Solar Power Growth In India

The country s solar installed capacity was 35 122 mw as of 30 june 2020.

Solar power growth in india.

Indian power sector is undergoing a significant change that has redefined the industry outlook. Prime minister narendra modi has set an ambitious target of 100 000 mw of solar power capacity to be achieved by 2022 when india celebrates 75 years of her independence. There has been a huge slump in capacity addition in the past two years from 9 4 gigawatt gw in 2017 18 to 6 5 gw in 2018 19 and just 2 9 gw in the first half of 2019 20. Solar power in india is a fast developing industry.

In 2015 the target was raised to 100 gw of solar capacity. During this period of time photovoltaics pv also known as solar pv evolved from a niche market of small scale applications to a mainstream electricity source. The numbers are a testament to the focused approach of the government and the positive response from solar developers leading to exponential growth. According to a report by global clean energy communications and consulting firm mercom the rapid pace of growth of solar market has largely been.

After a couple of good years things have started to look solemn for india s solar power sector. As of 2019 india was set to open its solar power plant bhadla solar park in rajasthan which would be world s largest solar plant with a capacity of 2 255 mw. India ranked sixth in the list of countries to make significant investments in clean energy at us 90 billion. The indian government had an initial target of 20 gw capacity for 2022 which was achieved four years ahead of schedule.

Worldwide growth of photovoltaics has been close to exponential between 1992 and 2018. The encouraging surge in the energy sector had further helped the solar industry to get the cost advantage through the economies of scale in a short period. Solar power consumers in india today enjoy better energy security by locking in the cost of solar electricity for a period of 25 years thereby can hedge against variations in grid electricity. India has the lowest capital cost per mw globally of installing solar power plants.

When solar pv systems were first recognized as a promising renewable energy technology subsidy programs such as feed in tariffs were. India was ranked fourth in wind power fifth in solar power and fifth in renewable power installed capacity as of 2018. The renewable energy market in india continues to grow at a fast pace with the country commissioning 7 3 gw of solar power projects in the calendar year 2019 consolidating its position as the third largest solar market in the world.