In the Q1 of the calendar year (CY) 2022, India added 456 MW of Rooftop solar capacity, up 13% from 402MW in the last quarter of the previous year, according to the report titled ‘Mercom India Rooftop Solar Market Report Q1 2022’ by Mercom India Research.
In a Year-over-Year (YoY) comparison, the installations were up by 34%, compared to 341 MW registered in the same quarter of the last year.
After Q2 of 2021, this was the second-highest quarter in terms of installation numbers.
In the Q1 of 2022, rooftop solar accounted for 15% of all solar installations. India’s total rooftop solar capacity was around 7.6 GW at the end of the first quarter. The industrial segment accounted for 47% of installations during the quarter, with the commercial, residential, and government segments accounting for 29%, 22%, and 2%, respectively.
Raj Prabhu, CEO of Mercom Capital Group, said, “It was another great quarter for the rooftop solar market as post-Covid installations continued to surge. Rooftop installations have topped 400 MW for four quarters in a row, which is a first. Commercial and Industrial segments were again the driving force accounting for most installations. However, future growth is dependent on system costs. If the prices continue to go up and project economics deteriorate, demand is bound to contract in the short term.”
At the end of Q1 of 2022, the top 10 states accounted for roughly 73% of all rooftop solar installations. Gujarat is the state with the most cumulative solar rooftop installations with about 1.8GW, followed by Maharashtra and Rajasthan by contributing 12% and 10% of total rooftop installations, respectively.
According to the reports, the rooftop solar system costs have increased by 17% Year-over-Year (YoY).
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Resource: Mercom India
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