India’s rooftop solar sector witnessed an explosive growth in 2024 because residential consumers installed an unprecedented amount of solar power systems. Residential consumers accounted for a staggering 74% of the total rooftop solar installations. The capacity expansion from industrial, commercial and government sectors amounted to 19%, 6% and 0.8% respectively.
Financial Models and Key States
The capital expenditure model (CAPEX) emerged as the primary installation choice representing 88% of total yearly additions. Operational expenditure (OPEX/RESCO) models accounted for the rest.
Gujarat maintained its position as the leader in rooftop solar installation with more than 29% of the market. Following Gujarat, Maharashtra and Rajasthan contributed approximately 15% and 7%, respectively. PM — Surya Ghar residential solar program constituted over 72% of India’s rooftop installations.
The states of Gujarat, Maharashtra along with Kerala maintained dominance in rooftop solar capacity additions during 2024 by capturing 36% and 20% and 9% respectively.
In parallel, the tendering activity for rooftop solar installations experienced a significant surge as it reached 2.8 GW which represented a 136% annual growth. Government building tenders made up more than 42% of the overall tendered capacity.
Consequently, India’s cumulative rooftop solar installations reached 13.7 GW by the end of December 2024. Moving forward, continued focus on policy support and infrastructure development will be crucial for sustaining this momentum.
The above article is based on Mercom India Research’s latest report; fake checked and edited by Clean-Future team