India registered a record 15 GW of solar installations in the first half of 2024, as developers rushed to complete previously delayed projects, according to a report by US-based research firm Mercom Capital. This is a 282% increase compared to the 3.89 GW added during the same period in 2023.
The report, titled ‘India Solar Market Update,’ highlighted that this surge in installations has set a new record for solar capacity additions in the country. As of June 2024, India’s total installed solar capacity reached 87.2 GW, with utility-scale projects accounting for nearly 87% and rooftop solar contributing over 13%.
Solar energy now makes up 19.5% of India’s total installed power capacity and more than 44% of its total installed renewable energy capacity. The cost of large-scale solar projects has decreased by nearly 26% year-on-year and 2% quarter-on-quarter, making solar energy more cost-effective.
In the first half of 2024, a total of 41.4 GW of solar tenders were announced, a 51% increase from the 27.5 GW in the same period in 2023. Additionally, about 31.8 GW of projects were auctioned, a significant rise of 321% from 7.6 GW in the first half of 2023.