(MENAFN- KNN India)
New Delhi, Aug 30 (KNN) In a significant milestone for India's renewable energy sector, the country has achieved its highest-ever rooftop solar installations in the first half of 2024, according to the latest Q2 2024 India Rooftop Solar market Report by Mercom India.
The report reveals a surge in installations, driven largely by government initiatives and growing consumer interest.
India added 1.1 gigawatts (GW) of rooftop solar capacity in H1 2024, marking a 26 per cent year-over-year increase from 873 MW in H1 2023. This record-breaking performance underscores the rapidly growing adoption of solar energy in the country's residential and commercial sectors.
The second quarter of 2024 saw particularly impressive growth, with installations of 731 MW. This represents the highest quarterly addition to date, an 89 per cent year-over-year increase, and a staggering 99 per cent quarter-over-quarter rise. Such dramatic growth indicates a significant acceleration in the pace of rooftop solar adoption across India.
Perhaps the most striking development has been in the residential sector, which experienced an unprecedented 923 per cent quarter-over-quarter growth.
Residential installations accounted for 72 per cent of Q2 installations, a surge largely attributed to the PM-SURYA GHAR: MUFT BIJLI YOJANA initiative. This government program appears to have successfully catalyzed widespread adoption of rooftop solar among homeowners.
At the state level, Gujarat, Maharashtra, Kerala, Uttar Pradesh, and Tamil Nadu led in Q2 installations, collectively contributing over 81 per cent of the quarter's capacity additions. This concentration of growth in a handful of states suggests that targeted policies and incentives in these regions may be particularly effective in driving adoption.
As of June 2024, India's total rooftop solar capacity reached an impressive 11.6 GW. The top 10 states accounted for 78 per cent of cumulative installations, highlighting the importance of state-level policies and initiatives in shaping the country's solar landscape.
Raj Prabhu, CEO of Mercom Capital Group, offered expert analysis on the sector's growth: "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."
However, Prabhu cautioned about potential challenges, including "domestic module availability, component shortages, and escalating costs," underlining the need for continued attention to supply chain and manufacturing issues.
The report also highlighted interesting market dynamics, noting a 12 per cent quarter-over-quarter increase in average rooftop solar system costs.
This rise breaks a six-quarter declining trend and is attributed to the growing use of modules meeting domestic content requirements. Despite this recent increase, costs remain 10 per cent lower year-over-year, indicating that solar energy continues to become more affordable over time.
(KNN Bureau)
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