Solar Energy Accounts For Close To 20% Of India’s Total Power Capacity By July 2024

India is making significant strides in renewable energy, reflecting its national goals and global climate commitments. Despite coal still being the dominant energy source, making up 47.05% of the total installed power capacity, renewable energy sources like solar and wind are increasingly prominent. As of July 2024, renewables account for 33.52% of the total installed capacity, showing progress in transitioning to cleaner energy.

From January to July 2024, India added approximately 13.889 GW of solar PV capacity, with renewables (excluding large hydro) contributing 16.39 GW. Solar energy alone represents 58.03% of this renewable capacity. By July 2024, solar power constituted 19.45% of the total installed power capacity, growing at a rate of 22.578% compared to the previous year, reaching a total of 87.207 GW. This growth marks India as a significant player in the global renewable energy sector, particularly in solar power. The total installed power capacity increased by about 5.757% from July 2023 to 448.381 GW.

Investments in renewable energy not only benefit the environment but also drive job creation, enhance energy security, and promote technological innovation. Decentralized renewable projects, particularly in rural areas, empower local communities and ensure that the advantages of clean energy are widely distributed. This inclusive approach supports national development and fosters economic growth.

Looking forward, India’s renewable energy sector is set for continued expansion. The government’s targets include adding over 18 GW of solar PV capacity in 2024, which will bring the country closer to its 100 GW goal and potentially establish it as a global leader in solar power. Supportive measures, such as the Approved List of Models and Manufacturers (ALMM) for Solar PV Modules and Cells, effective from April 1, 2024, aim to improve procurement processes and ensure higher quality solar modules.

Overall, India’s commitment to renewable energy is crucial for addressing climate change, achieving energy security, and driving economic progress. The transition towards renewables, despite the continued reliance on coal, highlights a deliberate effort to diversify energy sources. This shift reduces dependence on fossil fuel imports and enhances national energy security.

The growth of the renewable energy sector is also a major factor in job creation, technological advancement, and economic inclusivity. Decentralized projects, especially in rural areas, contribute to local development and ensure that the benefits of renewable energy reach all levels of society. India’s ongoing efforts in renewable energy showcase its dedication to sustainable development and its role in the global climate action movement.