In a remarkable milestone for renewable energy, India has officially overtaken Japan to become the world’s third-largest solar power generator in 2024. This achievement underscores India’s commitment to transitioning towards cleaner energy sources, further strengthening its position as a global leader in renewable energy adoption.
Growth of Solar Power in India
India’s solar energy capacity has grown exponentially over the past decade. In 2015, solar power contributed only 0.5% to the country’s total electricity generation. By 2023, this figure had risen to 5.8%, reflecting a concerted effort by the government and private sector to invest in solar infrastructure. The country’s solar power generation saw a year-over-year increase of 17.9% in the third quarter of 2024, reaching an impressive 32 billion units.
This rapid growth is attributed to several factors, including large-scale solar parks, policy incentives, falling solar panel costs, and a push towards energy security. The government’s ambitious target of achieving 500 GW of non-fossil fuel-based capacity by 2030 has further accelerated solar energy adoption.
Key Drivers Behind India’s Solar Success
- Policy Support: The Indian government has introduced various policies, such as the Production-Linked Incentive (PLI) scheme, to boost domestic manufacturing of solar panels and components. The National Solar Mission also played a crucial role in expanding solar power capacity.
- Large-Scale Solar Projects: Mega solar parks such as Bhadla Solar Park in Rajasthan and Pavagada Solar Park in Karnataka have significantly contributed to India’s solar energy generation. These large installations have facilitated rapid scaling of solar infrastructure.
- Declining Costs: Technological advancements and economies of scale have led to a substantial reduction in solar power costs. India now boasts some of the lowest solar tariffs globally, making solar energy increasingly competitive with traditional fossil fuels.
- Private Sector Investment: Major Indian corporations, including Adani Green Energy, Tata Power, and ReNew Power, have made significant investments in solar projects. Foreign direct investments in India’s renewable sector have also surged in recent years, supporting expansion.
Impact and Future Prospects
India’s rise in global solar rankings not only strengthens its clean energy transition but also contributes to reducing its carbon footprint. Increased reliance on solar energy helps India move towards its target of net-zero emissions by 2070, as pledged at the COP26 summit.
Looking ahead, India aims to continue expanding its solar capacity, with a focus on rooftop solar installations, hybrid solar-wind projects, and improved energy storage solutions. As the country solidifies its position as a renewable energy powerhouse, the global shift towards sustainable energy sources gains further momentum.