According to the International Energy Agency (IEA) report, solar power will witness exponential growth and match coal’s share in the Indian power generation mix by 2040 or earlier
Solar accounts for 12.4 percent of India’s total installed power capacity and 32 percent of the total installed renewable capacity as of Q4 2021, as per a report by Mercom India.
The share of renewables increased marginally from the last quarter when the total renewable installations were 148.08 GW, with a share of 38 percent.
This increase in the capacity makes solar the top renewable energy source in India, surpassing large hydro, said the report, which accounted for 11.84 percent of the total installed power capacity mix at the end of Q4 2021.
According to data from the Central Electricity Authority (CEA), Ministry of New and Renewable Energy (MNRE), and Mercom’s India Solar Project Tracker, India’s installed renewable energy capacity, including large hydro projects, stood at 150.4 GW, accounting for a share of 38.41 percent in the overall power mix at the end of Q4 of 2021.
According to the International Energy Agency (IEA) report, solar power will witness exponential growth and match coal’s share in the Indian power generation mix by 2040 or earlier.
During the recently held Union Budget announcement session for 2022-23, the government has proposed enhancing the funding for the same in the latest Budget announcement for FY 22-23.
During her Budget speech, Finance Minister Nirmala Sitharaman has said that the proposed increasing the the Production Linked Incentive (PLI) scheme for domestic solar cells and module manufacturing to Rs 24,000 crore from the existing Rs 4,500 crore to make India an exporting nation, outlining an additional Rs 19,500 crore to the scheme.
