MERCOM INDIA ROOFTOP SOLAR MARKET REPORT Q3 2022 – 320 MW INSTALLED IN Q3 2022
India added 320 megawatts (MW) of rooftop solar solar in the third quarter (Q3) of the calendar year (CY) 2022, an 18% drop quarter-over-quarter (QoQ) compared to 389 MW installed in Q2 2022, according to Mercom India Research’s newly released “Mercom India Rooftop Solar Market Report Q3 2022”.
According to the report, at the end of Q3 2022, cumulative rooftop solar installations reached 8.3 GW.
In 9M 2022, India added 1.2 GW of rooftop solar, an 11% decrease compared to 9M 2021. The decline in installations was primarily due to the increase in the cost of solar modules and uncertainty over the Approved List of Models and Manufacturers (ALMM) extension during the period.
In Q3 2022, 46% of rooftop solar was installed in the industrial sector, followed by residential, commercial, and government sectors, with 32%, 21, and 1%, respectively. The report noted that system costs had risen steadily in 2022, with a 6% rise during Q1, and a 2% rise during Q2, followed by a 5% rise during Q3 2022.
Gujarat is the leading state for cumulative rooftop solar installations with 23%, followed by Maharashtra and Rajasthan, which added 13% and 10%, respectively. The top 10 states accounted for approximately 73% of cumulative rooftop solar installations.
Key Highlights from Mercom India Research’s India Rooftop Solar Market Report Q3 2022
- In 9M 2022, India added 1,165 MW of rooftop solar, an 11% drop compared to the same period last year
- In Q3 2022, India added 320 MW of rooftop solar, a decrease of 18% compared to 389 MW installed in Q2 2022. YoY installations declined 29%
- Uncertainty over ALMM extension and module price volatility were the critical challenges
- The cumulative installed rooftop solar capacity in India was about 8.3 GW at the end of Q3 2022
- In Q3 2022, the top 10 states accounted for approximately 73% of the cumulative rooftop solar installations
- Maharashtra had the most rooftop solar installations in Q3 2022, followed by Kerala and Gujarat
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