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India’s Renewable Energy Leap in 2024

India is making remarkable strides in renewable energy (RE) deployment in 2024, with economics playing a pivotal role in this transformation. Despite lower investments, India has expanded its RE capacity significantly, thanks to falling costs. Meanwhile, the volatility in fossil fuel prices has made it increasingly expensive to rely on traditional energy sources to meet the growing energy demand.

Installed Capacity:

• In Q4 2024, India added 9.3GW of new energy capacity, with 85.8% coming from renewables.
• India’s total energy capacity surpassed 462 GW, of which 45.3% (209.4 GW) is now renewable.
• Solar power led the way, accounting for 72% of the new capacity, with a record 24.5GW added.

Power Generation:

• Renewable energy generation surged by 21.4% year-over-year in Q4 2024, reaching 82.71 billion units (BUs).
• Fossil fuel-based generation remained flat at 326.31 BUs, and its share dropped to 77.02%.

Investments:

• Investments in the renewable energy sector doubled year-on-year in Q4 2024, reaching $3.7 billion.
• However, total investments for the full year 2024 amounted to $10.1 billion, which is 23.7% lower than 2023.

State-Level:

• Rajasthan and Gujarat continue to lead renewable energy installations, with 2,266MW and 1,958MW added in Q4 2024, respectively.

India’s renewable energy sector is poised to continue this rapid growth as the nation works towards meeting its energy demands while also addressing the need for sustainable and cost-effective energy solutions.