India added 1.1 GW of rooftop solar capacity from January to June 2024, marking a 26% rise from the 873 MW installed during the same period last year, according to a report released on Thursday by US-based research firm Mercom Capital.
The report titled “India Rooftop Solar Market” highlighted that 731 MW of rooftop solar was installed in Q2 2024, marking an 89% increase from 388 MW year-on-year.
As of June, India’s total rooftop solar capacity reached 11.6 GW, with the industrial sector accounting for over 23% of new installations. The commercial sector added 4%, while the government sector contributed 0.7%, according to the report.
The surge in installations during 1H and Q2 2024 was primarily driven by residential rooftop solar capacity under the PM Surya Ghar: Muft Bijli Yojana. Residential solar installations skyrocketed by 923% QoQ, comprising over 72% of the projects commissioned in Q2.
The industrial segment contributed over 23% of the quarterly installations, while the commercial and government segments accounted for 4% and 0.7%, respectively.
“The rooftop solar sector in India is finally taking off, largely due to the Prime Minister’s rooftop solar initiative, which has sparked unprecedented consumer interest. After overcoming initial setbacks, we can anticipate consistently higher installation rates in the residential segment moving forward. Nevertheless, the success of the program could be hindered by domestic module availability, component shortages, and escalating costs if these issues are not resolved,” said Raj Prabhu, CEO, of Mercom Capital Group.
Gujarat, Maharashtra, Kerala, Uttar Pradesh, and Tamil Nadu were the top contributors to rooftop solar capacity additions in Q2 2024, making up over 81% of the installations. As of June 2024, India’s total rooftop solar capacity had reached 11.6 GW.
As of June 2024, the top 10 states accounted for over 78% of cumulative rooftop solar installations. Gujarat, Maharashtra, Rajasthan, Kerala, and Karnataka led in installed capacity, with Kerala recording the highest quarterly growth rate of nearly 9% between Q2 2023 and Q2 2024.
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Resource: : The Economic Times
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