JMK Research has spotlighted India’s remarkable solar energy growth, revealing a record 12.2GW of new installations in the first half of 2024. This surge accounts for 44% of the country’s total renewable energy capacity additions, propelling India towards its clean energy ambitions.
The Rise of Large-Scale Solar Farms
The backbone of this expansion lies in large-scale ground-mounted solar projects, which contributed a substantial 9.6GW. A significant portion of this, 7.5GW, was installed in the first quarter, marking an extraordinary pace of solar development.
A Temporary Lull in Rooftop Solar
Contrasting the large-scale installations, rooftop solar installations experienced a 10% decline in the first quarter. However, this is expected to be a fleeting setback, with the Indian government’s $8.9 billion budget allocation set to invigorate rooftop solar deployments.
Analysts’ Predictions for the Year Ahead
JMK Research forecasts a positive shift, with over 2GW of new rooftop solar capacity expected in the second half of 2024. Despite this, the reliance on large-scale solar projects remains pronounced.
India’s Clean Energy Progress and Goals
Between H1 2023 and H1 2024, India’s solar installations grew by 78.9%, with wind energy showing a more conservative increase of 2.3%. To meet its goal of 500GW of non-fossil fuel capacity by the decade’s end, India must sustain this upward trajectory.
Conclusion: A Solar-Powered Future
India’s journey towards a sustainable future is marked by significant strides in solar energy. As the nation channels resources into renewable projects, it stands as a testament to the global shift towards clean energy—a movement that promises a sustainable and economically vibrant tomorrow.
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