India Installed a Record 1.7 GW of Solar Capacity in 2023
India Installed a Record 1.7 GW of Solar Capacity in 2023

Highlights:

  • India’s rooftop solar installations increased by 6.25% in 2023
  • The residential segment accounted for more than 50% of the capacity additions

India installed a record 1.7 GW of solar capacity in 2023, a 6.25% increase compared to the previous year. This is the second-highest annual rooftop solar capacity ever added in the country, reveals a new report by Mercom India.

The residential segment accounted for more than half of the capacity additions, followed by the C&I segment which only grew 3.7% YoY.

The report also states that Gujarat had the highest capacity additions in the year. The state accounted for over 27% of the new installations, followed by Maharashtra with 13.3% and Rajasthan with 8.1% share. Additionally, 10 states together accounted for more than 77% of the capacity additions in the year.

The decline in module prices and installation expenses, coupled with elevated electricity rates and attractive government subsidies, emerged as the primary reasons driving the expansion of residential rooftop solar capacity.

On the other hand, the uncertainty related to ALMM (Approved List of Models and Manufacturers) and the volatility in module prices were identified as the key factors contributing to the stagnation in capacity additions within the C&I segment.

The cumulative capacity additions reached 10.5 GW by the end of 2023.

The Indian government is taking major steps to boost rooftop solar capacity in the country. In February, Prime Minister Narendra Modi officially launched the Surya Ghar Muft Bijli Yojana to solarize 1 crore households. Moreover, various state governments have launched programs to boost capacity by encouraging installations and setting up solar panels on government buildings.

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Resource: Mercom India

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