In recent years, India has seen a remarkable surge in the adoption of solar energy, driven by falling costs and technological advances in solar photovoltaic (PV) technology. This growth has caught the attention of developers and investors, shaping the nation’s renewable energy landscape, as of April 2024, India has an impressive installed solar PV capacity of 82,637.86 MW, which represents over half of its renewable energy capacity (excluding large hydro).
In the fiscal year 2023-24 alone, more than 15 GW of solar PV capacity was added, demonstrating India’s commitment to expanding its renewable energy portfolio. In the first month of the fiscal year 2024-25, over 1.1 GW of renewable energy capacity was installed, with solar contributing more than 824 MW, constituting about 75% of the total.
A significant recent development 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 ensure high-quality and reliable solar installations, especially for government-sponsored or subsidized projects.
India’s total renewable capacity stands at an impressive 144.75 GW, with solar and wind power together accounting for nearly 89% of this capacity. This highlights India’s leading role in adopting renewable energy.
Solar energy is crucial for India’s sustainable development goals and its efforts to combat climate change. Solar power, with minimal greenhouse gas emissions, helps reduce India’s carbon footprint significantly. Ground-mounted solar installations alone account for 65 GW of installed capacity, with an additional 2.57 GW under Hybrid Solar Components.
A notable trend is the decentralization of power generation through rooftop solar installations. Currently, 12 GW of solar capacity is installed in homes, businesses, and industrial buildings. Rooftop solar not only enhances energy security but also empowers individuals and businesses to contribute to cleaner energy production.
In rural areas, where electricity access is limited, solar power is transformative. Off-grid solar solutions like solar lanterns and microgrids, totaling 3.035 GW, are crucial for bringing electricity to remote communities and improving living standards.
India’s success in solar energy reflects a combination of government initiatives, technological progress, and growing awareness of the benefits of renewable energy. With solar energy representing over 56.96% of India’s total renewable installed capacity, the country is a global leader in sustainability and clean energy transition. Wind power has also made significant strides in India, crossing an installed capacity of 46,161.79 MW by April 2024, with an additional 275.28 MW installed in the first month of FY 2024-25. As India continues to prioritize solar power, it is set to play a central role in shaping the global renewable energy landscape, inspiring other nations to embrace solar energy’s vast potential.
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