In recent years, India has witnessed a remarkable surge in the adoption of solar energy, fueled by the decreasing costs of solar technology and notable advancements in solar photovoltaic (PV) technology. This trend has garnered significant interest from developers and investors alike, contributing to the nation’s growing renewable energy landscape.
As of March 2024, India boasts an impressive installed solar PV capacity of 81,813.6 MW, accounting for a substantial 56.96% share of the total renewable capacity (excluding large hydro). The fiscal year 2023-24 alone saw the installation of over 15 GW of solar PV capacity, underscoring the nation’s commitment to expanding its renewable energy portfolio.
A recent development in India’s solar energy sector is the reinstatement of the Approved Models and Manufacturers of Solar Photovoltaic Modules (ALMM) Order by the Ministry of New and Renewable Energy (MNRE). Effective from April 1st, 2024, this directive aims to regulate solar PV modules, particularly for government-sponsored or subsidized projects, ensuring stringent quality and reliability standards in solar installations.
India’s total installed renewable capacity stands impressively at 143.64 GW, with significant contributions from Solar, wind power, small hydropower, biomass, and waste-to-energy sources. Solar and wind power combined constitute approximately 88.90% of the total renewable capacity, reinforcing India’s leading position in renewable energy adoption.
The nation’s dedication to sustainable development and environmental stewardship is evident in its alignment with global efforts to combat climate change. Solar energy, renowned for its minimal greenhouse gas emissions, plays a pivotal role in reducing India’s carbon footprint and mitigating the adverse effects of climate change. Ground-mounted solar installations alone account for 64.41 GW of installed capacity, with an additional 2.57 GW under Hybrid Solar Components.
A notable trend in India’s solar energy landscape is the decentralization of power generation, primarily through rooftop solar installations. With a capacity of 11.87 GW installed on homes, businesses, and industrial buildings, rooftop solar not only enhances energy security but also empowers individuals and businesses to actively contribute to cleaner energy production.
In rural areas, where access to electricity is often limited, solar power emerges as a vital resource, driving economic development and transforming lives. Off-grid solar solutions (2.96 GW), including solar lanterns and microgrids, have been instrumental in bringing electricity to remote communities, elevating living standards, and fostering inclusive growth.
India’s success in solar energy underscores the synergy between government initiatives, technological advancements, and the increasing awareness of the environmental and economic benefits of renewable energy. With over 56.96% of the total renewable installed capacity attributed to solar energy, India sets an exemplary model for concerted efforts towards sustainability and the transition to clean energy.
Furthermore, wind power has also made significant strides in India, crossing a cumulative installed capacity of 45,886.51 MW by FY 2023-24, with an additional 3,253.39 MW installed during the fiscal year. As India continues to prioritize solar power, it is poised to play a central and influential role in shaping the global renewable energy landscape, inspiring nations worldwide to embrace the vast potential of solar energy.
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