28 Aug 2024
During the first half of 2024, India registered record solar installations of about 15 GW, according to a report by Mercom Capital (a US-based research firm). The United States added 3.89 GW of solar capacity during January–June 2023, according to the US-based research firm's latest report.
The report titled 'India Solar Market Update' stated that solar power installations in India surpassed 15 GW in the first half, surpassing all previous year's records, resulting in a growth of 282 percent compared to the first half of 2023. It said that record installations were observed as developers expedited the completion of previously delayed projects.
As of June 2024, India had 87.2 GW of installed solar capacity. Utility-scale projects contributed nearly 87 percent, and rooftop solar power contributed over 13 percent. Solar energy accounts for 19.5% of India's installed power capacity and more than 44% of the total installed renewable energy capacity. The average cost of large-scale solar projects has experienced a decline of approximately 26 percent year-on-year and 2 percent quarter-on-quarters.
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