Solar Energy Claims Around 55% Share In Indian Renewable Capacity As Of December 2023

India has positioned itself as a frontrunner in the global shift towards renewable energy, with solar power spearheading this transformative journey. As of December 2023, solar energy claims an impressive 54.76% share of the country’s total renewable installed capacity, reaching a substantial 73.31 GW. This shift reflects a substantial move towards fostering a more sustainable and eco-friendly energy landscape in India. Notably, the installed solar PV capacity in the calendar year spanning January to December 2023 has exceeded 10 GW.

The government’s steadfast commitment to renewable energy is evident in its ambitious targets to elevate the share of renewables in the national energy mix. The National Solar Mission, originally targeting 100 GW of solar power capacity by 2022, saw India surpassing this goal. Subsequently, the country set a more ambitious target of achieving 280 GW of solar capacity by 2030. Progress made by December 2023 suggests that India is well on track not only to meet but potentially surpass this formidable target, with the total installed capacity reaching an impressive 73,318.49 MW. Breakdown figures include utility-scale (56,920.20 MW), rooftop solar (11,078.95 MW), hybrid solar (2,571.96 MW), and off-grid solar capacity (2,748.39 MW).

A driving force behind the rapid growth of solar energy in India is the conducive policy environment carefully crafted by the government. Financial incentives, tax benefits, and subsidies have collectively spurred investments from both public and private sectors into solar projects. The introduction of competitive bidding processes for solar projects has further driven down solar power tariffs, enhancing the economic viability of solar energy. Additionally, the establishment of solar parks has provided a significant boost to the solar PV installed capacity in the country.

The decreasing cost of solar technology has played a pivotal role in the widespread adoption of solar energy in India. Advances in solar photovoltaic (PV) technology, coupled with increased manufacturing scale, have significantly reduced the cost of solar panels. This cost reduction, combined with favorable government policies, has made solar power an increasingly attractive option for developers and investors alike.

As of December 2023, the total installed renewable capacity in India reached 133.88 GW, with wind power constituting 44.736 GW, small hydropower with 4.98 GW, biomass with 10.26 GW (including both bagasse and non-bagasse cogeneration), and waste-to-energy with 582.89 MW. Solar and wind power capacities together account for an impressive 118.05 GW, representing approximately 88.18% of the total renewable capacity, excluding large hydropower.

India’s dedication to sustainable development and environmental stewardship has been a driving force behind the robust growth of solar energy. The nation, grappling with environmental challenges such as air pollution and climate change, is strategically aligning itself with global efforts to address these pressing issues. Solar energy generation, with its minimal greenhouse gas emissions, plays a crucial role in India’s commitment to reducing its carbon footprint and mitigating the impacts of climate change.

A noteworthy trend in India’s solar energy landscape is the decentralization of solar power generation. Rooftop solar installations, boasting an impressive 11.078 GW capacity on homes, businesses, and industrial buildings, have gained popularity. This decentralized approach not only enhances energy security but also empowers individuals and businesses to actively contribute to the transition to cleaner energy.

In rural areas, where access to electricity is often limited, solar power has become a lifeline. Off-grid solar solutions, with an installed capacity of 2.7 GW by the end of December 2023, including solar lanterns and microgrids, have brought electricity to remote and underserved communities, elevating living standards and fostering economic development. The versatility of solar energy positions it as a scalable and inclusive solution for addressing energy poverty across the country. The success of solar energy in India is a testament to the synergy between government initiatives, technological advancements, and an increasing awareness of the environmental and economic benefits of renewable energy. With over 54.76% of the total renewable installed capacity attributed to solar energy by December 2023, India stands as an exemplar of how a concerted effort towards sustainability can yield tangible results in the transition to clean energy. As the nation continues to prioritize solar power, it is poised to play a central and influential role in shaping the future of the global renewable energy landscape.