India Added 367 MW of Rooftop Solar in Q1 2024
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India’s cumulative rooftop photo voltaic capability was 10.8 GW as of March 2024
May 30, 2024 –India added rooftop photo voltaic capability totaling 367 megawatts (MW) in the primary quarter (Q1) of the calendar 12 months (CY) 2024. Installations fell almost 10% quarter-over-quarter (QoQ) from 406 MW and dropped over 24% year-over-year (YoY) from 485 MW, in line with Mercom India’s newly launchedQ1 2024 India Rooftop Solar Market Report.
The drop in installations was largely a outcome of software processing delays confronted by residential prospects because of oversubscription below the PM – SURYA GHAR: MUFT BIJLI YOJANA program, a central subsidy for rooftop methods between 1 kilowatt (kW) and three kW. The rise in module costs to adjust to home content material necessities (DCR) additional contributed to decreased capability additions below the SURYA Gujarat program.
Installations below the capital expenditure (CAPEX) financing mannequin accounted for 69% of the capability additions in the quarter. Capacity additions below the operational expenditure or the renewable power service firm (OPEX/RESCO) mannequin accounted for the steadiness.
The industrial phase led quarterly capability additions, comprising virtually 57% of installations. Commercial, residential, and authorities segments accounted for round 28%, 14%, and 1.1% of capability additions, respectively.
“Although rooftop photo voltaic is off to a sluggish begin, 2024 could possibly be a breakout 12 months if the federal government’s residential rooftop program – with engaging incentives – lastly takes off. Rapidly declining system prices and excessive energy tariffs have created excellent situations for the sector. The problem is on the provision facet; a brief provide of inverters and sure elements, availability of expert labor, and considerations over the flexibility of installers and authorities companies to deal with the push is preserving the sector up at evening,” stated Raj Prabhu, CEO of Mercom Capital Group.
Gujarat, Maharashtra, Haryana, Kerala, and Karnataka led in rooftop photo voltaic additions in the quarter. The high 5 states accounted for greater than 67% of the quarter’s installations.
As of March 2024, India had a cumulative put in rooftop photo voltaic capability of 10.8 gigawatts (GW).
The high 10 states comprised over 77% of cumulative rooftop photo voltaic installations as of March 2024. Gujarat, Maharashtra, Rajasthan, Kerala, and Karnataka continued to be the main states for cumulative put in rooftop photo voltaic capability through the quarter.
In Q1 2024, issued rooftop photo voltaic tenders totaled 817 MW, up 48% from 553 MW in This autumn 2023 and a 141% soar from 338 MW in Q1 2023. Tenders issued for tasks to be commissioned below OPEX/RESCO mode accounted for 60% of the quarter’s bulletins.
The common price of rooftop photo voltaic methods fell for the sixth straight quarter and was down by greater than 6% QoQ and almost 22% YoY.
A complete evaluation of internet metering insurance policies throughout all Indian states and Union Territories can be included in the report.
Key Highlights from Mercom’s Q1 2024 India Rooftop Solar Market Report
- In Q1 2024, India added 367 MW of rooftop photo voltaic capability, a 24% drop YoY
- Installations below the CAPEX mannequin made up 69% of the quarter’s set up
- Industrial shoppers contributed to virtually 57% of the installations in Q1
- Cumulative rooftop photo voltaic installations reached 10.8 GW as of March 2024
- Gujarat and Maharashtra led the quarterly capability additions and likewise remained the highest states cumulatively
- In Q1 2024, rooftop photo voltaic tenders totaled 817 MW, up 48% QoQ and 141% YoY
- The common price of rooftop photo voltaic methods fell 6% QoQ and 22% YoY
The Q1 2024 Mercom India Rooftop Solar Report is73 pages lengthy and covers all sides of India’s rooftop photo voltaic market.For the entire report, go to:https://www.mercomindia.com/
Neel Achary
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