Rooftop Solar Capacity To Exceed 4GW in India

New Delhi, Nov 27 (KNN) India is likely to cross 4 gigawatt (GW) rooftop solar capacity addition this year, according to CRISIL Market Intelligence and Analytics.

It will also see about 3.5 GW to 4 GW capacity addition in the next two years, the report said.

Pranav Master, senior practice director - consulting, CRISIL Market Intelligence and Analytics highlighted that in the next two years, yearly 3.5 GW to 4 GW capacity in solar rooftop segment is expected to get commissioned with increased demand from C&I consumers driven by sustainability targets and MNREs simplified guidelines for residential consumers.

Quoting ministry of new and renewable energy (MNRE) data, he said that India added about 2.2 GW of solar rooftop capacity in seven months of FY24 abd installed 2.3 GW of rooftop solar capacity in FY23, which was a significant increase from the 1.9 GW installed in FY21.

Vikram V, vice-president and sector head - corporate rating, ICRA, said that India is likely to cross 4 GW rooftop addition this year based on the trend so far.

"Overall rooftop capacity stands at 11.08GW as of October 2023 with 2.2 GW added in the first seven months of the current financial year. Country added 2.23 GW in FY23,”he said.

Vikram added that Gujarat led the rooftop capacity with 26 per cent share followed by Maharashtra at 15 per cent and Karnataka at 14 per cent, reported ET.

Considering the progress of seven months of FY24, the growth has been steady.

Apart from this, policy support from the government, competitive tariffs offered by rooftop solar compared to grid tariffs and growing awareness among consumers are supporting the growth, said experts.

(KNN Bureau)