2022 Q4 AND ANNUAL MERCOM INDIA ROOFTOP SOLAR MARKET REPORT – 1.6 GW INSTALLED IN 2022
India added 1.6 GW of rooftop solar, down almost 4% compared to 1.7 GW installed in 2021 according to Mercom India Research’s newly released “2022 Q4 and Annual Mercom India Rooftop Solar Market Report”.
In the fourth quarter (Q4) of 2022, 483 megawatts (MW) of rooftop solar was added, almost a 51% increase quarter-over-quarter (QoQ). Installations were up 20% year-over-year (YoY). About 42% of installations during the year were in the industrial segment, while residential, commercial, and government represented 32%, 25%, and 1%, respectively.
According to the report, the average rooftop solar system costs fell marginally by 0.4% compared to Q3 2022 but were up almost 13% YoY.
The Central Government implemented significant policy changes in the sector during the year, including Basic Customs Duty (BCD) implementation and the Approved List of Models & Manufacturers (ALMM) mandate for rooftop solar projects. These policies added to the volatility in solar module prices and supply in the market. Installations may have been higher if project costs hadn’t surged after the BCD and if installers had clarity about grid-connected rooftop solar projects requiring ALMM-enlisted modules, noted the report.
Gujarat remained the top market, accounting for 24% of cumulative solar rooftop installations, followed by Maharashtra and Rajasthan, with 14% and 9%, respectively. The top 10 states accounted for approximately 74% of cumulative rooftop solar installations as of December 2022 and over 85% of capacity added in 2022.
A comprehensive analysis of net metering policies across all Indian states and Union Territories is also included in the report.
Key Highlights from the 2022 Q4 & Annual Mercom India Rooftop Solar Market Report
- In 2022, India added over 1.6 GW of rooftop solar capacity
- The top 10 states accounted for over 85% of rooftop solar installations in 2022
- In Q4, 56% of rooftop solar installations came from the residential segment, while 28% and 15% came from industrial and commercial segments, respectively
- Rooftop solar system costs during the quarter increased by almost 13% YoY
- Cumulative rooftop solar installations reached almost 8.8 GW as of December 2022
- Gujarat was the top state cumulatively for rooftop solar installations, followed by Maharashtra and Rajasthan
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