Solar Power Growth In India

Worldwide growth of photovoltaics has been close to exponential between 1992 and 2018.

Solar power growth in india.

The country s solar installed capacity was 35 122 mw as of 30 june 2020. India ranked sixth in the list of countries to make significant investments in clean energy at us 90 billion. Solar power consumers in india today enjoy better energy security by locking in the cost of solar electricity for a period of 25 years thereby can hedge against variations in grid electricity. According to a report by global clean energy communications and consulting firm mercom the rapid pace of growth of solar market has largely been.

This is a grand vision for ushering in a sort of revolution in clean energy in india in the next six years. The numbers are a testament to the focused approach of the government and the positive response from solar developers leading to exponential growth. Indian power sector is undergoing a significant change that has redefined the industry outlook. Solar power in india is a fast developing industry.

The encouraging surge in the energy sector had further helped the solar industry to get the cost advantage through the economies of scale in a short period. The global solar power market size was estimated to be 680 22 gw in 2019 and is projected to reach 4766 82 gw by 2026 exhibiting a cagr of 30 7. During this period of time photovoltaics pv also known as solar pv evolved from a niche market of small scale applications to a mainstream electricity source. As of 2019 india was set to open its solar power plant bhadla solar park in rajasthan which would be world s largest solar plant with a capacity of 2 255 mw.

Prime minister narendra modi has set an ambitious target of 100 000 mw of solar power capacity to be achieved by 2022 when india celebrates 75 years of her independence. When solar pv systems were first recognized as a promising renewable energy technology subsidy programs such as feed in tariffs were. In 2015 the target was raised to 100 gw of solar capacity. India has the lowest capital cost per mw globally of installing solar power plants.

As of march 2019 eversource capital a joint venture between everstone and lightsource planned to invest us 1 billion in renewable energy in india through its green growth equity fund. India was ranked fourth in wind power fifth in solar power and fifth in renewable power installed capacity as of 2018. After a couple of good years things have started to look solemn for india s solar power sector.