India’s appetite for renewables grows year after year. The country is now ranked fourth globally for solar power generation. This is a remarkable achievement, given the efforts of advanced economies such as the UK and France.
The Indian solar market has seen a surge in private investment, and the Government of India is encouraging it to become even more profitable. In a 2016 report by renewable energy consultancy BTI, the firm cites massive gains in the Indian solar market and the steep reduction in solar tariffs that have dropped by over 33% in the last few years.
Solar power has been a sluggish industry in India since 2017. However, the year 2018 is off to a good start. There are projects worth over 4,000 Megawatts. Rooftop Solar has also caught up, with more people opting for On-Grid Solutions. On the other hand gri, GGD solar remains the most popular option for rural buyers, with the exception of some areas.
India is aiming to produce 40GW of rooftop solar power by 2022. Although some may call the target too ambitious, both the Indian government and the private sector are actively working to transform the Indian market. For example, Luminous, a major rooftop solar panel provider in India, offers a 25-year warranty on its solar products to encourage first-time buyers.
The Indian government has also identified rooftop solar as an important driver of energy generation. It is exploring the possibilities for installing solar power at railways, airports edu, educational institutions, government buildings, and PSUs. As part of this program, off-grid solar is also promoted. In 2016, the government installed 31472 solar pumps all over the country, which is more than the number installed in the past 24 years. Since the start of the program in 1992, the government has installed 31,472 solar pumps all over the country. This number is higher than the number of solar pumps installed in the last 24 years, i.e.
Final thoughts
In the past few years, the growth of the solar market has been slowed by developed markets such as the US, Europe, and Japan. China and India are now the front runners, with their booming economies and a population that is inclined to clean energy. State-sponsored solar promotions may have also helped.