MERCOM INDIA ROOFTOP SOLAR MARKET REPORT Q3 2023 – 431 MW INSTALLED IN Q3 2023

In the third quarter (Q3) of calendar year (CY) 2023, 431 megawatts (MW) of rooftop solar capacity was added. Installations were up 11.4% compared to 388 MW in Q2 2023. Year-over-year (YoY), installations increased by 34.7% from 320 MW, according to the newly released report by Mercom India Research: Q3 2023 Mercom India Rooftop Solar Market Report.

In the quarter, the majority of installations were in the residential segment, followed by the commercial and industrial (C&I) market segments.

In the first nine months (9M) of 2023, 1.3 GW of solar rooftop capacity was added, an 11.8% growth compared to 1.2 GW in 9M 2022.
India’s cumulative rooftop solar capacity reached 10.1 gigawatts (GW) at the end of Q3 2023.

“We are starting to see a surge in momentum in rooftop installations. The significant drop in module prices has reached a turning point, sparking increased procurement activities that offer attractive returns for rooftop solar investments. We foresee two very robust quarters coming up,” said Raj Prabhu, CEO of Mercom Capital Group.

Gujarat, Maharashtra, and Kerala were the top three states for solar capacity additions in Q3 2023, accounting for more than 81% of the total.

Gujarat continued to lead in rooftop solar installations, contributing to 26.7% of the cumulative installations, followed by Maharashtra (13.5%) and Rajasthan (8.3%). The top 10 states accounted for around 77% of the cumulative rooftop solar installations as of September 2023.

Comprehensive details of net metering policies across all Indian states and Union Territories are also included in the report.

Key Highlights from Mercom India Research’s Q3 2023 India Rooftop Solar Market Report

• In Q3 2023, India added 431 MW of rooftop solar capacity
• Residential consumers accounted for 43%, industrial consumers 19%, and commercial consumers 37% of the quarterly capacity additions
• In 9M 2023, 1.3 GW of solar rooftop capacity was added, up nearly 12% YoY
• Cumulative rooftop solar installations reached over 10 GW as of September 2023
• The top 10 states accounted for 77% of cumulative installed rooftop solar capacity
• Gujarat was the leading state for cumulative rooftop solar installations, followed by Maharashtra and Rajasthan
• Rooftop solar system costs dropped 5.1% QoQ and 13.4% YoY

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