Solar Surge: India Adds 15 GW in Half a Year

26 Aug 2024 , 03:40 PM

According to Mercom Capital, India had record solar installations of approximately 15 GW in the first half of 2024 as “developers raced” to complete postponed projects. According to the US-based research firm’s most recent study, the country added 3.89 GW of solar power between January and June 2023.

“In the first half, solar installations in India reached 15 GW, surpassing all previous years’ records and representing a 282% increase over the first half of 2023,” according to the research titled ‘India Solar Market Update’.

According to the report, the record installations occurred as developers raced to complete previously delayed projects.

As of June 2024, India’s total installed solar capacity was 87.2 GW, with utility-scale projects accounting for about 87% and rooftop solar accounting for more than 13%.

Solar energy made up 19.5% of India’s installed power capacity and more than 44% of the overall installed renewable energy capacity.

The average cost of large-scale solar projects decreased by about 26% year on year and 2% quarter on quarter.

“The year 2024 is shaping up to be a breakout year for India’s solar industry, with an impressive first half.”

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