India has made significant strides in its solar energy sector, which has marked ambitious plans, notable progress, and substantial funding initiatives.
Ambitious Plans for Solar Energy in India
Let’s look into Plans of India for Solar Energy
Capacity Targets:
India aims to achieve 500 GW of renewable energy capacity by 2030, with solar power playing a crucial role. Solar and wind power are expected to account for two-thirds of the new generation over the next decade.
State-wise Potential:
The National Institute of Solar Energy (NISE) has identified a potential of 748 GW for solar energy in India. Major contributors to this potential include Rajasthan (142.3 GW), Jammu & Kashmir (111.05 GW), and Maharashtra (64.32 GW).
Actual Progress in Solar Capacity
We may plan to shoot the sky but we should also know the capability in reality, so let’s look how much progress we have made so far:
Capacity Additions:
India added a record 15 GW of new solar capacity in the fiscal year ending March 2024, bringing the total operational solar capacity to 81.8 GW. This includes 64.4 GW from ground-mounted utility-scale plants, 11.9 GW from rooftop solar projects, 3 GW from off-grid projects, and 2.6 GW from hybrid projects.
Manufacturing Growth:
The production capacity for solar modules has grown rapidly, reaching an annual nameplate capacity of 64 GW as of March 2024, nearly doubling from the previous year.
Funding Trends in the Solar Sector
Government Initiatives:
The Indian government has implemented various schemes to boost domestic manufacturing and reduce reliance on imports. Notable initiatives include the production-linked incentive (PLI) scheme and the imposition of basic customs duties on imported solar modules and cells.
State-wise Funding:
In the last financial year, various states allocated significant funds to develop the solar sector. For instance, Gujarat received Rs 1114.65 crore, Maharashtra Rs 304.58 crore, and Madhya Pradesh Rs 170.14 crore.
Challenges in India’s Solar Growth
Grid Stability:
As renewable capacity increases, ensuring grid stability and managing higher integration costs remain critical.
Infrastructure:
The Indian solar sector faces infrastructural challenges, including delays due to inadequate grid infrastructure and financing issues.
Conclusion
Overall, while India has made significant progress and has ambitious plans for its solar energy sector, continuous efforts in addressing infrastructural and financial challenges will be essential for sustaining growth and achieving long-term renewable energy goals.
