India’s addition to solar power capacity jumped by 282 per cent to nearly 15 GW in the first half of 2024, marking the highest-ever half-yearly installation.
According to a report by Mercom India Research, the country commissioned 5 GW of solar power capacity in the second quarter of 2024. In the first quarter (January-March), the newly added capacity surged by 9.9 GW. As of June 2024, the country’s installed solar capacity stood at 87.2 GW, accounting for 19.5 per cent of the total energy mix.
It said India’s large-scale solar project pipeline stood at 146 GW, with projects totalling another 104 GW tendered and pending auctions as of June.
Meanwhile, the report said average large-scale project costs in India declined by 2 per cent quarter on quarter and about 26 per cent yearly. Solar panel costs have been on a downtrend in recent years, and the fall of the expenses is expected to continue.
The report added that Rajasthan, Gujarat, and Karnataka led the quarterly large-scale solar capacity additions, while the top 10 states accounted for 94 per cent of total installations.
India has emerged as one of the world leaders in Energy Transition and fixed a target of adding 500 GW of renewable energy capacities by 2030, with solar expected to play a significant role in achieving this goal.
As of June 30, 2024, the total grid-connected capacity of renewables stood at 148 GW. The solar power segment accounted for 85 GW, followed by wind power at 47 GW and biomass at 1.4 GW.
The small hydro segment accounted for 5 GW. Installed solar capacity has increased 32 times, from 2.6 GW in 2014 to 85.5 GW. Technology and innovative market mechanisms have been instrumental in reducing overall costs.
Solar is now the cheapest form of energy but is variable in nature. According to Vibhuti Garg, Director of South Asia at the Institute for Energy Economics and Financial Analysis (IEEFA), India needs to deploy flexible generation sources for better integration of renewable energy.
This story is based on an IANS-syndicated feed.
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