Solar Power Growth In India

In 2015 the target was raised to 100 gw of solar capacity.

Solar power growth in india.

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. Indian power sector is undergoing a significant change that has redefined the industry outlook. As of march 2019 eversource capital a joint venture between everstone and lightsource planned to invest us 1 billion in renewable energy in india through its green growth equity fund. India has the lowest capital cost per mw globally of installing solar power plants.

After a couple of good years things have started to look solemn for india s solar power sector. This is a grand vision for ushering in a sort of revolution in clean energy in india in the next six years. When solar pv systems were first recognized as a promising renewable energy technology subsidy programs such as feed in tariffs were. 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.

The global solar power market size was estimated to be 680 22 gw in 2019 and is projected to reach 4766 82 gw by 2026 exhibiting a cagr of 30 7. 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. 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. Worldwide growth of photovoltaics has been close to exponential between 1992 and 2018.

The indian government had an initial target of 20 gw capacity for 2022 which was achieved four years ahead of schedule. 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. The numbers are a testament to the focused approach of the government and the positive response from solar developers leading to exponential growth. 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.

According to a report by global clean energy communications and consulting firm mercom the rapid pace of growth of solar market has largely been. The country s solar installed capacity was 35 122 mw as of 30 june 2020. 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.