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Funds Allocation by Government in Solar and Wind Power in India
FUNDS ALLOCATION FOR SOLAR AND WIND POWER IN INDIA
The government of India has allocated ₹1,776.24 crore for Solar Power and ₹1,059.35 crore for Wind Power installations in the country in FY 2020-21 till February.
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Out of the total funds allocated for solar power in the last four calendar year starting from 2017-18 to 2020-21, around 82% of the total fund released for utilization, while Wind Power got 99% of the total fund allocated at the end of Feb 2021. The government is always supportive of Solar Power, as the fund's allocation in Solar comparison with Wind is more than ₹5,343.75 crore in the past four calendar year. Initially, for rooftops and vacant areas of buildings in residential/social/ institutional sectors, capital subsidy at the rate of up to 30% of the project cost or benchmark cost whichever is lower were provided for the General Category States and up to 70% of project cost or benchmark cost whichever is lower for Special Category States/Islands, that scheme was there to attract the rooftop market as the target for 2022 are 40 GW. As the rooftop solar installations are growing exponentially over the past few years, the government has reduced the subsidies, now up to 3 kW there is a subsidy of 40%, and above 3 kW to 10 kW, subsidies are 20% of the total project cost or benchmark cost whichever is lower.
Source: Lok Sabha EQ iSearch
POTENTIAL VS ACTUAL INSTALLED RENEWABLE ENERGY
Of all the Renewable Energy, Solar Power has the potential of around 750 GW across the country. JNNSM target of Solar power by 2022 are 100 GW of this 41 GW has already been achieved by March 2021. Of the total potential for solar around 5.5% has been installed/achieved.
After the signing of the Paris Agreement, the pace of solar has been increased tremendously, the installed capacity which was around 5 GW by 2015, now India has installed over 41 GW. The potential for Wind Power is also huge in the Indian sub-continent but limited to few states due to favourable wind speed. The government's focus is more on Solar than other renewable energy, which results in exponential growth in the installed capacity in Solar.
POTENTIAL Vs INSTALLED RENEWABLE ENERGY
in GWs
Source: MNRE, Niti Ayog Dashboard EQ iSearch
