India's Photovoltaic Install Capacity to Increase by 14.5GW Annually in Fiscal 2025-2026
Information source: International Solar Photovoltaic Network
India has long been a key player in renewable energy, and that doesn't appear to be changing. According to India's rating and research company, CRISIL, the country is expected to see an increase of 15GW to 18GW of renewable energy capacity each year in the fiscal years of 2025 and 2026. The company predicts that 75% to 80%, or up to 14.5GW, of this capacity will come from solar power, with the remaining 20% coming from wind.
India's commitment to increasing its renewable energy capabilities is fueled by several factors. The country has a rapidly growing population, which is expected to exceed 1.7 billion by 2050, and a corresponding increase in energy demand. Simultaneously, the Indian government has made a commitment to reduce carbon emissions, playing a vital role in slowing climate change.
The expected boost in renewable energy will be achieved through India's Jawaharlal Nehru National Solar Mission (JNNSM), which was launched in 2010. The mission has a target of 100GW of installed solar capacity by 2022, with 40GW slated to be installed through rooftop solar installations. The remaining 60GW will come from grid-connected solar projects.
The CRISIL report highlighted that the costs of installing solar energy capacity have fallen dramatically, making it an increasingly attractive option for both businesses and individuals in India. The government has also made it easier for companies to invest in the technology, allowing them to set up solar projects and then sell the energy to the grid.
The CRISIL report stated that, in the next few years, nearly all new renewable energy capacity added to the grid will come from solar and wind projects. Although the report notes that some challenges still exist in India's renewable energy sector, it stated that the progress made so far shows promise.
One of the critical challenges involves securing funding for renewable energy projects in India, which has often been tougher to find than traditional fossil fuel investments. The Indian government is taking measures to tackle this challenge, with various subsidies and incentives to encourage the growth of the renewable energy sector.
Overall, India's commitment to renewable energy is an excellent step for the nation, both from the socioeconomic and environmental perspectives. India has immense potential for solar and wind energy, and utilizing it will be vital for India to meet its future energy needs sustainably.