Indias Renewable Energy Push Saves Over $100 Billion, Reports IEA

New Delhi, November 12 (Daily Kiran) : India’s commitment to renewable energy has yielded significant economic benefits, saving the country over $100 billion in fuel imports. This figure, equivalent to approximately ₹9.4 lakh crore, was highlighted in the International Energy Agency’s (IEA) India Renewable Energy Market Report 2026.

From 2011 to 2025, India managed to save more than $100 billion in costs associated with coal and natural gas imports, thanks to its renewable electricity initiatives. These findings underscore the economic and energy security advantages of the government’s accelerated renewable energy campaign.

Between March 2014 and September 2026, India added 168 gigawatts (GW) of solar capacity and 38 GW of wind capacity. By September 2026, bioenergy reached an installed capacity of nearly 12 GW. The IEA estimates that without the solar, wind, and bioenergy capacity added since 2010, India would have needed about 110 million tons of additional imported coal in 2025 alone.

Projected savings could more than double by 2030, reaching a cumulative total of around $240 billion, or approximately ₹22.6 lakh crore. This forecast assumes that international fuel prices remain stable at levels similar to those observed in 2024-25.

The IEA anticipates annual savings could reach about $35 billion, equivalent to around ₹3.3 lakh crore, by 2030. This amount would surpass India’s total spending on non-coking coal and natural gas imports for the fiscal year 2024-25.

India’s renewable electricity capacity has nearly quadrupled over the past decade, exceeding 300.38 GW in 2026. The IEA now recognizes India as the second-fastest growing renewable energy market globally and the second-largest producer of solar panels.

By 2025, India achieved 50% of its installed power capacity from non-fossil sources, achieving its 2030 target five years early. This progress is attributed to consistent policy support, ambitious goals, and long-term planning.

The central government’s renewable energy initiative encompasses large power projects, domestic manufacturing, and support for households and farmers. Through competitive bidding, India has secured some of the lowest solar power costs globally. According to the IEA, tariffs for solar projects launched in 2025 were about 40% lower than the average cost of coal-based electricity.

The report specifically recognizes the PM Solar Home Scheme, which has accelerated rooftop solar installations, enabling households to generate their own power and reduce electricity bills. The scheme also benefits agriculture by supporting solar-powered irrigation pumps and providing electricity to farms.

Furthermore, production-linked incentive schemes and policies promoting domestically manufactured equipment have attracted investment in local solar manufacturing.