The rise of Solar Energy: Current status and future potential

Solar is the most secure of all energy sources due to its abundance availability. It is said a small fraction of the total incident solar energy, if captured effectively, can meet the entire country’s power requirements. India’s solar journey has been nothing short of spectacular. Solar energy contributes over 87GW to India’s total renewable energy mix, which stands at more than 197GW as of July 2024. India’s ability to harness solar energy efficiently has made it a world leader in the renewable energy space. Sunkind is proud to be part of this journey and remains committed to driving further growth in the sector.

Rise of solar energy

Solar energy is the key to India’s energy security. From 2.8 GW in April 2014 to 87.2 GW in July 2024, the installed solar energy capacity of India has grown by more than 30 times in the past 10 years. As per the National Institute of Solar Energy (NISE), the country’s cumulative estimated solar potential is pegged at 784GWp. At 85GW currently, solar energy has a huge scope of growth, especially in the rooftop solar (RTS) segment. RTS's current installed capacity stands at 12.9 GW.?

Solar is also critical to India’s target of reducing the carbon intensity of the economy by less than 45% by the end of the decade, achieving 50 percent cumulative electric power installed by 2030 from renewables, and achieving net-zero carbon emissions by 2070.?

Steps to promote solar energy

The surge in non-fossil sources of energy was largely driven by the government’s initiatives. The government has launched various schemes and taken several steps to promote solar power in the country. Schemes such as the Solar Park Scheme, VGF Schemes, CPSU Scheme, Bundling Scheme, Grid Connected Solar Rooftop Scheme, etc. have contributed significantly to this surge in solar energy. Apart from these schemes, the permission of 100% foreign direct investment under the automatic route, waiver of the inter-state transmission system (ISTS) charges for inter-state sale of solar power, declaration of renewable purchase obligation, notification of standards for deployment of solar photovoltaic system/devices and standard bidding guidelines for tariff based competitive bidding process for procurement of power from grid-connected solar PV have further accelerated solar energy generation in the country.

Besides, technological advancements, private sector participation and public awareness of the environmental and financial benefits of solar energy also spurred demand for solar power from both residential and commercial sectors.?

India has made significant strides in solar energy but it has a long way to go if it has to exploit maximum potential. With ambitious targets for 2030 and beyond, India is poised to achieve its renewable energy goals.

At Sunkind Energy, we are committed to driving this growth by investing in technology, infrastructure, and public awareness, ensuring a sustainable future for the nation.

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