NEW DELHI: India needs faster implementation of roof-top solar projects to meet the 175 gigawatts of renewable energy target by 2022, a report has said.The country has set an ambitious target of installing 175 GW of renewable energy capacity by the year 2022, which includes 100 GW from solar, 60 GW from wind, 10 GW from bio-power and 5 GW from small hydro-power.Out of 100 GW solar capacity target, 40 GW is likely to be achieved by installation of rooftop solar projects "Rooftop solar is the fastest growing renewable energy sub-sector in India but installations must rapidly accelerate if the nation is to meet its ambitious renewable energy target by 2022," according to 'Vast Indian Potential of Rooftop Solar' released by the Institute for Energy Economics and Financial Analysis (IEEFA).India has installed 28 GW of solar capacity, a four-fold increase in less than three years, Vibhuti Garg, IEEFA energy analyst and co-author of the released report, said. "Despite this strong growth, India has achieved only 10 per cent of its 40 GW rooftop solar target. To achieve the 2022 target, India will have to greatly accelerate the pace of new solar rooftop installations," Garg said.According to IEEFA estimates, for the next three years, solar rooftop installation will grow at a compound annual growth rate ( CAGR ) of 50 per cent, suggesting a cumulative 13 GW of installed capacity by FY 2021-22. "Policy certainty, financial support and increased consumer awareness will accelerate rooftop solar installations in Indian government's ambitious renewable energy target can be met if drivers put in place," the report added.Tim Buckley, co-author of the note and IEEFA's director of energy finance studies, has suggested steps to increase installations. However, regulatory uncertainty is slowing the pace of rooftop solar installations.

Source: Economic Times May 07, 2019 12:56 UTC