Indian Economy News

In January-March, the rooftop solar capacity increased by 6.35% to 485 MW: Mercom India

According to Mercom India, India's rooftop solar capacity climbed by 6.35% to 485 megawatts (MW) in the January-March quarter of this year and the country’s capacity for rooftop solar installation was 456 MW during January-March 2022.

At the end of Q1 2023, India's cumulative rooftop solar capacity was about 9.3 GW. Rooftop solar capacity addition increased marginally by 0.4% from 483 MW in Q4 2022 to 485 MW on a quarterly basis, said Mercom India. It further mentioned that around 58% of capacity was added by residential consumers in Q1 2023, while industrial and commercial consumers accounted for 28% and 14%, respectively. In Q1 2023, rooftop solar accounted for 26% of total solar installations.

Chief Executive Officer (CEO), Mercom Capital Group, Mr. Raj Prabhu said that surviving ups and downs in 2022, the company is beginning to witness steady growth in rooftop solar driven by solid fundamentals. The system costs are falling while the cost of electricity is rising which is making solar economics attractive for consumers and it will lead to an accelerated growth trajectory in the coming quarters.

He further mentioned that the launch of postponed projects that had requested clearances before to October 2022 was the main driver behind the installations. The largest rooftop solar capacity was added in Gujarat, Kerala, and Karnataka in Q1 2023, accounting for about 70% of rooftops capacity additions. As of March 2023, Gujarat continued to be the state with the most rooftop solar installations, making up 24% of total installations. Gujarat was followed by Maharashtra and Rajasthan. As of March 2023, 75% of all rooftops solar installations were in the top 10 states.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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