2020 solar power target

What is the 2030 PV capacity target?

In June 2020, the government raised the 2030 target for the share of renewable electricity from 50% to 65%, and to meet this goal, in September 2020 the government proposed to increase the 2030 PV capacity target to 100 GW. This proposal raises annual utility-scale auction volumes from 600 MW to 1.9-2.8 GW.

How much does solar cost in 2020?

During this time, the solar industry has seen tremendous progress in cost reduction. In 2017, the solar industry achieved SunShot’s original 2020 cost target of $0.06 per kilowatt-hour for utility-scale photovoltaic (PV) solar power three years ahead of schedule, dropping from about $0.28 to $0.06 per kilowatt-hour (kWh).

Will solar PV capacity increase in 2020?

Solar PV Forecast overview Global solar PV capacity additions are expected to reach nearly 107 GW in 2020 in the main case, representing stable growth from 2019 (this forecast has been revised up by 18% from the market report update published in May).

Will solar power grow in 2021?

Solar PV alone accounts for more than half of all renewable power expansion in 2021, followed by wind and hydropower. The growth of renewable capacity is forecast to accelerate in the next five years, accounting for almost 95% of the increase in global power capacity through 2026.

How much solar power did the US install in 2020?

In 2020, the U.S. solar market installed a record 19.2 GWdc of solar capacity, a 43% increase over 2019. Solar accounted for 43% of all new electricity-generating capacity added in the U.S. in 2020, representing solar’s largest ever share of new generating capacity and ranking first among all technologies for the second year in a row.

Will India's solar PV capacity increase in 2021 & 2022?

Covid‑19 disruptions cause a significant slowdown in 2020 PV deployment but a strong rebound is expected in 2021 and 2022 India’s solar PV capacity additions are forecast to be one-third lower in 2020 than in 2019. In the first half of 2020, new PV capacity installations were 70% below average first-half growth of the previous three years.