It is estimated 508 megawatts (MW) of community and locally owned capacity is now operational in Scotland.
It now exceeds the 500MW target set for 2020.
The Energy Minister Fergus Ewing made the announcement ahead of the Holyrood Magazine Community Energy Conference in Perth.
Minister Ewing said: "I am delighted we have met this target early which creates a huge opportunity to increase our ambition and to keep Scotland in the lead. We will be considering the scope to review our target alongside other energy policy development over the coming months.
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"There are still challenges we need to overcome - community energy generally has higher capital costs, longer lead in times and frequent delays in connecting to the grid, while the UK Government is intent on slashing support for small scale renewables."
The Scottish Government recently published its first ever Community Energy Policy Statement.
It outlines the economic and social benefits of shared energy ownership and promotes a new approach to energy development in Scotland.
Minister Ewing added: "The first national Community Energy Policy Statement makes community energy a central part of our energy ambitions and we are providing the best possible environment to help ambitious community groups reap the financial benefits of owning or hosting renewables schemes."
The Scottish Government offers support for community energy in three main ways: The Community and Renewable Energy Scheme (CARES), The Renewable Energy Investment Fund (REIF) and Local Energy Challenge Fund.
(LM/CD)
