Solar Adoption In India Steps Into “Accelerating Growth” Phase
Ember, the global energy think tank indicates through its new analysis that India should increase its annual solar capacity addition by 36 percent each year. This makes sure that the nation can meet its 2027 renewable target.
The analysis also shows that solar power in India has shifted from a formative phase in the Fiscal Year (FY) 2017 to an “accelerating growth” phase. It has to be noted that in 2017, solar contributed just one per cent of the country’s power mix. If India could successfully fulfil its solar targets as summarized in the 14th National Electricity Plan (NEP14), the share of the power mix can be expected to increase fivefold. This means the power mix increases from 5% to 25% in the Fiscal Year 2022-2032 period.
Who is Ember?
It is an independent and not-for-profit energy think tank that focuses on embracing the data and enabling the world to make the switch to clean electricity. In general, Ember collects, curates and analyzes the gathered data concerning the global power sector’s impact on the climate. The data gathering is intended to establish high-impact policies and support clean energy solutions.
Renewable energy will meet two-thirds of India’s power generation growth by FY 2032
It has been projected that solar and wind could contribute to two-thirds of power generation growth in India in the next decade. This enables the nation to be empowered to achieve its national renewable targets.
Typically, India’s coal-driven power generation sector can make the transition towards renewables if the nation manages its NEP14 objectives. The electricity supply landscape of India is estimated to have significant transformations in the further years and the growth is more likely to be driven by renewables, especially solar. The report from Ember also accentuates the crucial part of solar in tackling the peak power demand of India. Since the government vows to accomplish a target of 500 gigawatts (GW) of renewable energy capacity by 2030, it is in its rapid pace to solar energy.
India’s power demand is projected to grow up to 70% in the next 10 years. India’s energy requirement during April-March FY23 was at 15,11,847 million units, reports say. This levies a strong focus towards solar energy adoption. India emphasizes non-hydropower renewable forms of electricity generation. It is aimed that the renewable form will account for 16.9 per cent of total generation by 2032.
India is scaling up its investments in renewable energy. The government plans to tender 50 GW of solar and wind capacity in a year, in the next five financial years.
Solar steps into “accelerating growth phase” in India
14th National Electricity Plan (NEP14) – it is a notable initiative in the energy sector of India intended to improve the renewable energy capacity of the country. As per the plan, India has set out its solar capacity target as 185.6 GW by fiscal 2026-27, and aimed to reach 364.6 GW by fiscal 2031-32.
In looking into achieving these targets, India should increase its existing solar capacity to add about 36% every year. As per FY 2023, the recent addition of 12.9 GW, where solar accounted for 66.7 GW, is not enough to reach the goal of 185.6 GW. The target year is approaching. Hence India should make rapid efforts to make sure it is on track to achieve the 2027 goal. Increasing the adoption rate from 5% to 25% during the 2022 -32 period marks that the nation is entering into “accelerating growth.”
Another significant thing to be noted here is as the acceleration of adoption improves, there needs to be a strong focus on storage capacity. Ember mentions that solar storage can be more cost-effective when compared to building new coal plants. The growth of electricity demand heavily varies during peak hours. This clearly stands for the need for robust storage capacity, on both solar and non-solar hours. In fact, this is integral to the future energy generation of India and speeds up its transition to renewable.
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