FIRSTGREEN SOLAR MARKET ANNUAL REVIEW 2021

FirstGreen welcomes the readers to itsAnnual Solar Energy Trends &Outlook Report for 2021.
This report is a compilation of trends on solar energy observed in India & in the International
market for the year 2021. The report highlights the solar capacity that has been added, the
solar tariff trends & also the various investments, policies, Govt. programmes related to the
utility-scale & ground-mounted solar projects.
The solar energy market remained weak due to the COVID-19 pandemic & seems to be recovering slowly. Although the solar tariff dipped to a record-low of INR 1.99/kWh towards the
end of 2020, the trend indicates that it is expected to swell due to the sudden increase in PV
module & BOS costs. The various tenders & the respective solar tariffs achieved in their auctions across the year has also been documented.
The report also covers various PV module technologies & its trends. The latest trends in
Half-cell, perovskites, bi-facial & thin-film technology based PV modules have been explored.
During the year 2021, there have also been some developments in relation to floating solar
projects, the initiative by BHEL in Andhra Pradesh is one such ambitious project. Additionally,
some of the new initiatives with regards to green hydrogen announced by the Govt. of India
along with the developments from private entities such as the Reliance group have been discussed.
Energy storage technology could not get a breakthrough so far & there have not been any
significant addition in capacity in the last year (2021), however, the report highlights the future
outlook in which this industry is expected to grow by a Compound Annual Growth Rate (CAGR)
of 10%. Finally, the report covers the C&I rooftop solar initiative & discusses the capacity that
has been added during the year 2021