2021 Q4 AND ANNUAL INDIA SOLAR MARKET UPDATE - 10 GW INSTALLED IN 2021
India added 10 gigawatts (GW) of solar capacity in the calendar year (CY) 2021, a 210% increase year-over-year (YoY), compared to 3.2 GW installed in CY 2020, according to the newly released Q4 & Annual 2021 India Solar Market Update.
During CY 2021, large-scale solar projects accounted for 83% of installations with 8.3 GW and saw a 230% increase YoY. Rooftop installations made up the remaining 17% adding 1.7 GW, a 138% spike YoY.
A significant number of projects were moved from 2020 to 2021 due to COVID-19 extensions, which boosted the installation totals in 2021.
India’s installed renewable energy capacity, including large hydro projects, stood at 150.9 GW, accounting for a share of 38.4% in the overall power mix at the end of December 2021. Newly installed solar capacity in 2021 reached a new high, making up 62% of all power capacity installed in 2021.
Solar now accounts for 12.4% of India’s total installed power capacity and 32% of the total installed renewable capacity as of 2021.
Key Highlights from Mercom India Research’s Q4 & Annual 2021 India Solar Market Update :
- India added over 10 GW of solar in CY 2021, a 210% increase compared to 3.2 GW installed in CY 2020.
- Installations in 2021 were the highest ever recorded in India
- Cumulative solar installed capacity in India was approximately 49 GW at the end of Q4 2021
- Rajasthan, Karnataka, and Andhra Pradesh were the top three states for large-scale solar installations
- Average large-scale project costs in Q4 increased 21.6% YoY in 2021, the highest ever over the past ten years
- Solar accounted for 62% of new power capacity additions in 2021, the largest share of power capacity ever
- Renewable energy sources accounted for about 77% of the new power capacity added in 2021
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