2021 Q4 AND ANNUAL INDIA SOLAR MARKET UPDATE – 10 GW INSTALLED IN 2021
The cumulative solar installed capacity totaled 49.3 GW at the end of Q4 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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