Rooftop solar installations: India's big leap in installing solar panels on rooftops, American research firm also approved
Rooftop solar installations: The cost of installing solar panels in the country has reduced significantly. People have also started understanding its economic and environmental benefits. Due to this, the number of people installing rooftop solar panels is continuously increasing. Rooftop solar panel installations increased by 6.25 per cent to 1.7 GW in 2023. Even faster growth in solar panel installation is expected in 2024.
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The central government led by Prime Minister Narendra Modi is laying great emphasis on rooftop solar installation. Many schemes are also being implemented to promote it. The positive results of all this are also visible. Rooftop solar panel installation increased by 6.25 per cent to 1.7 GW in 2023.
Mercom Capital, an American research firm, provided this information. In India, the cost of installing solar panels has decreased, and more people are becoming aware of the advantages solar panels have to offer both environmentally and economically, according to the "Mercom India Rooftop Solar Market Report." This explains the steadily rising number of people installing solar panels on their rooftops.
The public, who put solar panels on their homes, made a larger contribution to the increase in solar capacity in 2023. Nonetheless, little growth occurred as C&I (commercial and industrial) customers held off on making large capital investments while they waited for module prices to stabilise.
Over half of last year's growth in solar forgiveness came from the residential sector. After that, there was the commercial and industrial segment.
Raj Prabhu, CEO of Mercom Capital Group, said, 'Electricity is continuously increasing, while the cost of installing solar systems is decreasing. Many types of concessions are also available from the government on solar systems. Due to this, the inclination of the general public is increasing towards solar systems.
Raj Prabhu said that along with the residential segment, the commercial-industrial segment is also getting attractive returns on investment. The wait for their prices to fall is also over. Due to this, the demand for solar systems is continuously increasing, which is expected to increase further in 2024.
The average cost of installing a rooftop solar system has declined for the fifth consecutive quarter. Under the PM Surya Ghar Free Electricity Scheme, the government has made installing solar panels even more attractive. It is expected that the growth of solar panel installation in 2024 will be much higher than last year.
