Rooftop Solar Market Size in India 2023
In recent years, India has witnessed a remarkable surge in the adoption of rooftop solar installations. The rooftop solar market in India has been gaining momentum, driven by the country’s commitment to harnessing solar energy and reducing its carbon footprint. As we approach December 2023, it’s an opportune moment to examine the India rooftop solar market’s current status, attractiveness for installations, and what the future holds in terms of solar power.
The State of the Rooftop Solar Market in India
Solar Energy in India:
India, a land blessed with abundant sunlight, has recognized the potential of solar energy as a sustainable power source. This has resulted in numerous initiatives and policies aimed at promoting the adoption of solar power.
Grid-Connected Rooftop Solar Scheme:
The Ministry of New and Renewable Energy (MNRE) introduced the Grid-Connected Rooftop Solar Scheme to promote rooftop solar installations in residential, commercial, and industrial sectors. This scheme provides financial incentives and support to those who choose to install solar rooftops.
The residential sector has emerged as a significant contributor to India’s rooftop solar market. More homeowners are now opting to install solar panels on their rooftops, benefiting from reduced electricity bills and a cleaner source of power.
Commercial and Industrial Adoption:
The commercial and industrial sectors are increasingly embracing rooftop solar installations. These sectors are driven by the prospect of energy cost savings, reducing dependence on grid power, and improving their environmental credentials.
Attractiveness for Rooftop Solar Installations
Several factors contribute to the growing attractiveness of rooftop solar installations in India:
The Indian government, through MNRE, continues to offer incentives and subsidies to make rooftop solar systems more affordable and appealing.
Solar Power’s Reliability:
Solar power is a reliable and abundant source of energy, making it an attractive option for businesses and homeowners looking to reduce their dependence on the grid.
The environmentally friendly nature of solar power appeals to those looking to reduce their carbon footprint and contribute to a cleaner, more sustainable future.
Energy Cost Savings:
Rooftop solar installations allow consumers to produce their own electricity, resulting in substantial energy cost savings over time.
By generating their own power, consumers can achieve a degree of energy independence, reducing their vulnerability to power outages and fluctuations in grid supply.
Rooftop Solar Market Size and Growth
The India rooftop solar market has been expanding rapidly, both in the residential and commercial sectors. The rooftop solar capacity has been on an upward trajectory, with an increasing number of megawatts (MW) being installed. The country has a target of 200 GW of renewable energy capacity by 2028.
MW of Rooftop Solar in India:
As of June 2023, the total installed capacity of rooftop solar systems in India is 70,096 megawatts (MW). The exact number reflects the nation’s growing interest in solar power.
Commercial and Industrial Installations:
The commercial and industrial sectors contribute significantly to the increase in rooftop solar capacity. Companies and organizations are investing in large-scale installations to meet their energy needs.
Residential Rooftop Solar:
Residential rooftop solar installations have also seen substantial growth, with homeowners installing solar panels to meet their electricity requirements and lower their bills.
The Future of Rooftop Solar in India
The future of the rooftop solar market in India holds great promise:
Continued advancements in solar technology are making rooftop solar systems more efficient and cost-effective, further boosting their appeal.
The Indian government remains dedicated to the growth of the solar market. Ongoing support and initiatives from MNRE will continue to drive rooftop solar adoption.
Rooftop solar systems are expected to provide energy independence to a growing number of consumers, reducing their reliance on grid power.
With increased investment in solar infrastructure, the accessibility and affordability of solar installations are likely to improve.
Contribution to Renewable Energy Goals:
Rooftop solar will play a crucial role in helping India achieve its renewable energy targets and reduce its carbon emissions.
The rooftop solar market in India has experienced impressive growth, with increasing attractiveness for installations in the residential, commercial, and industrial sectors. As of April 2023, India’s commitment to solar power is evident through government schemes and incentives, leading to significant rooftop solar capacity in the country. With technology advancements, government support, and environmental consciousness, the future of rooftop solar in India appears bright. As more consumers and businesses recognize the benefits of harnessing solar energy, the rooftop solar market is poised to contribute significantly to India’s clean energy transition and sustainable future.