MERCOM INDIA ROOFTOP SOLAR MARKET REPORT Q2 2023 – 387 MW INSTALLED IN Q2 2023
In the second quarter (Q2) of the calendar year (CY) 2023, India added 387 megawatts (MW) of rooftop solar capacity, accounting for almost 23% of total solar installations. Rooftop solar installations fell 20% compared to 485 MW in Q1 2023. Year-over-year (YoY), installations dropped 0.5%, according to the newly released report by Mercom India Research: Q2 2023 Mercom India Rooftop Solar Market Report.
During the quarter, capacity additions by residential consumers accounted for 54%, industrial consumers 25%, and commercial consumers 21%.
In the first half of 2023, 872 MW of solar rooftop capacity was added, a 3.2% increase YoY compared to 845 MW in 1H 2022.
India’s cumulative rooftop solar capacity reached 9.6 gigawatts (GW) at the end of Q2 2023.
“Rooftop solar did not meet expectations in the first half of the year, even with falling component prices and growing demand. We could see a much stronger second half as installers holding out for better margins start ramping up installations and fulfilling demand at a much quicker pace,” said Raj Prabhu, CEO of Mercom Capital Group.
Gujarat, Kerala, and Maharashtra added the most rooftop solar capacity in Q2 2023, accounting for nearly 73% of capacity additions.
Gujarat continued to lead in rooftop solar installations, contributing to 26% of the cumulative installations, followed by Maharashtra and Rajasthan. The top 10 states accounted for 76% of cumulative rooftop solar installations as of June 2023.
Comprehensive details of net metering policies across all Indian states and Union Territories are also included in the report.
Key Highlights from Mercom India Research’s Q2 2023 India Rooftop Solar Market Report
- In Q2 2023, India added 387 MW of rooftop solar capacity
- Residential consumers accounted for 54%, industrial consumers 25%, and commercial consumers 21% of the quarterly capacity additions
- In 1H 2023, the country added 872 MW of solar rooftop capacity, a 3.2% increase YoY
- Cumulative rooftop solar installations reached 9.6 GW as of June 2023
- The top 10 states accounted for 76% of cumulative rooftop solar capacity
- Gujarat was the leading state for cumulative rooftop solar installations, followed by Maharashtra and Rajasthan
- Rooftop solar system costs dropped 2.7% QoQ and 4.2% YoY
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