India Rooftop Solar Capacity Growth Surges 26% in H1 2024

New Delhi, Aug 29 (PTI) The country added 1.1 GW of rooftop solar capacity in January-June, up 26 per cent year-on-year over 873 MW in the year-ago period, according to a report.

In the second quarter of the 2024 calendar year, 731 MW of rooftop solar systems were installed, an increase of 89 per cent from 388 MW in April-June last year, US-based research firm Mercom Capital said in report released on Thursday.

As of June 2024, India had a cumulative installed rooftop solar capacity of 11.6 GW, the 'India Rooftop Solar Market Report' said.

The industrial segment accounted for over 23 per cent of the quarterly installations, while commercial and government segments accounted for 4 per cent and 0.7 per cent of capacity additions, respectively, it said.

"The rooftop solar sector in India is finally taking off, largely due to the Prime Minister's rooftop solar initiative (PM Surya Ghar: Muft Bijli Yojana), which has sparked unprecedented consumer interest," said Raj Prabhu, CEO of Mercom Capital Group.

"We anticipate consistently higher installation rates in the residential segment moving forward. However, if issues like module availability, component shortages, and escalating costs are not resolved, it can pose a challenge," Prabhu said.

The top 10 states contributed over 78 per cent of cumulative rooftop solar installations as of June 2024. Gujarat, Maharashtra, Rajasthan, Kerala, and Karnataka remained at the forefront in terms of cumulative installed rooftop solar capacity during the quarter.

Mercom Capital specialises in providing market intelligence on energy storage, smart grid technology, and solar energy, in addition to offering advisory services on emerging markets and strategic decision-making.