Q4 & ANNUAL 2024 MERCOM INDIA ROOFTOP SOLAR MARKET REPORT– 3.2 GW INSTALLED IN 2024

India’s rooftop solar capacity grew to 3.2 GW in the calendar year (CY) 2024, an 86% jump from 1.7 GW in 2023, largely driven by record-setting residential installations, according to Mercom India Research’s Q4 & Annual 2024 India Rooftop Solar Market Report.

Residential consumers accounted for 74% of installations in 2024. Industrial, commercial, and government segments accounted for 19%, 6%, and 0.8% of total capacity added during the year.

Installations under the capital expenditure (CAPEX) model accounted for 88% of the year’s installations, and capacity additions under the operational expenditure or renewable energy service company (OPEX/RESCO) model accounted for the rest.

Gujarat, Maharashtra, and Kerala led rooftop solar capacity additions in 2024, accounting for almost 36%, 20%, and 9%, respectively.

Rooftop solar tenders totaling 2.8 GW were issued in 2024, up 136% YoY. Tenders to add rooftop solar systems on government buildings across India accounted for over 43% of tendered capacity in 2024.

In the fourth quarter (Q4) of 2024, 1.3 GW of rooftop solar was added, up nearly 64% compared to 791.1 MW installed in Q3 2024, and an increase of over 219% compared to 406 MW in Q4 2023. Installations in Q4 surpassed all previous quarterly additions.

Installations in the residential segment under the PM – Surya Ghar program drove installations in the quarter, accounting for over 85% of capacity additions. Industrial, commercial, and government segments comprised 10%, 4%, and 0.6% of installations during the quarter.

Gujarat, Maharashtra, and Uttar Pradesh led rooftop solar installations in Q4, accounting for 33%, 26%, and 8%, respectively.

In Q4 2024, over 1 GW of rooftop solar tenders were announced, up more than 185% quarter-over-quarter (QoQ) compared to 364.5 MW in Q3 2024 and over 84% year-over-year (YoY) compared to 564.8 MW in Q3 2023.

In Q4 2024, average rooftop solar system costs rose over 5% QoQ and were up more than 13% YoY.

India’s cumulative rooftop solar installations reached 13.7 GW at the end of December 2024.

Gujarat remains the leading state for rooftop installations, accounting for over 29% of cumulative installations, followed by Maharashtra and Rajasthan, comprising 15% and 7%, respectively.

The top 10 states accounted for over 80% of cumulative rooftop solar installations as of December 2024.

The report also includes a comprehensive analysis of net metering policies in all Indian states and Union Territories.

Key Highlights from the Q4 & Annual 2024 Mercom India Rooftop Solar Market Report

• In 2024, India added 3.2 GW of rooftop solar capacity, up over 86% YoY
• Residential consumers made up 74% of capacity additions in 2024, followed by industrial and commercial
• In Q4 2024, average rooftop solar system costs rose over 5% QoQ and 13% YoY
• Cumulative rooftop solar installations reached 13.7 GW as of December 2024
• Gujarat was the top state for cumulative rooftop solar installations, followed by Maharashtra and Rajasthan

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