MERCOM INDIA ROOFTOP SOLAR MARKET REPORT Q3 2024 – 1.9 GW INSTALLED IN 9M 2024

India added a record 1.9 gigawatts (GW) of rooftop solar capacity in the first nine months (9M) of calendar year (CY) 2024. Installations in the first nine months surpassed annual installations of all previous years. Installations rose almost 45% year-over-year (YoY) compared to the 1.3 GW installed in 9M 2023, according to Mercom India’s Q3 2024 India Rooftop Solar Market Report.

In the third quarter (Q3) of 2024, a record 791.1 MW of rooftop solar capacity was installed, marking the highest quarterly additions to date. This represents over 8% increase quarter-over-quarter (QoQ) and an impressive 84% year-over-year (YoY) growth.

Installations in Q3 and 9M 2024 were primarily driven by the PM — SURYA GHAR: MUFT BIJLI YOJANA initiative (PM – Surya Ghar). The program significantly boosted capacity additions in the residential segment, contributing nearly 85% of installations during the quarter.

The industrial segment accounted for 12% of the quarter’s installations. Commercial and government segments accounted for over 2% and almost 1% of capacity additions, respectively, in Q3 2024.

Rooftop solar capacity additions under the capital expenditure (CAPEX) model accounted for almost 89% of the quarter’s installations.

Gujarat led the country’s rooftop solar capacity additions, accounting for almost 42% of the quarter’s installations. Maharashtra and Uttar Pradesh ranked second and third, accounting for 18% and 9% of the capacity installed during the quarter.

In 9M 2024, Gujarat led the rooftop solar installations, accounting for over 38%. Maharashtra and Kerala followed, accounting for almost 16% and 11% respectively.

As of September 2024, India had a cumulative installed rooftop solar capacity of 12.4 GW.

Kerala registered the highest compounded quarterly growth rate of more than 8% between Q3 2023 and Q3 2024.

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 Q3 2024 India Rooftop Solar Market Report

• India added 1.9 GW of rooftop solar in 9M 2024, up 45% YoY
• In Q3 2024, 791.1 MW of rooftop solar capacity was added, up 8% QoQ and 84% YoY
• Residential consumers contributed to over 85% of the installations in Q3
• Cumulative rooftop solar installations reached 12.4 GW as of September 2024
• In Q3 2024, 371.1 MW of rooftop solar tenders were issued, down by 30% QoQ and up 211% YoY
• The average cost of rooftop solar systems rose by over 2% QoQ and fell 3% YoY

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