The growth of solar energy in India has been remarkable over the past decade.

Growth of Solar Energy in India:

• Installed Capacity: As of 2021, India's cumulative installed solar capacity surpassed 50 gigawatts (GW), marking significant growth compared to just a few megawatts a decade ago.

• Government Targets: The Government of India launched the National Solar Mission with an initial target of achieving 20 GW of solar capacity by 2022. This target was later revised to 100 GW, reflecting the government's commitment to scaling up solar energy deployment.

• Tender Results: Competitive bidding processes for solar projects have led to record-low tariffs, with solar tariffs reaching as low as ₹1.99 per kilowatt-hour (kWh) in recent auctions, making solar power increasingly cost-competitive with conventional sources of energy.

• Rooftop Solar: While utility-scale solar projects contribute significantly to India's solar capacity, there is a growing focus on rooftop solar installations. As of 2021, India's rooftop solar capacity stood at over 7 GW, with further growth expected in residential, commercial, and industrial sectors.

• Investment Trends: India's solar energy sector has attracted substantial investments, with cumulative investments exceeding billions of dollars from domestic and international sources. Financial mechanisms such as green bonds, venture capital, and foreign direct investment (FDI) have played a crucial role in financing solar projects.

Future Projections:

• 2030 Targets: India aims to achieve 175 GW of renewable energy capacity by 2022, out of which 100 GW is expected to come from solar power. Looking ahead, India has set an ambitious target of reaching 450 GW of renewable energy capacity by 2030, with solar energy playing a central role.

• Cost Reduction Trajectory: The cost of solar power is projected to continue declining, with estimates suggesting that solar tariffs could fall even further in the coming years, driven by advancements in technology, economies of scale, and competitive market dynamics.

• Job Creation: The solar energy sector has the potential to generate significant employment opportunities, including jobs in project development, construction, manufacturing, operations, and maintenance. It is estimated that the solar industry could create millions of direct and indirect jobs in India.

• Energy Access and Equity: Solar energy has the potential to improve energy access and equity, particularly in rural and remote areas where grid connectivity is limited. Off-grid solar solutions, such as solar lanterns and micro-grids, can provide clean and reliable electricity to underserved communities.

• International Cooperation: India's leadership in solar energy has positioned it as a key player in international climate negotiations and renewable energy collaborations. The International Solar Alliance (ISA), launched by India and France, aims to mobilize global efforts to promote solar energy deployment worldwide.

• Technological Innovation: Continued advancements in solar technology, including the development of next-generation photovoltaic materials, energy storage solutions, and grid integration technologies, will drive innovation and efficiency improvements in India's solar energy sector.

In summary, India's solar energy journey is characterized by significant growth, ambitious targets, and a commitment to sustainability. With favorable government policies, declining costs, and increasing investments, solar energy is poised to play a transformative role in India's energy landscape, driving economic growth, environmental sustainability, and energy access for all.