MERCOM INDIA ROOFTOP SOLAR MARKET REPORT Q2 2024 – 731 MW INSTALLED IN Q2 2024

India added 1.1 gigawatts (GW) of rooftop solar capacity in the first half (1H) of calendar year (CY) 2024, the highest 1H installations to date. Installations rose 26% year-over-year (YoY) compared to the 873 MW installed in 1H 2023, according to Mercom India’s Q2 2024 India Rooftop Solar Market Report.

In the second quarter (Q2) of 2024, 731 MW of rooftop solar systems were installed, the highest amount of new quarterly capacity and an increase of almost 89% YoY compared to 388 MW in Q2 2023. Installations were up more than 99% quarter-over-quarter (QoQ) compared to 367 MW in Q1 2024.

The growth in installations during the first half (1H) and Q2 of 2024 was largely driven by increased residential rooftop solar capacity under the PM—SURYA GHAR: MUFT BIJLI YOJANA (PM—Surya Ghar). Residential solar installations surged by almost 923% quarter-over-quarter (QoQ), making up over 72% of the projects commissioned during the quarter.

The industrial segment accounted for over 23% of the quarter’s installations. Commercial and government segments accounted for 4% and 0.7% of capacity additions, respectively.

Gujarat, Maharashtra, Kerala, Uttar Pradesh, and Tamil Nadu led rooftop solar capacity additions in Q2 2024. The top five states accounted for over 81% of installations in Q2.

As of June 2024, India had a cumulative installed rooftop solar capacity of 11.6 GW.

The top 10 states contributed over 78% 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.

In Q2 2024, rooftop solar tenders amounting to 533.6 MW were issued, down nearly 35% from 816.9 MW in Q1 2024 and a 259% jump compared to 148.6 MW in Q2 2023.

The average cost of rooftop solar systems rose by more than 12% QoQ after falling for six straight quarters due to domestic content requirements. The average cost was down nearly 10% YoY.

A comprehensive analysis of net metering policies across all Indian states and Union Territories is also included in the report.

Key Highlights from Mercom India Research’s Q2 2024 India Rooftop Solar Market Report

• India added 1.1 GW of rooftop solar in 1H 2024, up almost 26% YoY
• In Q2 2024, 731 MW of rooftop solar capacity was added, up over 99% QoQ and 89% YoY
• Residential consumers contributed to over 72% of the installations in Q2
• Cumulative rooftop solar installations reached 11.6 GW as of June 2024
• Gujarat and Maharashtra led quarterly capacity additions and also remained the top states cumulatively
• In Q2 2024, 533.6 MW of rooftop solar tenders were issued, down 35% QoQ and up 259% YoY
• The average cost of rooftop solar systems rose by over 12% QoQ and fell nearly 10% YoY

Contact Mercom for pricing: reports@mercomindia.com or call us at +91-080-41211148.