MERCOM INDIA ROOFTOP SOLAR MARKET REPORT Q2 2022 – 389 MW INSTALLED IN Q2 2022
The cumulative rooftop solar installed capacity totaled 7.97 GW at the end of Q2 2022.
India added 389 megawatts (MW) of rooftop solar capacity, a 15% decline compared to the 456 MW in Q1 2022. In a year-over-year (YoY) comparison, installations were down by 25%, according to Mercom India Research’s newly released “Mercom India Rooftop Solar Market Report Q2 2022”.
According to the report, at the end of Q2 2022, cumulative rooftop solar installations reached over 7.9 GW.
During the quarter, around 50% of installations were in the industrial segment, followed by approximately 35%, 13%, and 2% in commercial, residential, and government segments, respectively.
“Rooftop installation levels in the first half of the year have been solid, but supply chain issues and the resulting higher component costs and the basic customs duty took a toll on the market in the second quarter. Rooftop project costs have risen for six quarters in a row. But the economic case for rooftop solar is stronger than ever, and we expect the market to show strength going forward,” said Raj Prabhu, CEO of Mercom Capital Group.
The top 10 states accounted for nearly 73% of cumulative rooftop solar installations at the end of Q2 2022. Gujarat led all states, adding over 50 MW of rooftop solar capacity during the quarter, accounting for 13% of the quarter’s installations.
Key Highlights from Mercom India Research’s India Rooftop Solar Market Report Q2 2022
- Rooftop solar installations totaled 845 MW in 1H 2022
- In Q2 2022, India added 389 MW of rooftop solar capacity
- Cumulative rooftop solar installations reached 7.9 GW as of Q2 2022
- The top 10 states cumulatively accounted for nearly 73% of rooftop solar capacity
- In Q2 2022, around 50% of rooftop solar installations came from the industrial segment, followed by approximately 35%, 13%, and 2% in commercial, residential, and government segments
- Gujarat was the top state for cumulative rooftop solar installations, followed by Maharashtra and Rajasthan
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