India’s rooftop solar market is on fire

The solar revolution on India’s rooftops is gaining momentum.

The country added more rooftop solar power capacity in the last financial year than in the previous four years combined, making it the fastest-growing segment in the country’s clean energy space. During the financial year 2017, some 715 megawatts (MW) of systems were added, up from 227 MW in the previous year, taking the country’s total installed capacity to 1.3 gigawatts (GW, 1 GW = 1,000 MW) according to a report (pdf) by Bloomberg New Energy Finance (BNEF). By 2022, the report estimates that the country will have around 9.5 GW of rooftop solar capacity—but that is still substantially short of the Narendra Modi government’s target of 40 GW.

This has happened largely because rooftop solar power is now cheaper than commercial and industrial power in all major Indian states, according to BNEF. Besides, costs have halved over the last five years. Overall, because of increased competition and low solar panel prices, setting up rooftop systems has become cheaper than the global average by between 39% and 50% in India. Read more…