2023 Q4 AND ANNUAL MERCOM INDIA ROOFTOP SOLAR MARKET REPORT – 1.7 GW INSTALLED IN 2023
In calendar year (CY) 2023, India added 1.7 gigawatts (GW) of rooftop solar, up 3.7% compared to 1.6 GW installed in 2022, according to Mercom India Research’s ‘2023 Q4 & Annual Mercom India Rooftop Solar Market Report’.
The residential segment primarily drove capacity additions in 2023. However, the growth was marginal as several commercial and industrial (C&I) consumers waited for module prices to stabilize to lower their capital investments.
The residential segment accounted for over half of the capacity additions in 2023, followed by C&I segments.
In the fourth quarter (Q4) of 2023, 406 megawatts (MW) of rooftop solar was added, a 5.8% drop quarter-over-quarter (QoQ) from 431 MW in Q3 2023. Installations were down 15.9 % year-over-year (YoY) compared to 483 MW in Q4 2022.
The average cost of rooftop solar systems fell for the fifth straight quarter. In Q4 2023, the average rooftop solar system costs fell 10% QoQ and 21.6% YoY.
India’s cumulative rooftop solar installations reached 10.5 GW at the end of Q4 2023.
Gujarat continued to be the leading state, accounting for 27.3% of cumulative solar rooftop installations, followed by Maharashtra and Rajasthan, with 13.3% and 8.1%, respectively.
The top 10 states accounted for 77.3% of cumulative rooftop solar installations as of December 2023.
A comprehensive analysis of net metering policies across all Indian states and Union Territories is also included in the report.
Key Highlights from the 2023 Q4 & Annual Mercom India Rooftop Solar Market Report
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- In 2023, India added 1.7 GW of rooftop solar capacity, up 3.7% YoY
- Residential consumers accounted for 50.5% of the capacity additions in 2023, followed by C&I
- In Q4 2023, India added 406 MW of rooftop solar capacity, down 5.8% QoQ and 15.9% YoY
- In Q4 2023, average rooftop solar system costs fell 10% QoQ and 21.6% YoY
- Cumulative rooftop solar installations reached 10.5 GW as of December 2023
- Gujarat was the top state cumulative rooftop solar installations, followed by Maharashtra and Rajasthan
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MERCOM INDIA RESEARCH
Mercom India Research is a leading research and consulting firm at the forefront of India’s clean energy transformation delivering timely, relevant market intelligence and advisory for India’s energy markets.
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