India needs to implement rooftop solar power projects fast in order to meet the 175 GW of renewable energy target, which is quite ambitious by any stretch of imagination, by 2022, says a report. The country has indeed set a stiff target of installing around 175 GW of renewable energy capacity by 2022. This would include 100 GW of power from solar energy, 60 GW from wind power, 10 GW from biopower, together with 5 GW of power from small hydropower projects. Of the 100 GW solar energy capacity target, around 40 GW is most likely to be achieved through the installation of rooftop solar power projects.
“Rooftop solar power projects is fastest growing renewable energy subsector in India, but installations must rapidly accelerate, if the country has to meet its renewable energy target by 2022,” says the report, which is titled: ‘Vast Indian Potential of Rooftop Solar Power Projects.’ This has been released by the Institute for Energy Economics and Financial Analysis (IEEFA). India has already installed 28 GW of solar capacity, which is a huge four fold increase in less than 3 years. The information was given by Vibhuti Garg, who is an IEEFA energy analyst as well as a co-author of the released energy report.
The reality is that in spite of the strong growth in solar power sector, India as a country has been able to achieve just 10 percent of its 40 GW rooftop solar power project target. This is quite below the rate that had been anticipated by the government. In order to achieve the 2022 target for renewable energy, India would need to accelerate pace of Rooftop Solar Power installations. According to the IEEFA estimates, for the next 3 years, rooftop solar power installation would grow at a fast compound annual growth rate (CAGR) of 50 percent. This suggests a total of 13 GW of installed capacity by the FY 2021 to 2022.