The Indian solar power sector is off to a good start in 2018. The industry now has over 4,000 megawatts (MW) of projects that it can execute across the country. Solar capacity in India touched 18.7GW by the end of 2017, which is about 5% of global solar capacity, according to a report.
As of 2017-2018, India has installed 12.2GW of utility scale solar panels. Indian solar market has grown by an average 72% in the last three years and is now worth approximately 8-9GW per annum. The Indian Solar Power Industry is anticipated to have double digit growth during next few years.
The solar power tariffs in India have fallen in nominal terms from INR 15 /Kwh in 2009 to INR 2.44/ Kwh in 2017, due to decline in module prices and improvements in capacity utilization factor.
With 8.8 gigawatt (GW) of capacity addition projected for the year ahead, India is set to become the third biggest solar market globally, overtaking Japan, according to the India Solar Handbook 2017 released by Bridge to India (BTI). The government had revised India’s solar power target to 100GW from 20GW, by 2022.