India is set to add record renewables this year

India is on track to set a new record in renewable energy capacity. India aims to connect 35 gigawatts of solar and wind power to its grid by march 2025.

The world’s third largest solar power producer country is ramping up its efforts to meet ambitious renewable energy targets.

This fiscal year, the country is set to add 30 gigawatts of solar power and 5 gigawatts of wind power. This significant increase follows a period of slower growth in solar installations.

In the first five months of this fiscal year alone, India added 10 gigawatts of new renewable capacity, bringing its total to approximately 153 gigawatts.

Despite this progress, India is still working to catch up on earlier promises.

The country is 13 per cent short of its 2022 target of 175 gigawatts. Set by prime minister Narendra Modi at the 2015 Paris climate summit. Looking ahead, India faces a significant challenge.

To meet its end-2030 goal of 500 gigawatts of non-fossil power capacity. It will need to increase its clean energy additions by about 30 per cent each year.

This ambitious target highlights the scale of the task at hand.

In a positive development, financial institutions have pledged $386 billion in funding for renewable projects by 2030.

Additionally, major Indian conglomerates are stepping up their game.

Renewable energy minister Prahlad Joshi has also noted a surge in market demand for battery-linked storage projects.

This could mean more opportunities for renewable energy storage, crucial for balancing supply and demand. For consumers, this transition to renewable energy could mean more stable and possibly lower energy costs in the future.

As India invests in green technologies and expands its clean energy infrastructure, the benefits could ripple through to your energy bills.