India's Rooftop Solar Installations Drop 26% in Q1 2024
POWER & RENEWABLE ENERGY

India's Rooftop Solar Installations Drop 26% in Q1 2024

India's rooftop solar capacity installations registered a 26% year-on-year decline to 367 megawatts (MW) during the January-March period, primarily due to increased input costs, according to Mercom Capital. The country had seen 485 MW of rooftop solar installations in the first quarter of 2023, as detailed in areportd.

During the March quarter, India added 367 MW of rooftop solar, marking a nearly 10% decline from the previous quarter?s 406 MW and over a 24% decrease from the same period last year. As of March 2024, India's cumulative rooftop solar capacity stood at 10.8 gigawatts (GW).

The report, titled 'Q1 India Rooftop Solar Market,' attributed the decline to application processing delays faced by residential customers due to oversubscription under the PM SURYA GHAR: MUFT BIJLI YOJANA programme and rising module prices complying with domestic content requirements (DCR), which affected the SURYA Gujarat program.

The industrial segment led quarterly capacity additions, almost 57% of installations. The commercial, residential, and government segments contributed around 28%, 14%, and 1.1% of capacity additions, respectively.

Mercom Capital Group CEO Raj Prabhu commented, "Although rooftop solar is off to a slow start, 2024 could be a breakout year if the government's residential rooftop programme with attractive incentives. The challenge is on the supply side, with a short supply of inverters and certain components, availability of skilled labor, and concerns over the ability of installers and government agencies to handle the rush."

Gujarat, Maharashtra, Haryana, Kerala, and Karnataka led in rooftop solar additions for the quarter, with these top five states accounting for more than 67% of the installations.

The 14th RAHSTA Expo, part of the India Construction Festival, will be held on October 9 and 10, 2024, at the Jio Convention Centre in Mumbai. For more details, visit: https://rahstaexpo.com

India's rooftop solar capacity installations registered a 26% year-on-year decline to 367 megawatts (MW) during the January-March period, primarily due to increased input costs, according to Mercom Capital. The country had seen 485 MW of rooftop solar installations in the first quarter of 2023, as detailed in areportd. During the March quarter, India added 367 MW of rooftop solar, marking a nearly 10% decline from the previous quarter?s 406 MW and over a 24% decrease from the same period last year. As of March 2024, India's cumulative rooftop solar capacity stood at 10.8 gigawatts (GW). The report, titled 'Q1 India Rooftop Solar Market,' attributed the decline to application processing delays faced by residential customers due to oversubscription under the PM SURYA GHAR: MUFT BIJLI YOJANA programme and rising module prices complying with domestic content requirements (DCR), which affected the SURYA Gujarat program. The industrial segment led quarterly capacity additions, almost 57% of installations. The commercial, residential, and government segments contributed around 28%, 14%, and 1.1% of capacity additions, respectively. Mercom Capital Group CEO Raj Prabhu commented, Although rooftop solar is off to a slow start, 2024 could be a breakout year if the government's residential rooftop programme with attractive incentives. The challenge is on the supply side, with a short supply of inverters and certain components, availability of skilled labor, and concerns over the ability of installers and government agencies to handle the rush. Gujarat, Maharashtra, Haryana, Kerala, and Karnataka led in rooftop solar additions for the quarter, with these top five states accounting for more than 67% of the installations.

Next Story
Infrastructure Urban

Govt approves NPCIL-NTPC JV company ASHVINI to start nuclear power generation

The Government on September 11, 2024 accorded approval to the Anushakti Vidhyut Nigam Ltd. (ASHVINI), a Joint Venture (JV) of Nuclear Power Corporation of India Limited – NPCIL (51%) and NTPC Ltd. (49%) to build, own & operate nuclear power plants in India in accordance with provisions of the Atomic Energy Act. Additionally Govt. of India has approved transfer of Mahi Banswara Rajasthan Atomic Power Project (MBRAPP) 4x700 MWe based on indigenous PHWR technology, from NPCIL to the JV Company ASHVINI. The Govt has also approved exemption to NPCIL to invest more than Rs 5 billion and exemptio..

Next Story
Infrastructure Urban

CRC Group partners with Dubai’s Killa Design for luxury Noida project

Noida-based real estate developer CRC Group has teamed up with renowned Dubai architect Shaun Killa to design an ultra-luxury residential project in Greater Noida. Shaun Killa, known for iconic structures such as Dubai's Museum of the Future and the Bahrain World Trade Centre, brings his expertise in sustainability and innovation to the collaboration. Killa expressed excitement about the partnership, stating, "Our goal is to create a design that stands the test of time, respects the environment, and complements the culture of the region." The project, set to feature between 375 to 400 luxury u..

Next Story
Infrastructure Urban

Nexus Venture sells stake in India Shelter Finance for Rs 4.82 billion

Venture capital firm Nexus Venture Partners divested a 5.97% stake in India Shelter Finance Corporation for Rs 4.82 billion through open market transactions. India Shelter Finance, based in Gurugram, caters to first-time home loan buyers in Tier-II and Tier-III cities, focusing on the low- and middle-income segments. Nexus, via its affiliates Nexus Ventures III and Nexus Opportunity Fund II Ltd, sold 6.4 million shares in two bulk deals on the BSE, priced between Rs 752.35 and Rs 753.27 per share, resulting in a total deal value of Rs 4.81 billion. This transaction reduced Nexus' stake in the ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000