2022 Q4 AND ANNUAL INDIA SOLAR MARKET UPDATE - 13 GW INSTALLED IN 2022
India added 13 gigawatts (GW) of solar capacity in the calendar year (CY) 2022, a 27% increase year-over-year (YoY), compared to 10.2 GW installed in CY 2021. Data was revealed in the newly released 2022 Q4 and Annual India Solar Market Update.
During CY 2022, large-scale solar projects accounted for 87% of installations and saw a 33% surge YoY. Rooftop installations decreased by 3.7% YoY. In Q4 2022, India added 2.6 GW of solar, a marginal decrease (2.5%) from 2.7 GW installed in Q3 2022. Installations were down 5% YoY compared to 2.8 GW in Q4 2021.
India’s cumulative installed solar capacity now stands at 63 GW.
According to the report, the growth outlook going into 2023 remains uncertain, with the pending judgment on projects stranded in the Great Indian Bustard region, the pending announcement on Approved lists of Models and Manufacturers (ALMM), and expected project extensions per MNRE’s direction to Solar Energy Corporation of India, Indian Renewable Energy Development Agency, NHPC, and NTPC.
The report highlights a rise in the average cost of projects throughout CY 2022 due to higher module prices and supply constraints. Average large-scale system costs in Q4 2022 increased by 7.3% YoY making it an unprecedented ten quarters of project cost increases in a row.
Rajasthan, Karnataka, and Gujarat were the top three states for cumulative large-scale solar capacity accounting for 54% of installations in the country as of December 2022.
Key Highlights from Mercom India Research’s Q4 & Annual 2022 India Solar Market Update:
- India added 13 GW of solar in CY 2022, a 27% increase compared to GW installed in CY 2021
- Installations in 2022 were the highest ever recorded in India
- In Q4 2022, India added 2.6 GW of solar
- The cumulative solar capacity installed in India was approximately 63 GW at the end of Q4 2022
- India’s large-scale solar project pipeline stood at 58 GW, with another 51 GW of projects tendered and pending auction
- Rajasthan, Karnataka, and Gujarat were the top three states for cumulative large-scale solar installations
- Solar accounted for 82% of new power capacity additions in 2022, the highest recorded in any year
- Renewable energy sources accounted for 96% of new power capacity added in 2022
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