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					</table><p>The average system cost of large-scale solar projects fell again in the second quarter of 2025, continuing the steady downward trend. Indian TOPCon-based projects remain the most expensive, while Chinese mono PERC projects continue to come in at the lowest cost.</p>
<p>On a quarterly basis, costs declined across the board. Indian DCR TOPCon dropped 1.3%, Indian DCR mono PERC 1.2%, Indian TOPCon 1.6%, Indian mono PERC 3.5%, Chinese TOPCon 1.5%, and Chinese mono PERC 1.5%. Chinese mono PERC accounted for the lowest share of total project cost at 38.9%, while Indian DCR TOPCon stayed at the top at 61.9%.</p>
<p>The decline reflects weaker cell prices, a surge in imported TOPCon modules, and a slowdown in demand mid-quarter. Year over year, costs were lower across most categories, with the exception of DCR-compliant mono PERC, which increased by 4.8%. That increase underscores the persistent premium tied to domestic sourcing rules.</p>
<p>The shift to bifacial modules is now essentially complete. Monofacial options are no longer available on the market, and bifacial panels now come with 30-year warranties, compared to the earlier 25-year standard.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/09/system-cost.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-84177 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/09/system-cost.png" alt="" width="994" height="567" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/09/system-cost.png 994w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/09/system-cost-300x171.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/09/system-cost-768x438.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/09/system-cost-650x371.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/09/system-cost-624x356.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/09/system-cost-600x342.png 600w" sizes="(max-width: 994px) 100vw, 994px" /></a></p>
<p>The cost of power conditioning units, primarily solar inverters, increased by 2.5% in the second quarter. Module mounting structure costs decreased by 11% due to lower steel prices, while other balance of system components remained unchanged.</p>
<p>With ALMM-II for solar cells set to take effect in June 2026, the market could face a shortage of compliant modules. This could likely drive prices higher and put pressure on project economics and scalability.</p>
<p>India installed 18 GW of solar capacity in the first half of 2025, representing a 31% year-over-year increase. By the end of June, cumulative capacity had reached 116.4 GW, underlining the sector&#8217;s strong growth momentum.</p>
<p>Mercom&#8217;s Q2 2025 India Solar Market Update report is 94 pages long and covers all facets of India&#8217;s solar market.</p>
<p>For the complete report,</p>
<p>visit<strong><em>: </em></strong><a href="https://www.mercomindia.com/product/q2-2025-india-solar-market-update" target="_blank" rel="noopener">https://www.mercomindia.com/product/q2-2025-india-solar-market-update</a></p>


Large-Scale Solar System Costs Across Module Technologies Drop in Q2 2025


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					</table><p>India’s renewable energy capacity, including large hydroelectric projects, made up 48.3% of the country’s cumulative power capacity, with 234.2 GW installed at the end of the second quarter (Q2) of 2025, according to data from the Central Electricity Authority (<a href="https://cea.nic.in/?lang=en" target="_blank" rel="noopener">CEA</a>), the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/en/" target="_blank" rel="noopener">MNRE</a>), and Mercom’s India Solar Project Tracker.</p>
<p>Solar power accounted for 24% of the total installed power capacity and 49.7% of the total installed renewable capacity as of June 2025.</p>
<p>In the previous quarter ending March 2025, renewable energy capacity with 218.6 GW <a href="https://www.mercomindia.com/solars-share-in-indias-renewable-energy-capacity-increases-to-47-6-in-q1-2025" target="_blank" rel="noopener">accounted</a> for 46.1% of the power mix. Solar power accounted for 22% of the total installed capacity and 47.6% of the installed renewable energy capacity.</p>
<p>While renewable energy capacity in the installed power mix increased by 19% year-over-year (YoY) and 7.1% quarter-over-quarter (QoQ), the solar capacity in the installed power mix grew by 33.5% YoY and 11.8% QoQ.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-82905 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Power-mix-Q2.png" alt="Power mix Q2" width="782" height="468" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Power-mix-Q2.png 782w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Power-mix-Q2-300x180.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Power-mix-Q2-768x460.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Power-mix-Q2-650x389.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Power-mix-Q2-624x373.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Power-mix-Q2-600x359.png 600w" sizes="(max-width: 782px) 100vw, 782px" /></p>
<p>India <a href="https://www.mercomindia.com/indias-solar-power-generation-rises-19-2-yoy-in-q2-2025" target="_blank" rel="noopener">generated</a> approximately 43 billion units (BU) of solar power in Q2 2025, marking a 19.2% YoY increase. On a QoQ basis, generation rose by 2.5%, up from 42.1 BU in the previous quarter.</p>
<p>Large hydropower, with a total installed capacity of 49.4 GW, accounted for nearly 10.2% of the total installed power capacity as of June 2025.</p>
<p>Substantial pumped storage capacity additions were made, with THDC’s Tehri PSP Unit-1 (250 MW) and Greenko’s Pinnapuram HPS Units 1–5 (5*240 MW), contributing an additional 1,200 MW of pumped hydro capacity.</p>
<p>Wind installations reached 51.7 GW, accounting for 10.7% of the country’s total installed power capacity, a 3.3% increase from Q1 2025.</p>
<p>Biomass and small hydropower contributed 2.2% and 1.1% to the total installed power capacity as of June 2025, respectively.</p>
<p><strong>Energy from conventional sources</strong></p>
<p>At the end of Q2 2025, the country’s installed conventional power capacity stood at 250.8 GW, accounting for 51.7% of all installations. This represents a decrease from 53.9% in the previous quarter and 43.9% in the same period last year.</p>
<p>Electricity generation from thermal sources is mainly fueled by coal (44.3%), gas (4.2%), nuclear (1.8%), lignite (1.4%), and diesel (0.12%). The total installed capacity of conventional power declined during the quarter. Coal-based thermal capacity decreased by 0.23%, even though two major coal projects were commissioned in Q2 2025: NTPC’s Barh I Unit-3 (660 MW) and UPRVUNL’s Obra C Unit-2 (660 MW), adding a combined 1.3 GW. However, this increase was offset by the decommissioning of around 2 GW of coal-based thermal capacity during the same period.</p>
<p>The quarter also witnessed the decommissioning of gas-based thermal units, leading to a 17.9% reduction in gas capacity. In contrast, nuclear power capacity increased by 7.3% compared to Q1 2025.</p>
<p>Despite the continued dominance of conventional power, its declining share in the total installed capacity highlights the accelerating growth of renewable energy across the country.</p>


Renewable Energy Capacity in India’s Power Mix Reaches 48.3% in Q2 2025


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					</table><p>Solar power accounted for 22% of India’s total installed power capacity and 47.6% of the total installed renewable energy capacity at the end of the first quarter (Q1) of the calendar year 2025. The share of solar power in the total power capacity increased by 6.8% quarter-over-quarter (QoQ) and 27.3% year-over-year (YoY).</p>
<p>India’s renewable energy capacity, including large hydroelectric projects, accounted for 46.1% of the cumulative power capacity, with 218.6 GW installed at the end of Q1, according to data from the Central Electricity Authority (<a href="https://cea.nic.in/?lang=en" target="_blank" rel="noopener">CEA</a>), the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/en/" target="_blank" rel="noopener">MNRE</a>), and Mercom’s India Solar Project Tracker.</p>
<p>The share of renewable energy in the power mix increased from 209.1 GW, representing 44.1% of the overall power capacity, in the previous quarter. The capacity increased from 190.6 GW at the end of Q1 2024, when it comprised 43.2% of the overall power capacity.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Screenshot-2025-08-07-130847-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-82874 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Screenshot-2025-08-07-130847-1.png" alt="Solar Share in India Q1" width="769" height="509" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Screenshot-2025-08-07-130847-1.png 769w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Screenshot-2025-08-07-130847-1-300x199.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Screenshot-2025-08-07-130847-1-650x430.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Screenshot-2025-08-07-130847-1-624x413.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Screenshot-2025-08-07-130847-1-600x397.png 600w" sizes="(max-width: 769px) 100vw, 769px" /></a></p>
<p>India generated approximately 42 billion units (BU) of solar power during the quarter, compared to 35.2 BU in Q4 2024.</p>
<p>As of March 2025, large hydro, with a total installed capacity of 47.7 GW, accounted for nearly 10.1% of the total installed power capacity.</p>
<p>Wind installations in India totaled 50 GW, accounting for 10.6% of the country’s overall installed power capacity.</p>
<p>Biomass and small hydro contributed 2.3% and 1.1% to the total installed power capacity as of March 2025, respectively.</p>
<p><strong>Energy from conventional sources</strong></p>
<p>At the end of Q1 2025, India’s installed conventional power capacity stood at 255.1 GW, accounting for 53.9% of all installations. This installed capacity represents a decrease from 54.7% in the previous quarter and 56.8% in the same period last year.</p>
<p>The electricity generated from thermal sources includes coal (45.4%), gas (5.2%), nuclear (1.7%), lignite (1.4%), and diesel (0.12%). Although conventional power’s total installed capacity decreased, coal-based power projects’ installed capacity rose 1.3% during the quarter.</p>
<p>The coal-based power plants commissioned in Q1 2025 included units at THDC’s Khurja STPP, TSGENCO’s Yadadri TPS, MAHAGENCO’s Bhusawal TPS, and UPRVUNL’s Panki TPS Extension, as well as KPCL’s Yelahanka CCPP, resulting in a total of 2.8 GW commissioning in Q1 2025.</p>
<p>During the quarter, decommissioning activities at gas-based thermal installations resulted in a 1.1% decrease in installed capacity.</p>
<p>Despite its significant installed capacity, the decline in conventional power’s share underscores the country’s growing expansion of renewable energy. With the rising share of variable solar and wind power in the energy mix, energy storage systems are <a href="https://www.mercomindia.com/battery-energy-storage-key-to-indias-renewable-energy-future" target="_blank" rel="noopener">emerging</a> as a critical enabler, helping bridge the gap between generation and consumption while maintaining grid balance.</p>
<p>Last August, Rajasthan became the first state in India to <a href="https://www.mercomindia.com/rajasthan-first-state-50-solar" target="_blank" rel="noopener">achieve</a> more than 50% solar in its total installed power capacity, according to Mercom’s India Solar Project Tracker. The state had approximately 23 GW of solar capacity, representing 51% of its total installed power capacity. Solar accounted for 76% of its total installed renewable energy capacity.</p>


Solar’s Share in India’s Renewable Energy Capacity Increases to 47.6% in Q1 2025


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					</table><p>Solar photovoltaic projects comprised 21.2% of India’s total installed power capacity and 46.8 % of the total installed renewable capacity at the end of December 2024. India’s installed solar capacity rose 10.5% quarter-over-quarter (QoQ) and 57.2% year-over-year (YoY).</p>
<p>Renewables, including large hydroelectric power projects, comprised 45.4 % of the country’s cumulative installed power capacity, with 209.7 GW installed at the end of the calendar year (CY) 2024. The country’s installed renewable energy capacity rose 5.1% QoQ and 25.7% YoY.</p>
<p>India’s installed power capacity was 462.2 GW at the end of CY 2024, up 2.6% <a href="https://www.mercomindia.com/solar-share-india-rises-q3" target="_blank" rel="noopener">from</a> 450.7 GW as of September 2024, according to data from Mercom’s <a href="https://www.mercomindia.com/product/india-solar-project-tracker" target="_blank" rel="noopener">India Solar Project Tracker</a>, Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/en/" target="_blank" rel="noopener">MNRE)</a>, and Central Electricity Authority (<a href="https://cea.nic.in/?lang=en" target="_blank" rel="noopener">CEA</a>).</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/Screenshot-2025-08-07-131635.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-82876 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/Screenshot-2025-08-07-131635.png" alt="Solar Energy’s Contribution to India’s Power Mix Surpassed 21% in Q4" width="971" height="597" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/Screenshot-2025-08-07-131635.png 971w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/Screenshot-2025-08-07-131635-300x184.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/Screenshot-2025-08-07-131635-768x472.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/Screenshot-2025-08-07-131635-650x400.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/Screenshot-2025-08-07-131635-624x384.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/Screenshot-2025-08-07-131635-600x369.png 600w" sizes="(max-width: 971px) 100vw, 971px" /></a></p>
<p>Large hydro, with a total installed capacity of 47 GW, accounted for nearly 10.2% of the total installed power capacity as of December 2024. No large hydro projects were commissioned in Q4 2024. The country’s installed large hydro capacity increased by 25.2% YoY during the year.</p>
<p>Wind installations in India stood at 48.2 GW, making up 10.4% of the country’s overall installed power capacity. The country’s wind energy capacity rose 1.7% QoQ and 7.7% YoY.</p>
<p>Installed biomass and small hydro totaled 10.7 GW and 5.1 GW, contributing 2.3% and 1.1% to the total installed power capacity as of December 2024. The country’s biomass-based power capacity rose 0.03% QoQ and 4.5% YoY, whereas the installed capacity for small hydropower was up 0.5% QoQ and 2.3% YoY.</p>
<p><strong>Conventional Energy Sources</strong></p>
<p>At the end of 2024, the country’s installed power capacity for conventional energy sources stood at 252.6 GW, accounting for 54.6% of all installations. The installed capacity rose 0.5% QoQ and 2% YoY to fulfill the baseload requirements of the country’s increasing power demand. However, the share of conventional power reduced from nearly 58% as of December 2023 to 54.6% as of December  2024.</p>
<p>The electricity generated from thermal sources includes coal (45.9%), gas (5.4%), nuclear (1.8%), lignite (1.4%), and diesel (0.13%). The increase in installed conventional power capacity was primarily due to additions to the country’s coal and nuclear power capacity. The installed capacity of coal power rose 0.6% QoQ and 2.2% YoY. The country did not add any nuclear power capacity in Q4. However, the installed nuclear capacity rose 9.4% YoY during the year.</p>
<p>With the increasing share of intermittent power sources, including solar and wind, in the country’s power mix, the Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-recovery-of-legacy-dues-dsm-pool-account" target="_blank" rel="noopener">reiterated</a> that the approved methodology in the National Load Despatch Centre’s detailed procedure applies to all deficits in the Deviation Settlement Mechanism Pool Account. The commission directed the distribution companies to ensure timely payment of dues to avoid delays in compensating ancillary service providers and maintain grid stability.</p>


Solar Energy’s Contribution to India’s Power Mix Surpassed 21% in Q4


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					</table><p>India&#8217;s installed power capacity was 450.7 GW as of September 2024. Renewable energy accounted for 44.3% of the country&#8217;s power capacity mix, with 199.5 GW installed at the end of Q3 2024, according to data from the Central Electricity Authority (CEA), Ministry of New and Renewable Energy (MNRE), and Mercom&#8217;s <a href="https://www.mercomindia.com/product/india-solar-project-tracker" target="_blank" rel="noopener">India Solar Project Tracker</a>.</p>
<p>In the third quarter (Q3) of the calendar year (CY) 2024, solar energy accounted for 19.6% of the country&#8217;s total installed power capacity and 44.3% of the installed renewable capacity.</p>
<p>During the same quarter last year, solar energy was at 16.5% of the total installed power capacity and 39.4% of renewable energy. The installations in the first half of the year have already <a href="https://www.mercomindia.com/india-15-gw-solar-1h-2024" target="_blank" rel="noopener">surpassed</a> all previous half-yearly and annual installations.</p>
<p>Renewable energy&#8217;s (177.1 GW) contribution to the overall power mix was 41.8% at the end of Q2 2024.</p>
<p>In a quarter-over-quarter comparison, solar power made up 19.4% of the total installed power capacity and 44.2% of the installed renewable capacity until the end of Q2 2024. Renewable energy&#8217;s (196.4 GW) share was 44% of the installed power capacity.</p>
<p>India generated approximately 32 billion units (BU) of solar power during the quarter compared to 27 BU in Q3 2023.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-72503 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/India-Cumulative-Installed-Power-Capacity-Mix.jpg" alt="India - Cumulative Installed Power Capacity Mix" width="1767" height="955" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/India-Cumulative-Installed-Power-Capacity-Mix.jpg 1767w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/India-Cumulative-Installed-Power-Capacity-Mix-300x162.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/India-Cumulative-Installed-Power-Capacity-Mix-768x415.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/India-Cumulative-Installed-Power-Capacity-Mix-1536x830.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/India-Cumulative-Installed-Power-Capacity-Mix-650x351.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/India-Cumulative-Installed-Power-Capacity-Mix-624x337.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/India-Cumulative-Installed-Power-Capacity-Mix-600x324.jpg 600w" sizes="(max-width: 1767px) 100vw, 1767px" /></p>
<p>Both wind and large hydro accounted for 10.5% of each of the country&#8217;s cumulative installed power capacity at the end of September.</p>
<p>The country&#8217;s installed wind energy capacity rose 1.5% QoQ from 46.6 GW and 7.2% YoY from 44.2 GW.</p>
<p>Large hydro&#8217;s contribution to the power mix remained unchanged in the QoQ comparison. However, it rose 0.2% from 46.8 GW at the end of September 2023.</p>
<p>Biomass and small hydropower contributed 2.4% and 1.1%, respectively. The installed capacity of small hydropower increased by 1.4% QoQ and 1.9% YoY. The operating capacity of biomass power projects was up 3.6% QoQ and 4.5% YoY.</p>
<p>Waste-to-energy projects contributed a meager 0.1% to the country&#8217;s power mix. The installed capacity of waste-to-energy projects rose 1.8% QoQ and 5.4% YoY.</p>
<p><strong>Energy from conventional sources</strong></p>
<p>As of September 2024, the total installed capacity of conventional power sources stood at 251.2 GW, accounting for 55.7% of the power mix compared to 56% as of June 2024.</p>
<p>Coal-based thermal power constituted 46.8%, gas 5.5%, nuclear 1.8%, lignite 1.5%, and diesel 0.13% of the total installed power capacity. Coal remained the leading power source at 211 GW.</p>
<p>In June, the Ministry of Power <a href="https://www.mercomindia.com/solar-wind-support-unprecedented-power-demand" target="_blank" rel="noopener">highlighted</a> support from renewable energy sources, especially solar during solar hours and wind during non-solar hours, in meeting the summer demand. Renewables accounted for 15% of total power generated on May 30, 2024, when the daytime peak power demand scaled a new high of 250 GW. Thermal generation met 176 GW of the peak demand.</p>
<p>To address the intermittency in renewable energy generation, particularly solar and wind, the MoP <a href="https://www.mercomindia.com/pumped-storage-projects-to-receive-up-to-%E2%82%B920-million-mw-budgetary-support" target="_blank" rel="noopener">revised</a> its budgetary support provisions for hydroelectric and pumped storage projects (PSP), allocating a total of ₹124.6 billion (~$1.48 billion). The ministry will support projects of a cumulative hydroelectric capacity of 31 GW, including 15 GW of PSP capacity from the financial year 2024-25 to 2031-32.</p>


Author: Shanthi

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