The central government led by Prime Minister Narendra Modi emphasises rooftop solar installation. Many schemes are also being implemented to promote it. The positive results of all this are also visible. Rooftop solar panel installation increased by 6.25 per cent to 1.7 GW in 2023.
American research firm Mercom Capital has given this information. According to its ‘Mercom India Rooftop Solar Market Report’, the cost of installing solar panels has come down in India. Now, people have started understanding its economic and environmental benefits. This is why the number of people installing rooftop solar panels continuously increases.
The general public’s contribution to increasing solar capacity in 2023 was greater, as they installed panels on the roofs of their houses. However, there was little growth as commercial and industrial (C&I) consumers waited for module prices to stabilise to keep their capital investments low.
The residential segment accounted for over half of solar forgiveness growth last year. After that, there was the commercial and industrial segment.
Raj Prabhu, CEO of Mercom Capital Group, said, ‘Electricity is continuously increasing, while the cost of installing solar systems is decreasing. Many types of concessions are also available from the government on solar systems. Due to this, the general public’s inclination is increasing towards the solar system.’
Raj Prabhu said that along with the residential segment, the commercial-industrial segment is also getting attractive returns on investment. The wait for their prices to fall is also over. Due to this, the demand for solar systems is continuously increasing which is expected to increase further in 2024.
The average cost of installing a rooftop solar system has declined for the fifth consecutive quarter. Under the PM Surya Ghar Free Electricity Scheme, the government has made installing solar panels even more attractive. The growth of solar panel installation in 2024 is expected to be much higher than last year.
