Solar Power Generation Grew By 335% In First 9 Months Of 2021

In the first nine months of 2021, the amount of solar power generation capacity added rose 335% to 7.4 GW from 1.73 GW in the same period last year according to Mercom India research report.

solar power generation

However, the cost of raw materials has gone up, there has been a lot of volatility in module availability and prices, there has been a lot of curtailment of power in a lot of states, and there have been a lot of high freight costs for developers.

People were willing to pay more for solar modules in the third quarter than they were in the second quarter. It was hard to get mono PERC modules because big manufacturers started cutting production in China. This caused prices to rise more than 15% q-o-q (quarter-on-quarter). Freight costs rose to about USD 9,000 per container in the quarter, but they fell back down.

Researchers say module prices have gone up for six straight quarters, which hasn’t happened in the last 10 years. For large-scale systems, the cost went up more than 10% from last quarter to this one. This is because the price of raw materials and components went up.

Despite these challenges, the Indian solar market is headed towards one of best years on record…

Reference- Mecom’s India Solar Market Report, PTI Feed, Business- Standard