Sunday, June 26, 2022

India’s rooftop solar capacity grows 34% to 456 MW in Jan-Mar: Mercom

India has added 456 Megawatts (MW) of rooftop solar capacity during the January-March period of 2022, according to Mercom India Research

Must read

New Delhi: India has added 456 Megawatts (MW) of rooftop solar capacity during the January-March period of 2022, according to Mercom India Research. At 456 MW, the installations were 34 per cent higher than 341 MW in the first quarter of 2021, the research firm Mercom said in a report.

“In the Q1 (January-March) of the calendar year 2022, India added 456 MW of rooftop solar capacity, a 13 percent increase compared to the 402 MW installed in Q4 2021. On a year-over-year basis, installations were up by 34 percent,” the report titled ‘Mercom India Rooftop Solar Market Report Q1 2022’ said.

During the quarter, 47 percent of installations were in the industrial segment, followed by 29 percent, 22 per cent, and 2 per cent, in commercial, residential, and government segments.

As of March 31, 2022, India’s cumulative rooftop solar capacity was approximately 7.6 gigawatt (GW), Mercom India said.

Gujarat is the top state for cumulative solar rooftop installations with about 1.8 GW. Maharashtra and Rajasthan rank second and third, contributing 12 per cent and 10 per cent of total rooftop installations by the end of Q1 2022.

“It was a great quarter for the rooftop solar market as post-Covid installations continued to surge. Commercial and industrial segments were again the driving force, accounting for most of the installations. However, future growth is dependent on system costs. If the prices continue to go up and project economics deteriorate, demand is bound to contract in the short term,” said Raj Prabhu, CEO of Mercom Capital Group.

In Q1 2022, the tender activity of rooftop solar projects increased by 269 percent compared to Q4 2021 and 214 per cent compared to Q1 2021. According to the report, the average cost of a rooftop solar system increased 6 per cent in Q1 2022 compared to Q4 2021. The increase in average rooftop system cost was up 17 percent year-over-year.

(PSU Watch– India’s Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

- Advertisement -

More articles

- Advertisement -

Latest News