India set to hit record renewable energy this year

India is on track to set a new record for renewable energy capacity. India aims to connect 35 gigawatts of solar and wind power to its grid by March 2025.

The world’s third-largest solar power producer is stepping up efforts to meet ambitious renewable energy goals.

The country is set to add 30 gigawatts of solar and 5 gigawatts of wind this fiscal year. This significant increase comes after a period of slower growth in solar installations.

In the first five months of the current fiscal year alone, India added 10 gigawatts of renewable generation capacity, taking the total to about 153 gigawatts.

Despite progress, India is still struggling to deliver on its earlier promises.

The country is 13 percent short of a 2022 target of 175 gigawatts, a goal set by Prime Minister Narendra Modi at the 2015 Paris climate summit. Looking ahead, India faces a major challenge.

To reach the end-2030 target of 500 gigawatts of non-fossil power capacity, clean energy additions will need to increase by about 30 percent per year.

This ambitious goal underlines the scale of the task before us.

A positive development is the fact that financial institutions have announced that they will allocate USD 386 billion to finance renewable energy projects by 2030.

Additionally, large Indian conglomerates are increasing their activity.

Renewable Energy Minister Prahlad Joshi also noted an increase in market demand for battery-based energy storage projects.

This could mean more storage capacity for renewable energy, which is key to balancing supply and demand. For consumers, this shift to renewable energy could mean more stable and potentially lower energy costs in the future.

As India invests in green technologies and expands its clean energy infrastructure, these benefits could be reflected on your energy bills.