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India's solar energy demand is expected to reach 10GW in 2017
Release time:
2016-11-03
India, as the most eye-catching emerging market for solar energy, boasts a policy aiming for an installation target of 100GW in 2022, surpassing other countries. However, its implementation has also come under scrutiny, with current total installed capacity still less than 10GW. But some research suggests that India's solar energy demand will change starting in 2017.
India, as the most eye-catching emerging market for solar energy, boasts a policy with a 100GW installation target for 2022, surpassing other countries. However, its implementation has also been scrutinized, with current total installations still less than 10GW. But research suggests that India's solar energy demand will change starting in 2017.
Bloomberg New Energy Finance's (BNEF) investigation report indicates that with the government's planned promotion, India's solar energy demand will experience another significant growth in 2017, with the annual installation volume expected to increase to as much as 10GW. BNEF points out that investment in large-scale solar power plants and rooftop systems will be the main driving force behind this growth. On the other hand, due to the continued decline in solar system Price, the demand for off-grid solar systems may also increase significantly in 2017.
Small Systems Catch Up
The Indian government aims to achieve a solar energy installation target of 100GW by 2022, including 40GW of rooftop systems; however, the current installation volume of rooftop systems is still less than 1GW. BNEF estimates that to achieve the 40GW target in the next few years, an investment of US$50 billion is needed.
According to BNEF's investigation, the growth rate of India's rooftop solar energy market is the fastest among all renewable energy categories, and the main driving factor is the reduction in system Price. BNEF points out that the current Price of rooftop solar energy in the Indian market ranges from US$69 to US$92 per MWh. With the help of subsidies, it is Price-competitive compared to general household electricity. However, due to India's current lack of a complete installation engineering concept, components are often installed horizontally, resulting in suboptimal power generation efficiency, which is a major problem.
Off-grid solar energy is another system classified as "small" in addition to rooftop solar energy. Coupled with various solar-powered home appliances (such as solar LED lights), it will help residents in off-grid areas improve their electricity quality. Therefore, related revenue has grown by 47% from April 2012 to March 2016. The Indian government also plans to complete the construction of a 500MW small-scale energy grid by 2021.
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