a recent report from the U.S.-based research firm Mercom, India has set a new record for solar capacity installations, with the first half of 2024 marking an increase of 282% compared to the same period last year. The installation pace has accelerated due to efforts to complete delayed projects. By June 2024, India’s total installed solar capacity reached an impressive 87.2 GW, with utility-scale projects contributing nearly 87% of this capacity.
The Contribution of Rooftop Solar
Rooftop solar energy systems accounted for over 13% of this capacity, showcasing the growing interest in decentralized energy solutions. Overall, solar energy now contributes 19.5% to India’s established electricity capacity, and more than 44% to the total installed renewable energy capacity.
Cost Efficiency in Solar Projects
The average cost of large-scale solar projects has seen a significant annual decrease of approximately 26%, with quarterly reductions of around 2%. This declining cost trend makes solar energy more accessible and accelerates its adoption across the country.
Future Targets and Strategies
Raj Prabhu, CEO of Mercom Capital Group, emphasizes the importance of timely implementation to achieve the ambitious target of 280 GW of solar capacity by 2030. To meet this goal, it is crucial to address challenges such as supply chain management and grid connectivity. In the first half of 2024 alone, tenders for a total of 41.4 GW of projects were issued, representing a 51% increase compared to the same period last year.
Key Takeaways
| Parameter | 2024 H1 | 2023 H1 | Growth (%) |
|---|---|---|---|
| Total Installed Solar Capacity (GW) | 87.2 | 84.3 | 3.4 |
| New Solar Capacity Added (GW) | 15 | 3.89 | 282 |
| Solar’s Contribution to Electricity Capacity (%) | 19.5 | 15.8 | 23.4 |
| Rooftop Solar Contribution (%) | 13+ | 10 | 30 |
Conclusion
India’s solar energy sector is experiencing unprecedented growth, driven by strong investments, innovative strategies, and a commitment to renewable resources. The records set in the first half of 2024 signal a transformative phase for the country’s energy landscape, reinforcing India’s position as a global leader in solar power. As India steadily works towards achieving its ambitious targets, the reliance on solar energy is expected to play a crucial role in the nation’s sustainable development journey.
