Rooftop solar installations fall 26% to 367 MW in January-March: Report
The country had witnessed 485 megawatt (MW) of rooftop solar installations during the first quarter of 2023, the research firm said in a report on Friday.
Rooftop solar capacity installations in India registered a 26 per cent year-on-year decline to at 367 megawatts during January-March period, mainly on account of rise in input cost, according to Mercom Capital.
The country had witnessed 485 megawatt (MW) of rooftop solar installations during the first quarter of 2023, the research firm said in a report on Friday.
India added 367 MW of rooftop solar in the March quarter. Installations fell nearly 10 per cent quarter-over-quarter from 406 MW and dropped over 24 per cent year-on-year from 485 MW, the report titled 'Q1 India Rooftop Solar Market' said.
India's cumulative rooftop solar capacity was 10.8 GW as of March 2024.
"The drop in installations was largely a result of application processing delays faced by residential customers due to oversubscription under the PM SURYA GHAR: MUFT BIJLI YOJANA programme. The rise in module prices to comply with domestic content requirements (DCR) further contributed to reduced capacity additions under the SURYA Gujarat program," it said.
The industrial segment led quarterly capacity additions, comprising almost 57 per cent of installations. Commercial, residential, and government segments accounted for around 28 per cent, 14 per cent, and 1.1 per cent of capacity additions, respectively.
Mercom Capital Group CEO Raj Prabhu said, "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, 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 is keeping the sector up at night." Gujarat, Maharashtra, Haryana, Kerala, and Karnataka led in the rooftop solar additions in the quarter. The top-five states accounted for more than 67 per cent of the quarter's installations.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
04:05 PM IST