India’s solar photovoltaic (PV) installed capacity has reached impressive levels, surpassing 90 gigawatts (GW) by the end of September 2024. Specifically, as of the third quarter (Q3) of 2024, the actual installed solar PV capacity stands at 90,762.12 megawatts (MW). This figure includes various types of installations, such as ground-mounted solar projects, grid-connected solar rooftop systems, hybrid projects that incorporate solar components, and off-grid solar solutions.
The growth in India’s solar capacity has been remarkable. In the first quarter (Q1) of 2024 alone, the country installed 9,795.56 MW of solar PV, achieving a staggering year-over-year growth rate of over 180%. This significant increase can be attributed to the imposition of the Approved List of Models and Manufacturers (ALMM) on solar PV modules, which took effect on April 1, 2024. The ALMM aims to promote domestic manufacturing and ensure quality standards in solar products, which has likely boosted confidence among investors and developers.
Throughout the calendar year 2024, installations have consistently exceeded 3 GW in each quarter. This trend demonstrates a strong commitment to expanding solar PV in India. In Q3 of 2024, the country saw 5.287 GW of new solar PV installations, marking a remarkable year-over-year growth of 214% compared to Q3 of 2023, when only 1.683 GW was installed. The second quarter (Q2) of 2024 also showed substantial progress, with 3.66 GW of installations achieved, reflecting a 10.4% increase from the previous year, when installations were approximately 3.316 GW in Q2 2023.
Looking ahead, India is on track to achieve the ambitious milestone of 100 GW of solar PV capacity, potentially by the first quarter of 2025 if the current pace of growth continues. This forward momentum is encouraged by various government initiatives, including the PM KUSUM Yojana, which promotes solar energy adoption in agriculture and rural areas. Additionally, supportive policies and regulations for utility-scale solar projects are contributing to the growth of solar installations across the country.
In the first nine months of 2024, India has installed more than 17.44 GW of solar capacity, marking an all-time high since the launch of the Jawaharlal Nehru National Solar Mission (JNNSM). This achievement is a clear indication of the growing importance of solar energy in India’s energy landscape. As the country seeks to transition to a more sustainable and low-carbon energy system, solar power will play a crucial role in meeting both energy demands and climate goals.
The combination of government support, increased investment in solar technology, and a growing awareness of renewable energy’s benefits has created a conducive environment for solar PV growth in India. Stakeholders in the energy sector, including policymakers, manufacturers, and investors, are recognizing the potential of solar energy to enhance energy security, reduce greenhouse gas emissions, and drive economic development.
India’s solar PV capacity growth is a testament to the country’s commitment to renewable energy. With significant achievements in installations, robust government policies, and a favorable investment climate, India is poised to continue its journey toward becoming a global leader in solar energy. The road ahead looks promising, and as the country approaches the 280 GW milestone by 2030, it reinforces the belief that solar energy can significantly contribute to a sustainable future.
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